A strict new law in the north limits foreigners to buying a single property on smaller plots and requires a €20 million investment in local industries. Penalties for unregistered ownership have been increased, with a deadline for current property owners to comply and sell excess properties within two years, exceptions apply for citizens from countries recognizing TRNC.
Criminal trials in Cyprus will now be held in the court district where the alleged offense occurred, following a legislative change to restore the ‘natural judge’ principle for judicial efficiency. This measure aims to reduce travel burdens for defendants and witnesses, ensuring trials take place in the jurisdiction of the crime.
The Housing Finance Corporation (HFC) has been granted the power to purchase performing loans and sell nonperforming loans, enabling it to actively manage its loan portfolio. With 44 percent of its total loans classified as nonperforming, this new law allows the HFC to tackle the challenge of NPLs and strengthen its financial foundation.
The Trikomo property market is experiencing soaring prices due to new luxury highrise developments, an influx of international buyers seeking refuge from regional conflicts, the “Famagusta, Trikomo, and Ayios Sergios Zoning Plan” regulating development, and historical complexities potentially reducing property supply. This surge in demand has led to apartments now selling for upwards of £200,000, marking a substantial rise from just a couple of years prior.
