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Foreigners Will Soon be Able to Buy More Property in TRNC

Foreigners Will Soon be Able to Buy More Property in TRNC

August 14
09:07 2018

North Cyprus News - Aysegul BaybarsTRNC Minister for the Interior Aysegul Baybars, has answered the demands of the building contractors and real estate agents’ unions on the issue of the purchase of immovable property by foreigners in order to increase the flow of foreign currency into North Cyprus and contribute to economic growth.

Baybars stated that measures are being taken to stem the effects of the economic crisis arising from the drastically devalued Turkish Lira and the rules will be changed regarding property purchases by foreigners. The number of detached houses that foreigners have the right to purchase in North Cyprus will be increased from one to two and the number of apartments from two to three.

She said that the target is to complete this work by the end of the week and then to have the new arrangement agreed by the council of ministers.

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