The real estate market in Northern Cyprus is undergoing significant changes, primarily driven by the introduction of new laws aimed at bringing order and stability. These regulations, many of which took effect on May 21, are currently being supplemented with additional provisions. As a result, Alliance-Estate is selling many secondary properties at affordable prices, with studio prices starting from €50,000.
Foreign citizens are now selling their properties primarily due to high taxes and the new restriction limiting ownership to just one property. Previously, foreigners were allowed to register contracts for multiple properties. The future looks bright for those who capitalize on the current market conditions, particularly those selling more than two properties.
Alliance-Estate is actively involved in the legal processes of property transfers, including the translation of titles and other legal matters. Their expertise ensures a smooth and secure transaction for buyers and sellers alike.
It’s important to note that Turkey, which has considerable influence over Northern Cyprus, appears to have strategic goals that could be impacting these changes. However, it is advisable not to panic and to approach information from real estate agents cautiously, as there can be inaccuracies and misunderstandings regarding legal issues.
For more details, visit Alliance-Estate’s website or contact them directly. Their team is ready to assist with all your real estate needs, ensuring a transparent and hassle-free experience.
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North Cyprus Real Estate: Is It Profitable for Foreigners to Buy? Review of Recent Events
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