Hands-off investment
Investors are given the opportunity to invest their money and receive a double-digit return on investment as a passive income plus a strong appreciation without even stepping a foot on the island should they wish to. Although, I strongly recommend enjoying the clean blue waters and the shimmering sun at least a week a year!
As a realtor, I am able to offer to share my network of connections from trusted real estate attorneys, rental management, property management, instalment of furniture packages ready for rentals, bankers, insurance, travel, telecommunications services, the list goes on, in essence I will coordinate it all so that an overseas investor will receive their rental revenues monthly/annually hassle-free.
– As the realtor I offer full aftersales support
-Coordinate third party lawyers to take care of the paperwork
-Accountant team of the developer manages investor’s payment plan
-Furnishing team handles installment of the furniture package ready for rentals
-Property management team, cleans, maintains, pays the bills of the property, offer security, reception, and concierge services
-Rental management team finds tenants and ensures smooth check-in
Whoever and whatever the investor and investment may need to make money is coordinated and arranged. In North Cyprus there are around 5 high-end resorts that offer hands-off investment opportunities as of April 2021. Although I am able to coordinate many different teams to make your investment generate income, on-site services such as a reception, rental management, cleaning and inventory management are services that usually can not be offered for individual flats cost effectively even in some of the very big resorts in the island.
When selecting the property for overseas clients there are two main factors I use to eliminate the unfit portfolios. The first one is the deed of the property that I do heavy due diligence to ensure a clean deed for potential investors and the second one is the on-site management services. As an overseas investor last thing you want to deal with is the problems your tenant faces. Especially, if it is a holiday rental home, a unit can host up to 200-300 people a year and without an on-site management team it can quickly turn into a nightmare for the investor.
Enough of what could go wrong. The island offers double digit return on investment and amazing developer financed interest-free payment plans up to 60 months for down payments as little as $20,000. In Europe and the Mediterranean where property prices easily go up to the millions of dollars, the developing state of the country gives a window of opportunity for small-medium budget investors. Up on request, I can provide historical statistical data on the past rental performance of the resorts that are used for future projections, and ROI analysis on the best return properties. Usually diversifying your portfolio with budget units from different resorts is the best way to approach real estate sector for investment purposes, yielding higher returns and creating multiple passive incomes. This does not apply for properties that will be help for longer than 20 years where larger units yield higher appreciation or properties acquired for personal use.
Buying remotely:
If the person finds a property of interest and wants to buy sight unseen they must ensure they understand the details of the deal and make their best offer. Once both of the parties agree on the terms of the deal, the first step of securing the deal is signing a reservation contract with a small fee ranging between $1,000 and $5,000 acting towards the down-payment. The payment can be made through a wire transfer or via credit card using a mail order form. The person would also need to provide a digital copy of a valid passport, and some basic personal information form regarding current address, contact details, etc. must be filled out.
This would be followed by an introduction of a trusted local lawyer. Please consult your agent to get you in touch with a capable lawyer with overseas transaction experience. To avoid conflict in interest, the lawyer chosen is advised to be a third party and does not represent the realtor or the developer, to act in best interest of the buyer. You can get recommendations from realtors on the best real estate attorneys that operate locally. The lawyer will suggest a few packages of services, from simple sales contract signing to permission to purchase application and even the permanent residency application. It is best to state your full intentions related to your purchase to determine the best package for you. Most lawyers offer similar services, just to give an idea they are likely to do an in-depth search on the property to inform the buyer on any liens, charges, or encumbrances, check building permits and approvals, draft up a sales contract where responsibilities of both parties and default penalties and compensation clauses are clearly stated, handle and/or assist procedures with the local government offices, and the list goes on.
Two of the most common methods used are using a Trust Company in North Cyprus or obtaining a Power of Attorney. With both of these methods, you attain your local lawyer as your nominee to act on your behalf to sign documents legally. The latter will require traveling to the North Cyprus Representative offices of Turkish Embassies in the country of residence of the buyer, which can be a tedious process. However, once either one of these is obtained, the buyer can use the same documents to buy multiple properties later on.
Once either one of the above is obtained, and the sales contract is approved, signed, and stamped.
Soylem Coli
Broker Assistant, Avertiss Real Estate
March 11, 2021. Kyrenia, North Cyprus.
Mediterranean Condos by Soylem Coli 