Sales in north to foreign property buyers spiral

Relaxations on the issuance of building permits to foreign nationals living in the north have resulted in a spike in such properties, Turkish Cypriot media are reporting.

According to the same reports, in 2022 the north’s ‘cabinet’ issued 31 separate decisions which allowed 2,672 foreigners to acquire property there, under the law governing the long-term leasing and ownership of property for foreign nationals.

Media in the north reported that, under the pretext of “excessive demand” for properties, the ‘government’ inserted into the law transitional clauses which gave foreign nationals the right to own more than one property.

Through these relaxations, foreigners in the north were able to acquire up to four properties each. This policy applied from May 27 through to November 27 of last year.

The number of permits to foreign nationals skyrocketed – from an average of 140 in the January to May period, to 290 in the June to November period.

The policy allowing ownership of up to four properties was rescinded in late November.

Nevertheless, due to the fact that several applications were filed just before the November 27 cutoff date, building activity continues to be intense.

According to Turkish Cypriot media, because of the increased workload staff at the north’s land registry office are now putting in overtime to process applications.

During the first half of December alone, the north’s ‘cabinet’ green-lit 227 new permits.