On February 19, 2025, the “Official Herald of the Turkish Republic of Northern Cyprus” published a decision on amendments to the law on the acquisition of real estate and long -term lease by foreigners (Law 39/2024) . The document provides for additional provisions regulating the status of already concluded real estate purchase and sale contracts, as well as the extension of the terms of registration of transactions, which is important for foreign buyers. These measures were taken to prevent loss of state income and stabilization of the real estate market.
Key changes in the legislation
- Extension of the deadlines for the execution of contracts : in accordance with the amendments to the Law 39/2024, foreign citizens and legal entities who have expired the terms of mandatory taxes on taxes and fees now receive additional time for their payment. Earlier, due to difficulties with communication between buyers and sellers, as well as being outside the country, many foreigners could not fulfill their obligations in a timely manner.
- Settlement of the status of incomplete transactions : new amendments provide that the contracts of sale published in the official messenger of the Northern Cyprus until November 20, 2024, which expired on February 21, 2025, is automatically extended for 90 days.
- The cancellation of permits for the purchase of real estate in case of non -compliance with the deadlines : if the foreign buyer has not registered property rights in the land cadastre within the prescribed period, the previously issued purchase permit is automatically canceled.
- The procedure for refusing the transaction : if a foreign buyer or seller decides to refuse the transaction, he is obliged to notify the Ministry of Internal Affairs of the Northern Cyprus within the specified period. Otherwise, previously established legislative requirements apply to them.
The main reasons for the adoption of these measures were:
- Avoiding budget losses caused by untimely taxes and state fees.
- Ensuring stability in the real estate sector.
- The creation of favorable conditions for foreign investors and increasing the attractiveness of the real estate market of the Northern Cyprus.
How will this affect customers? These changes are especially important for foreign citizens who have already concluded contracts, but are faced with difficulties in their design. Thanks to the extension of the deadlines, they have an additional opportunity to complete the transactions without the risk of real estate loss or penalties.
Conclusion : Amendments to Law 39/2024 are aimed at supporting foreign investors and simplifying the process of buying real estate in Northern Cyprus. These measures also contribute to increasing revenues to the state budget and improving the investment climate in the region.
