Turkish Cypriot leader Ersin Tatar believes property sales to third country nationals in the north are beneficial, despite strict regulations limiting purchases. He sees potential in education and tourism, dismissing concerns of occupation and highlighting the diversity in property ownership in the south.
The updated real estate laws have introduced several measures to enhance buyer protection in property transactions. Sellers are now required to provide an uptodate search certificate at contract signing, clear declarations of any property encumbrances are mandatory, registration at the Land Registry must include seller and mortgagor declarations, and a procedure for mortgage discharge upon sale completion has been outlined. These changes aim to provide buyers with more transparent information, protect them from hidden encumbrances, and ensure their investment goes towards securing their new property rather than settling unrelated debts.
The Cyprus real estate market has experienced a surge in property sales in 2023, with 8,681 property transfers and 9,374 sales documents registered. Limassol leads in sales value, while Nicosia has the highest number of property transfers. Paphos and Larnaca report steady growth, with Famagusta maintaining stability.
In the third quarter of 2023, Nicosia’s real estate market saw a surge in property sales, with a total value of €164.9 million. Apartments were the most popular, accounting for 492 sales worth €81.6 million, followed by houses, plots, and fields.
The interior minister of Northern Cyprus, Dursun Oguz, has announced plans to introduce new restrictions on property purchases by thirdcountry nationals, in an effort to address concerns over “dark money” and ensure investment transparency. The proposed legislation aims to slow down foreign real estate investment and tackle demographic concerns, with a focus on market order and sustainability.
