New Real Estate Bills in TRNC Submitted to Parliament for Review

New bills concerning the acquisition of real estate by foreigners have been presented for review to the General Assembly in Northern Cyprus.

The day before, the Committee on Legal, Political Affairs, and International Relations of the Republic Assembly approved amendments to bills such as "On the Acquisition of Real Estate and Long-Term Lease by Foreigners," "On the Registration and Procedures of Real Estate Agents," "On Contracts," and "On the Right to Property of Condominium and Condominium Rental."

During the session chaired by the deputy of the National Unity Party (UBP), Yasemi Ozturk, the committee members approved some of the bills by a majority vote. Minister of Internal Affairs, Dursun Oguz, also attended the session.

Representatives from the Ministry of Internal Affairs and the Ministry of Economy and Energy were invited as guests at the meeting. They also provided their opinions on the contentious bills.

It's worth noting that several bills aiming to restrict real estate purchases in Northern Cyprus by foreigners have been under discussion for some time.

These documents have undergone multiple reviews at the committee level and have been sent for revision, resulting in various amendments.

The rationale behind the bills' adoption is attributed to the significant number of real estate properties, houses, and lands sold to individuals from other countries, including Russia, Ukraine, Israel, and Iran.

The authors aim to lower property prices and combat money laundering through these amendments. Specifically, the changes in the law dictate that real estate sales will no longer be handled by lawyers or offices; instead, all transactions must be conducted through the land registry. Additionally, buyers will be required to ensure proper land planning.

According to reports from local media, transitional provisions will account for existing contracts awaiting property rights registration. Buyers who register their property within one year will retain their rights under current legislation. However, foreigners looking to purchase real estate will still be subject to security checks and approval by the Council of Ministers to ensure compliance with regulations.

It's anticipated that these regulatory changes will stabilize housing prices in TRNC and make real estate more accessible to local residents. After approval by the relevant committee, the documents have been submitted for parliamentary review.