Off Plan Construction in North Cyprus

‘Off plan’ refers literally to choosing a property from the architects constructional drawings, advertising, 3D images etc. and viewing the plot or location it has been designed for.

The Construction period of an ‘off plan’ build is now between 12 to 18 months. The time frame of construction is always written in the property sales contract guaranteeing a completion date, with a grace period of one to two months for unforeseen circumstances. This type of construction works to the advantage of the buyer as it ensures capital growth through the construction period while the buyer pays a fixed price. The longer the construction period of your property in North Cyprus, the higher the growth, the longer the buyer has to pay.

When buying ‘off plan’, builders will normally allow the purchaser to after a minimum of approximately 25% has been paid, with the contract transferred into another client’s name. This process allows investors to watch the market, holding or selling on to the property in order to take the most profit. This profit is not liable to capital gains tax. It is not uncommon for investors to put up their property in Northern Cyprus for resale and achieve a profit before it is even completed.

However, many clients choose not to resell, preferring to keep their property. A property in the Mediterranean, in Northern Cyprus, is an area representing a lucrative rental potential, secure pension, holiday home for family and friends and the prospect of a constant increase in value as the island becomes more sought after.