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In May 2024, important new rules (North Cyprus property regulations 2024) pertaining to North Cyprus property purchase for overseas buyers were announced. Since the announcement, there has been a lot of speculation as well as some misinformation about how these new rules will affect past, present and future North Cyprus property buyers.
North Cyprus International (NCI) can assure buyers that our approved range of completed, individual title deed resale properties are fully compliant with the new regulations. Please click HERE to see the full list.
Are property buyers from North Cyprus International (NCI) affected by the new regulations?
The good news is that North Cyprus International (NCI) property agency has always ensured that all purchases were
· As far as possible on properties with title deeds already issued
· Only for properties where paperwork was in order.
· Only for a single purchase per client, in keeping with the laws,
Because of this, there are therefore no serious problems for NCI buyers with the new regulations. Agencies which have encouraged multiple property purchases per owner properties may be less lucky.
Are the new North Cyprus property regulations finalised?
At North Cyprus International we know that there will be a fine tuning of the new regulations, as well as some court challenges to them. Therefore we are not issuing final advice to our past, present and future property buyers until these processes are finalised soon. We will be publishing more detailed updates soon to clarify all the points and issue advice. However, if you are NCI clients and concerned, please contact your after sales representative.
Why have new North Cyprus property regulations been announced?
The new North Cyprus property rules and amendments were needed in order to protect the beauty and distinct Cypriot culture of North Cyprus for future generations. They were also introduced to control price rises and make sure that sales agencies and developers always act within the laws.
How many properties can one foreign investor purchase?
The new North Cyprus property regulations include enforcements for the existing “one property per person” rule. This is a rule which was being widely flouted using non registered contracts with developers as well as other means. From May 2024, it will now only be possible to purchase one property each, and anyone who has purchased more than one will have a time period in which to sell their property. Agencies and developers who encouraged this practice for financial gain will find their clients will need to offload/sell the extra properties during a certain time period.
What should I check when buying North Cyprus off plan or under construction property?
Until the new North Cyprus property regulations were announced, it was common practice for developers to sell off plan and under construction properties awaiting their title deed. The new rules state clearly that even developers cannot sell a property unless there is at least a “Kat Irtifak” (an interim title deed) which can be taken by the buyer and which can be exchanged later on for the full deed once the complex is completed.
Therefore until further notice, NCI is no longer marketing or recommending any new build (off plan, under construction or completed) developer property without a “Kat Irtifak” or interim title deed.
If you have already signed a contract with a developer for a property where there is no interim deed, we suggest you contact your lawyer for advice. Developers may be given a period of time in which to apply for these interim deeds and each case may be different.
Will North Cyprus property prices fall due to the new regulations?
A main aim of the legislation is to control prices for everyone, especially local people, and to keep North Cyprus beautiful.
At NCI we believe that prices will stabilise as a result of the new regulations. In some new-build areas which have been overbuilt and wrongly oversold, it’s possible that prices could adjust downwards if a large number of properties come on the market at the same time.
However, since NCI specialises in the sale of affordable resale properties, we predict that the value of these resale properties with existing individual title deeds may increase as they become more in demand following the new rules.
Are shared title deed properties affected by the new North Cyprus property regulations announced in May 2024?
There are changes for both buyers and sellers of shared deed properties in the new regulations which were announced in May 2024. If you are the owner of a shared deed property where you have not yet taken your deed and wish to sell, you should contact your lawyer for advice.
Shared deed properties are often priced lower and can still represent a good investment in North Cyprus. Therefore, NCI is proceeding with the sale of shared deed properties where the deed is in the name of the seller, as the May 2024 new regulations state that individual deeds can be applied for by the new buyer to replace the shared deeds. However, as this application process is likely to take several years to complete, we are advising that shared deed property sales are most suited to long term investors or buyers who are not intending to sell the property for up to 5 years. Please contact NCI for more information if you are considering the purchase of a shared deed property.
Will the new North Cyprus property regulations help to preserve local culture?
As the development boom has occurred, some areas and sites have become so dominated by non-Turkish Cypriot nationalities that the whole culture of the island was being threatened. So as part of the new regulations, rules are being introduced to ensure that at least 20% of all the new developments are sold to local Turkish Cypriots or those from the mainland Turkiye. NCi supports the aim of the TRNC government to preserve the local language and culture of the island.
The new North Cyprus property regulations may affect my purchase. What should I do?
Don’t panic! The new rules allow time for existing purchasers to comply and if necessary, take their deed or sell their property. There will also be “grandfather clauses” which will provide cover for those who had a contract prior to the date of the new rules.
The most important action any existing North Cyprus property purchaser should take if they do not yet have a title deed in their name, is to contact their TRNC lawyer for advice.
Why have prices in North Cyprus risen so sharply?
Over the last two years, with an influx of many new buyers from Russia, Ukraine, Scandinavia, Germany and other countries, prices have risen sharply and become unaffordable for local Turkish Cypriots whose average wage is far lower than the new arrivals.
How will the new North Cyprus property regulations 2024 preserve the beauty of the TRNC?
The rapid development of many new apartment sites, taking advantage of this property boom, has also been at risk of spoiling the natural beauty of the island. By placing limits on how new build properties are sold, and tightening up the permit and permission systems, the growth of new build properties will slow down and help to preserve the natural beauty of Cyprus.
Are there different regulations for overseas buyers from Türkiye mainland?
Since mainland Türkiye recognises the TRNC, nationals of Türkiye can purchase up to 3 properties per person. This will also apply to any future country who recognises the TRNC.
If you are seeking to buy North Cyprus property and have queries about the new regulations, please do email us on help@northcyprusinternational.com.
