Northern Cyprus opens its doors: new rules for buying property for foreigners

The property market in Northern Cyprus is undergoing significant changes. The ruling coalition has amended the legislation, significantly relaxing the rules for foreigners to purchase property. This decision will undoubtedly attract more attention from foreign investors and potential buyers looking to acquire their own corner of the sunny Mediterranean island.

Until recently, foreigners faced quite strict restrictions. Property purchases were limited to one house or one apartment, provided that the land area did not exceed 2,500 square meters. These restrictions, although not an insurmountable obstacle, could still scare off potential buyers, especially those who were planning to buy a property for a large family or for the purpose of investing in several properties.

What has changed?

The new amendments significantly expand the opportunities for foreigners. Now they can purchase:

• Up to two houses or three apartments. This opens up new prospects for those who plan to have a country house and an apartment in the city, or rent out real estate. The possibility of purchasing several apartments allows you to create a small investment portfolio.
• Land plots up to 3,000 square meters. Increasing the maximum plot area by 500 square meters gives more freedom in choosing the location and layout of the house, providing the opportunity to arrange a comfortable area around the property.

Special conditions for citizens of friendly countries

For citizens of states that recognize the Turkish Republic of Northern Cyprus (TRNC), even more liberal conditions apply. This category of buyers, primarily Turkish citizens, can purchase:

• Up to three houses or six apartments. This number of properties opens up wide opportunities for large-scale investments in real estate or creating your own hotel business.

The easing of the rules for purchasing real estate in Northern Cyprus is a positive signal for the market. Increasing the limits on the number of properties and the area of ​​land makes investments in real estate in Northern Cyprus more attractive. This may lead to an increase in real estate prices, as well as an increase in the number of new construction projects, creating additional jobs and stimulating the region's economy.

The adopted amendments are expected to significantly activate the real estate market in Northern Cyprus. More liberal rules attract not only individual investors, but also large companies interested in development and the creation of new residential complexes. This, in turn, will entail the development of infrastructure and an improvement in the tourist attractiveness of the island.

In conclusion, it can be said that the easing of the rules for acquiring real estate for foreigners in Northern Cyprus is a strategic step aimed at developing the economy and attracting investment.

The new rules open up wide opportunities for those who dream of living or investing on this sunny Mediterranean island.