TRNC Cabinet approves property purchases in North Cyprus for another 320 foreigners

The Council of Ministers of the TRNC has approved applications from 320 foreign nationals to purchase property in North Cyprus. The decision was published in the republic’s Official Gazette.

The permits were issued under Law No. 52/2008 on the Acquisition of Immovable Property and Long-Term Leasing by Foreigners. The buyers’ names and details of the properties they intend to purchase are listed in an annex to the decision.

The main condition of the transaction is that the property must be “free”, meaning unencumbered by mortgages, court orders or other restrictions.

This is not the first large batch of permits issued in recent weeks. On 16 September, the TRNC government approved purchases for 557 foreigners, and the following day it approved another 359.

New rules for foreigners buying property in North Cyprus have been in force since May. In residential developments, foreigners may account for no more than 80% of the apartments. With Cabinet approval, one foreign national may buy up to three apartments, one house on a plot of up to 1,338 sq. m, or two-storey villas in a residential complex. Citizens of countries that recognise the TRNC and grant reciprocal rights to its citizens are subject to a higher limit: six apartments or three villas.

The property must be transferred to the buyer within one year of the Cabinet’s approval being published in the Official Gazette.