Cyprus, Nicosia

Head of Ministry of Interior Comments on Law Regarding Real Estate Acquisition by Foreigners in TRNC

15.05.2024 / 17:52

The Minister of Interior for the Turkish Republic of Northern Cyprus (TRNC), Dursun Oğuz, has issued a statement regarding the adoption of legislative measures concerning the acquisition of real estate by foreigners. According to the Minister, “the law does not pose a risk to the country's national security.”

The Minister discussed these new legislative initiatives during an interview on the “Sabah Postası” program on the Kıbrıs Postası channel.

Yesterday, the Committee on Legal, Political, and International Affairs of the Republic Assembly approved amendments to bills related to the “Acquisition of Immovable Property and Long-Term Leasing by Foreigners,” “Registration of Real Estate Agents,” “Contracts,” and “Condominium Ownership and Lease.”

The Minister also participated in the committee session. Commenting on the approval of these significant bills, Dursun Oğuz noted that “the construction sector is showing positive growth in terms of contributing to the country's economy.”

The Minister emphasized that if enacted, the law “will not pose a risk to the country's national security,” although “certain practices that may entail risks were observed.”

One of the notable changes is that after a deal is presented based on a project, 80% of the property will be sold to foreigners and 20% to citizens of the Turkish Republic of Northern Cyprus or Turkey. Additionally, it is highlighted that the Land Registry Office will undergo updates to enhance the provision of state services in the TRNC.

The Minister expressed gratitude to all who contributed to the development of the law and added that ongoing research aims to “make the law more functional.”

Following approval by the relevant committee, the documents have been submitted for parliamentary consideration.

Read also: who has the right to make real estate transactions in Northern Cyprus