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When choosing a property in North Cyprus, one of the critical issues for the buyer is a payment plan. North Cyprus property market is abundant and diverse, resale apartments and villas with paid fees and VATs are ideal for many home buyers, but resale property does require a 100% payment upon the contract registration. For those who feel more comfortable with a long payment plan, various new properties are offered, where the purchase can be made with installment payments or credit plans.

The banks in Northern Cyprus do not provide loans to purchase property for foreign nationals. However, most property construction companies and developments are happy to provide convenient installment payment plan until the construction completion, and long-term credit plans after receiving the keys. Annual interest rate for credit plans is not too different from the bank’s and depending on the company varies from 7 to 12%. Construction companies often provide credit plans for purchase of the properties in order to attract more foreign customers.

North Cyprus is probably one of the most affordable countries for those wishing to purchase property abroad. Credit plans in Northern Cyprus allow owners to live in the property or rent it, while still paying for it. Usually in Northern Cyprus construction companies transfer the keys to the new owner when the payment of 50% of the total price was made. The remaining 50% will be paid by credit plan agreed with the construction company. The process of obtaining credit plan is easy. Apart from passport the buyer does not need to state any additional documents. The terms of the credit plan are stated in the contract of sale. The property that is being purchased is itself pledged as security for the outstanding debt. Duration of credit plans in North Cyprus is different and mainly depends on the developer and the price of the property in question, it can be anything from 3 to 15 years.

Most of the new properties in Northern Cyprus are currently sold with the credit plans from the developers. Purchasing a property in Northern Cyprus with credit plan is very convenient as the buyer does not have to pay the whole amount at once however can accommodate and live in the property while still making payments to the developer. Every buyer has the option of choosing the payment plan – monthly, quarterly or every 6 months. In addition, many property buyers in North Cyprus rent their properties and the amount received from the lease covers the payments for the property. Usually by the time the last payment needs to be made, the buyer has already earned 20-30% from the property due to increase in property price in Northern Cyprus.

It should be noted, however, that the full ownership of the property (title deed) is transferred onto the new owner’s name only when the full amount of the property price has been paid. Also, the buyer must take into account the factors affecting the growth of the value of the property, such as the choice of the region and the location of real estate, the prospects for investment growth in the region, building quality, documentation, rental demand...


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