At Cypria Properties, we specialize in helping international and local buyers secure the best financing options for their North Cyprus property purchase. Whether you’re looking for a bank mortgage, private loan, or developer payment plan, we guide you through the process to make your investment smooth and stress-free.
Key Options for Financing a Property in North Cyprus
1. Developer Payment Plans (Best for Overseas Buyers)
If you need a flexible payment solution, new-build developer loans are the most practical option for overseas buyers.
✅ How It Works:
- Deposit: Typically 25-30% upfront.
- Interest-Free Period: Balance paid over the construction period (1-3 years).
- Extended Plans: Some developers offer longer terms (up to 10 years) with interest.
🔹 Best For: Off-plan or under-construction properties.
🔹 Why Choose This? No lengthy bank approvals—ideal for buyers who need structured payments.
📌 Interested? Browse Developer Payment Plan Properties Here
2. Bank Mortgages (Limited Availability for Overseas Buyers)
While some North Cyprus banks offer 50% LTV mortgages, they are not currently practical for most overseas buyers due to:
❌ Long Approval Times: Permission to Purchase (P2P) can take up to a year.
❌ Seller Preference: In today’s fast-moving market, sellers prefer cash buyers.
❌ High Interest Rates: Currently around 12%—much higher than European rates.
🔹 Best For: Turkish Cypriots with a Kimlik card (local residents).
🔹 Key Requirement: The property must have an individual title deed.
3. Private Loans (Short-Term Financing)
Some independent lenders offer 50% LTV loans over 5 years, but:
⚠ High Costs: Interest rates are steep, with arrangement fees (from £2,000+).
⚠ Strict Terms: Only available for individually deeded properties.
🔹 Best For: Buyers who need quick financing but can handle high repayments.
4. Cash Purchases (Most Competitive for Resale Properties)
If you’re buying a key-ready resale property, cash is king in North Cyprus.
✅ Why?
- Faster transactions (sellers prefer immediate sales).
- More negotiation power (better prices & deals).
- No loan delays or high interest.
💡 Tip: If you don’t have full cash, consider remortgaging in your home country where rates are lower.
Frequently Asked Questions (FAQs)
❓ Can I Get a Developer Loan on a Key-Ready Home?
Rarely. 99% of developer loans are for off-plan or under-construction properties. Resale homes usually require cash.
❓ Why Are New Builds More Expensive Than Resale Properties?
Due to rising land values, construction costs, and high demand, new builds can cost up to double an older property of the same size.
❓ Are There Seller Installment Plans?
Occasionally, some sellers agree to short-term (1-year) payment plans, but this is not common. Always consult your lawyer.
❓ What’s the Best Option for Turkish Cypriot Buyers?
If you have a Kimlik card, local banks offer 50% LTV mortgages with faster approval (no P2P required).
Final Advice: How to Secure Your North Cyprus Property
✔ For Overseas Buyers:
- New builds = Best for developer payment plans.
- Resale properties = Need cash for the best deals.
✔ For Turkish Cypriot Buyers:
- Explore local bank mortgages (50% LTV).
✔ For All Buyers:
- Get expert advice—Cypria Properties negotiates discounts & better terms with developers.
📞 Need Help? Contact Us Today for personalized financing solutions!
