Almost 5,000 permits for the purchase of real estate for foreigners - Northern Cyprus is becoming more and more interesting to investors
The Turkish Republic of Northern Cyprus is attracting more and more foreign investors. The number of permits issued for the purchase of real estate on this part of the Mediterranean coast almost reached 5,000 in 2023. Details.
Despite the fact that the Turkish Republic of Northern Cyprus is recognized only by Turkey, real estate in this part of the Mediterranean coast is in unprecedented demand among foreign investors. According to the Turkish Cypriot newspaper Yeni Duzen, the number of permits issued for the purchase of real estate in Northern Cyprus has already reached almost 10,000. Moreover, 283 applications for the purchase of real estate have recently been approved. In total, in the first 10 months of 2023, about 4,569 permits for the purchase of real estate have already been issued to foreigners. For comparison, over the previous 3 years, 5,130 such permits were signed.
Let us remind you that this permit gives a foreigner the right to purchase up to 3 real estate properties or up to 1 acre of land. Therefore, it is difficult to say exactly how many real estate properties were acquired according to the issued documents. For those foreign investors who purchase real estate through companies with “hidden partners”, such permission is not required.
Experts, however, agree that the number of permits issued does not reflect the real state of affairs in the real estate market of Northern Cyprus - there are much more completed transactions involving the purchase and sale of real estate to foreigners.