Is It Possible to Buy a House in Cyprus in Installments?

Northern Cyprus, which stands out for its significant real estate investment opportunities, is one of the top destinations for foreign real estate investors. In addition to its lucrative investment opportunities, it also attracts attention for its flexible payment options. In this article, we will discuss one of these conveniences: buying a home in Cyprus on an installment plan.

Buying a Home in Northern Cyprus

There are many advantages to buying a home in the TRNC. These include both lifestyle and investment benefits. To learn more about these advantages, you can visit the "Advantages of Buying a Home in Cyprus" page.

Let’s say you’ve found a home within a Cyprus real estate project that fits your budget, toured it, and liked it. The next step is to discuss payment plans and the down payment amount with the construction company.

When buying a home from construction companies in Cyprus, in addition to a down payment, installment payment options are often available.

How Much Down Payment Is Required?

Foreign nationals are generally required to pay a 30% down payment when purchasing a home in Northern Cyprus. This down payment serves as the first step in both securing the property for you and initiating the sales process.

Once the sales contract is signed and the down payment is made, an application for a property purchase permit is submitted on your behalf. Visit the "How Much Down Payment Is Required When Buying a Home in Cyprus" page for detailed information on down payments.

Payment Options

After the initial payment, you may choose to pay the remaining amount either in full or in installments. To make installment payments for a home in Cyprus, you must use a mortgage loan.

You can benefit from a mortgage with equal monthly installments and a repayment period of up to 120 months. The loan amount you can obtain is up to 75% of the property value determined by the bank’s appraiser. However, this loan limit may vary between 70% and 75% depending on the type of property.

How Do Foreign Nationals Obtain a Mortgage?

Anyone who meets the necessary conditions can obtain a mortgage, even if they are not a citizen of the TRNC. Properties are generally paid for in British Pounds, but you can use your mortgage in different currencies such as Turkish Lira, US Dollars, Euros, or Pounds. To learn about mortgage conditions and other details in Cyprus, see “How to Get a Mortgage in Cyprus. What Are the Application Requirements?”

Consult Us Before Buying a Home on Installments in Cyprus

If you want to buy a home on installments in Cyprus or take advantage of the most favorable payment terms, leave your information via the contact button at the bottom of the page, and we will reach out to you.