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New law regulating the sale of real estate to foreigners in 2024 in Northern Cyprus | Alliance Estate


Законодательство на Северном Кипре | Alliance Estate

There’s been a great deal of talk about the number of houses and land being sold to people from other countries, like Israel, Russia, Ukraine, and Iran, Kibris Turk Haber reported.

This has lead to proposals for new rules regarding the sale of property to foreigners. The aim is to bring down property prices and to curb money laundering.

Changes to the law means that property purchases will no longer be made through lawyers or in offices. All purchases will have to be made through the land registry.

Buyers will also need to ensure that there is proper planning for land and the government also wants to end the practice of trusteeship.

Transitional provisions will accommodate existing contracts awaiting title deeds. Buyers who register their properties within one year will maintain their rights under the current law. However, foreigners seeking to purchase property will still be subject to security vetting and approval by the Council of Ministers. This ensures oversight and compliance with regulations.

Notably, there will be no amnesty for individuals found to have illegally acquired real estate, even if they’re given a transition period to divest such holdings. Turkish citizens will see an expansion of residency allowances from one to three during this transitional phase.

These regulatory changes are expected to stabilise housing prices in the TRNC, making homeownership more accessible to local residents once again.

In December 2024, President of the Cyprus Turkish Contractors Association, Cafer Gürcafer, said that current legislation did not distinguish between permits for foreigners buying holiday homes and those who are settling permanently in the country.

He noted that efforts were being made to regulate issues such as work permits and residence permits, highlighting the need for a distinction between foreigners buying homes for holiday purposes and those buying for settlement purposes.

Current regulations did nothing to improve society or bring social benefits Gürcafer said.

Source: LGC NEWS

1507
09.05.2024

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