New Regulations on Foreign Property Purchases in North Cyprus

Created20.05.2024, 13.26
Updated28.05.2024, 16.22

A regulation in North Cyprus, concerning real estate transactions to foreign country citizens, is on the agenda of the real estate sector. The main concern of the regulations is disabling unregistered real estate sales and increasing the transparency of transactions.

Until recently, foreign country citizens could purchase multiple and off-plan real estate in North Cyprus; without limitations of time, process, and the type of title deed. However, following the official announcement, these topics are subject to restrictions.

What are the changes in the law?

  1. What are the changes in the law?The previous amendment, which came into force on May 27, 2022, allowed foreign buyers to purchase up to 4 properties. However, with the latest regulations, a foreign country citizen can only purchase one property in North Cyprus. Yet, citizens of the Republic of Türkiye are subject to an exception, with an allowance of up to 3 real estate purchases.
  2. Potential real estate buyers must obtain a permit from the Council of Ministers. If the transaction is not officially carried out within the first 75 days following this permit, the permit will no longer be valid.
  3. The real estate to be purchased must either hold a Floor Easement Deed (Kat İrtifakı) and/or a Property Ownership Deed (Kat Mülkiyeti). This means that, if a property lacks the necessary housing permits, or if the construction is not finished to a certain proportion, the transaction will not be valid.
  4. If the immovable property to be purchased is a land, the land must be suitable for a construction permit and not be larger than 1337.80 sqm.
  5. If the immovable property to be purchased is an apartment, the unit amount is limited to 1.
  6. If the immovable property to be purchased is a detached house, the land on which it is situated cannot be larger than 3344 sqm. Within this land, no other house and/or apartment and/or residence can be built.
  7. The Trustee Agreement (transferring the property to the “trustee” by the “truster” in order to protect the property) is going to be eliminated.

What now?

As aforementioned, these alterations in law aim to dissolve unregistered real estate transactions and secure the rights of all the parties involved in purchases.

You should be aware that transactions made in violation of these regulations will not have any validity and will be subject to legal consequences. Provided that your purchase and transaction are carried out in line with the regulations, your rights will be secured.

One of the values TEKCE Real Estate firmly follows is transparency. We provide various services, including legal consultancy with our company’s lawyers. If you have any questions about your legal rights and alterations in the law, you can contact TEKCE experts anytime.


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