On 5 November, the 90-day period of Decree 89/2026 came to an end in North Cyprus. The main question now is what happens next with the rules governing property purchases by foreign buyers.

While the decree was in force, foreign buyers were allowed to purchase up to three properties per person. It also provided extensions for completing title deed transfers and paying certain taxes and fees.

The next step is up to the TRNC Parliament. If the deputies do not approve the decree as permanent legislation, the market may return to the previous Law 52/2008, which imposes much stricter restrictions.

What does this mean for property buyers right now?

1. Property transfer tax (Tapu) remains reduced.

The reduced tax rate is currently in effect until 5 January 2027. According to Alliance-Estate, foreign buyers are paying 4–6% when transferring property ownership, depending on the number of properties purchased. Previously, the rate could reach 9.5–12%. The tax for the initial registration of a sale and purchase contract is 1%.

2. Five-year residence permits: properties from £300,000.

The new requirements have come into force. Buyers purchasing property valued at £300,000 or more can apply for a five-year residence permit without providing proof of regular income. For properties below this value, applicants must continue to demonstrate an income at least equal to the local minimum wage.

3. Buyer demand has changed, while property prices remain stable.

Developers have not significantly reduced their prices, although the number of completed transactions has declined. According to Alliance-Estate's observations, investors are showing less interest in studio apartments intended for rental purposes.

More buyers are now looking for apartments with one or two bedrooms for permanent living. Iskele, Kyrenia, Esentepe and Yenibogazici remain among the most popular locations.

Alliance-Estate continues to monitor official publications in Resmi Gazete. As soon as Parliament votes on the final version of the legislation, we will publish an update explaining the changes and how they may affect foreign property buyers.