Foreigners Can Buy Four Flats in Northern Cyprus

The new law regarding the acquisition of property by foreigners in Northern Cyprus was published in the Official Gazette of the Turkish Republic of Northern Cyprus. Compared to the old law, which limited the number of properties to one flat, the new law allows foreign investors to purchase four flats.

The change in the law came into effect from May 27, 2022 and is valid for only 6 months. Investors who are not TRNC citizens looking for an investment opportunity in Northern Cyprus are advised to act quickly to take advantage of this limited-time opportunity.

According to the new law on real estate purchases in Northern Cyprus;

• An investor who is not a TRNC citizen can purchase a land of 1338 m², ie one acre, and build only one residence on the land.
• A foreign investor can buy a detached house with a land area of ​​6691 m², that is, five decares. If the buyer buys a detached house, he is also entitled to 3 additional flats.
• If foreign entrepreneurs invest more than 3,000,000 Euros, the above rules can be relaxed according to the business plan and security control.
• If the investor deposits at least € 3,000,000 in a bank that is active in Northern Cyprus, the Council of Ministers may give permission for the purchase.

The new law, which is valid for a limited period of six months, will be repealed on November 27, 2022. To take advantage of this advantageous opportunity, you can take a look at our property options for sale in Northern Cyprus.