Changes in the real estate law for foreigners in North Cyprus in 2024!

🚩Northern Cyprus has passed new laws to regulate the acquisition of real estate by foreigners. Here are the key points:

1️⃣ Foreigners can purchase:

• One unit of real estate with the approval of the Council of Ministers.
• A plot of land up to 1338 square meters with the possibility of building one house.
• One apartment.
• A separate house on a plot of land up to 3300 square meters. meters.

2️⃣ To purchase it is necessary to provide the title deed and pay a fee of half of the monthly minimum wage.

3️⃣ Purchase is possible only after a positive security check. In case of rejection, re-application requires double the fee.

4️⃣ The transfer process must be completed within six months of approval.

🔹️ These measures are aimed at balancing investment and protecting the interests of local residents. 📊