Amnesty on Stamp Duty

The TRNC Government has announced an 'amnesty' for all purchasers who had not previously paid their Stamp Duty. Under the amnesty, anyone who pays the Stamp Duty before 31st March 2008 will be entitled to pay at the 0.5% rate, regardless of when their Contract of Sale was signed. For all existing customers who have bought at Peninsular Heights please contact your respective lawyer in TRNC for further details.

Investment Potential

Buying off plan is simple and works both for the buyer and the developer. The buyer gains the advantage of spreading the payments of the property purchase over a longer period of time than is normal usually between 18 and 24 months. The payments from the buyer are made as stage payments according to the build program as set out in his contract and the buyer can see the progress of his villa and make changes if he/she so wishes as the build continues. The buyer also gains from the enhanced capital value of the property as it is being built. It is also possible to sell on the villa without ever having completed the sale. The buyer therefore never pays more than the asset being created.Since Peninsular Heights is a bespoke development the Developer and Buyer work very closely together which produces a better client / developer relationship and a better quality of build in the finished product.

Meet some of our Property Owners to find out what they have to say about us.

• Property Investment Potential
• Guaranteed Investment Return
• Off-Plan Sales
• Payment Schedule
• Development in Karpaz
• Download Our Latest Price List

 

Property Investment Potential:

In the last three years the villa development at Peninsular Heights has seen an increase in capital values of the properties under construction by up to 50% averaging a year on year increase of just under 20% per annum. In some cases land values have risen by up to 3,000%. As residential property in south Cyprus is almost double that of the north for the same property then it is reasonable to assume that given further economic growth in this vibrant emerging market this trend is unlikely to change. If anything, once a settlement is reached and the whole of Cyprus is welcomed into the EU then property and land values in the North may well match those curently enjoyed in the South.

2 Bedroom, 2 Bathroom Bungalows:
Prices from just £50,000
    Plot 7 - Sold
    Plot 6, 9, 10, 11, & 12 - Sold
    Plot 8, 15, 16, 18 & 22 - Sold
    Plot 19, 20, 21 & 28 - Sold

3 Bedroom, 2 Bathroom Villas:
Prices from just £99,950
    Plot 27 - Sold
    Plot 3, 4, 23, & 24 - Sold
    Plot1, 33 - Sold

4 Bedroom, 3 Bathroom Villas:
Prices from just £123,950
    Plot 30, 32 - Sold

See our Money-back Guarantee.

Download Our Latest Price List

Contact us TODAY to enquire about property investment in Cyprus

Guaranteed Investment Return - details on request

Belgravia Estates can offer clients who do not wish to take possession of their completed villas a 'Guaranteed Return' on their investment for a minimum of 12 months up to a maximum period of 4 years. All guaranteed investment returns come into effect and become payable after completion of the property but before handover. During these periods Belgravia Estates will be responsible for the upkeep and security of the owners villa. This does not affect the purchasers rights under the terms and conditions of the contract when the villa is handed over and any snagging items that might arise at that time will be actioned accordingly.

• Guaranteed Investment Return Year 1
  Min. 12 month period payable in advance in two payments at 2% of purchase price.
• Guaranteed Investment Return Year 2
  Min. 12 month period payable in advance in two payments at 3% of purchase price.
• Guaranteed Investment Return Year 3
  Min. 12 month period payable in advance in two payments at 4% of purchase price.
• Guaranteed Investment Return Year 4
  Min. 12 month period payable in advance in two payments at 5% of purchase price.

This arrangement is for the Peninsular Heights Development in Northern Cyprus only.

Terms and conditions apply, please contact us for further information.

Off-Plan Sales

All our properties are sold Off-Plan, i.e. the Buyer enters into a contract with the Developer to buy a property at an agreed price before the property is built. Once he / she has put down a reservation payment of £1,000 the property is taken off the market. In the space of 3 – 4 weeks a draft contract is agreed between Developer and Buyer. The Buyer can use his / her own solicitor to vet the contract in the UK. Once agreed the contract is then sent to the Developers lawyers in TRNC who send out a top copy of the contract to the buyer for signing and witnessing. There are three copies – one copy for the Buyer, one copy for the Lawyers and one copy for the Developer. The villa is then constructed in stages and once photographs of the completed stage have been sent to the Developers sales agents and forwarded to the buyer the stage payments are paid by the Buyer.

The advantages to the buyer are :

1. A rise in capital value of his / her property whilst under construction
2. Stage payments mean that the buyer only pays on what is built and completed and reduces pressure on cashflow.
3. The Buyer has the option of selling on the property before completion taking advantage of the capital gains ( presently running at 20% per annum )
4. Buyers can personalise their own villa to suit their individual requirements

The Peninsular Heights development as it is primarily marketed to a UK client base has the following stage payments

Reservation Fee: £1,000 deposit secured the plot.

• 30% deposit on exchange of contracts
• 30% stage payment on completion of the foundations
• 20% stage payment on the weatherproofing of the envelope
• 15% stage payment on completion of the internal fitting out of the villa
• 5% retention held and paid upon the completion and handover of the completed villa.

The Freehold Title deeds are registered once the whole development has been completed. The individual plots are surveyed, the ‘as built’ site layout is submitted to the planning authorities for endorsing and the plots are registered in the name of the owners.

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Development in Karpaz

The Karpaz Peninsula is currently being developed but unlike most of the northern part of the Island along the coast around Girne where development is taking place at breakneck speed the Karpaz area should be considered as a long term investment and is likely to provide the greatest returns over the next 5 - 10 years. The reasons for this are two-fold:

Firstly the region is a protected area and as such planning permissions will be restricted to ensure that the coastline and hinterland are maintained to allow for the indigenous wildlife to breed without the interference of man. Just outside Yenierenkoy village a large Marina Development is planned and within a few years will act as a catalyst to draw in more inward investment into the area. A new road running along the north coast will link Karpaz with Girne with travel times much reduced. This will have a significant impact on land and property values.

Secondly, prices in the Karpaz area have as yet not reached their peak and are seeing slower increases than the rest of the north coast.

So for those investors seeking to maximise their returns over a longer period the Karpaz area will eventually deliver. Even with the limited amount of development on the peninsular land values have trebled in the last three years and is likely to continue. The price you pay for your villa is still excellent value for money eg a 4 bedroom 3 bathroom villa with pool on the north coast say in Esentepe will cost in the region of £175,000 - £200,000, the same villa with pool on the Karpaz Peninsula will cost £30,000 less and you are likely to get more land with it.

>> click here to view the site plan

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