EUR
enIn Northern Cyprus, the rules for selling real estate to foreigners are changing
In the Turkish Republic of Northern Cyprus (TRNC), where thousands of houses and lands have been sold to foreigners, the rules for selling real estate to foreigners are changing. According to the amendments to the law, which are expected to be introduced within a month, the so-called "gray sales" will be stopped, which have long been a cause for discussion.
The list of innovations that will be introduced:
The contract of sale of real estate can be executed only in the land registry. The practice of registration of sales in law offices will be abolished
A requirement for a certificate of ownership (title) will be introduced. Foreigners who have bought real estate without registration of title will have to issue it within a year or sell their property during this period
Foreigners will be able to purchase real estate only with the status of "Kat Irtifakı" (pre-registration of real estate in the housing stock). Thus, the possibility of foreigners buying real estate at the excavation stage is excluded.
The trust management will be cancelled
To purchase real estate, a foreigner will need to obtain the approval of the security service and the approval of the Council of Ministers
During the transition period, for Turkish citizens, the restriction on the purchase of only one real estate object will be increased to three objects (foreigners can purchase only one real estate object).
It is expected that thanks to this decree, housing prices in the TRNC will decrease, and local residents will be able to buy housing again.
