New regulations for foreign property ownership in northern Cyprus

A new decree has been published in the official gazette of the Turkish Republic of Northern Cyprus concerning foreign real estate acquisitions. The regulations allow for up to 80% of residential projects to be sold to foreign nationals or companies. A new status of 'licensed intermediary investor' is introduced, permitting agents to sell at least ten homes annually to foreigners without acquiring ownership. For sales exceeding previous legal limits from 2024, a transition period allows registration by paying a 1% fee within six months, rising to 3% after that deadline. For properties exceeding individual ownership caps, a ten-year 'use certificate' will be issued, granting the buyer rights to use and profit from the property while the title remains with the seller. These measures also include mandatory contract registration and security checks. The government claims these rules regulate the market, while independent sources note the significant threshold of 80% for foreign sales.