Whoever researches for Cyprus houses for sale will certainly stumble upon some title deed types during their search. In this article, we will give information about what is an exchange title deed and what does is mean when a property is with an exchange title deed.
North Cypriot real estate market stands out because of the affordable prices of houses for sale, being able to gain rental income in foreign currency and the short turnover times of properties. For these reasons, TRNC is gaining increasing interest from foreign investors. The advantages provided by the TRNC are not limited to real estate. In addition, the number of people who want to move to Cyprus and settle in Cyprus is quite high due to the numerous advantages the island provides.
Given the big interest, those who search for houses for sale in Cyprus for both living and investment can often encounter exchange title deeds in property ads and listings. Before moving on to the question of what is an exchange title deed, let us first look at the different types of title deeds in Cyprus.
What are the types of title deed in Cyprus?
In Cyprus there are 3 different types of title deeds for political reasons. These are divided into three categories as Turkish title deed, Exchange Title Deed and Turkish Mainland Deed. These are frequently seen in house searches, and they are one of the most significant factors determining the Cyprus houses for sale prices.
This article will focus on exchange title deed. However, if you need more in depth information on the other types of title deed you can take a look at our article titled Types of Title Deeds in Cyprus: How many are there? How are they different?
A short summary of the three types of title deeds in Cyprus:
- Turkish Title Deed: It is the title deed given to houses, lands, and workplaces owned by Turkish Cypriots or foreign citizens before 1974.
- Exchange Title Deed: It is the type of title deed for properties given by the TRNC state to Turkish Cypriots who had property in the south of Cyprus when they relocated to North Cyprus in 1974.
- TMD Turkish Mainland Deed: It is the title deed of property given by the Turkish Republic of Northern Cyprus as a reward to Cypriot citizens or people from certain countries after 1974 as an incentive for them to settle down in the country.
What is an Exchange Title Deed?
Exchange title deed is a type of title issued in return for real estate in the South of Cyprus. Cypriots who moved to North Cyprus after 1974 received these deeds by signing a waiver and giving up their property rights in the south. Properties with this type of title deed are the equivalent of the property left in the south.
What does it mean if a property is with an exchange title deed?
Exchange title deed, which is frequently encountered in Cyprus house for sale advertisements, indicates that the real estate for sale has an equivalent title deed. In other words, the property or the land on which it is located is equivalent in value as the property the owner left in the southern part of Cyprus.
