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.
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
Share on social networks:
Council of Ministers Decree of 15 May 2025 reshapes foreign property ownership rules in Northern Cyprus
Council of Ministers Decree of 15 May 2025 reshapes foreign property ownership rules in Northern Cyprus On 15 May 2025 the Turkish Republic of Northern Cyprus (TRNC) published a Council of Ministers Decision in the Official Gazette, introducing significant revisions to property acquisition by non-TRNC citizens.Northern Cyprus: New Property Purchase Rules for Foreign Nationals
Northern Cyprus has introduced amendments to the law regulating real estate purchases by foreign nationals. According to the updated legislation published in the Official Gazette, foreign individuals are now allowed to purchase:Legal Tensions Rise as Arrest Warrants Target Turkish Nationals in Northern Cyprus Development
A new wave of concern has emerged among investors and developers in Northern Cyprus following the Republic of Cyprus' decision to issue arrest warrants against Turkish nationals involved in the prestNorthern Cyprus Simplifies Residency Rules for Foreigners: Prime Minister Ünal Üstel Announces Major Reforms
Prime Minister Ünal Üstel has officially unveiled significant amendments to the residency system for foreigners, emphasizing that these steps are not merely administrative, but rooted in humanitarian and social responsibility.
