The total number of foreign nationals who have been granted property purchase rights in the areas of occupied northern Cyprus from January 2019 until November 2023, has reached 9,699, as reported today by Turkish Cypriot newspaper Yeni Duzen.
According to the publication, within the first 10 months of 2023 alone, the “government” has issued 4,569 such permits through decisions made by the “ministerial council.” Notably, on Wednesday, with just one decision, the “ministerial council” approved 283 such permits.
Meanwhile, during the three-year period from 2019 to 2022, a total of 5,130 of these permits were granted to foreign nationals.
The “MP” of RTK Dogus Derya, who had submitted a related question to the “parliament,” informed Yeni Duzen that the “Minister of the Interior,” Dursun Oguz, stated that of the aforementioned “property purchase permits” issued to foreigners, only 35% included property titles along with the purchase permits.
However, the report mentions that it is unknown how many acres of land, properties, or houses correspond to these permits for foreigners.
Another unknown element is the number of properties purchased for foreigners through companies with “hidden partners.”
According to information in the “official gazette,” the “ministerial council” granted property purchase rights in the occupied north to 1,141 foreigners in 2019, which increased to 1,179 in 2021 and 2,810 in 2022. In 2023, until October, this number reached 4,569.
The report also states that, according to sources within the “Ministry of the Interior,” the majority of foreign buyers, who were previously primarily citizens of the Republic of Turkey, have become predominantly Russians and Iranians since 2022.
In the current property market, while almost 90% of foreigners eligible to acquire real estate until 2022 were Turkish citizens, it is claimed that this percentage has dropped to 70% in the past year.
However, the market rumour suggests that many more properties have been sold through companies with “hidden partners.”
It cites a publication in the Philileftheros newspaper, which alleges that some multinational companies, to avoid the “ministerial council’s” limited permits, establish “front companies” in the “north” by finding a “citizen” of the “TRNC” as a partner, allowing them to buy real estate “limitlessly.”
It is worth noting that, for a company to be able to purchase properties in the occupied areas, 51% must be owned by a “citizen” of the “TRNC.” In the “law” on contractors, it is mandatory for 100% of the company to be in the name of a “citizen” of the “TRNC.”
Foreign property investments have been surging within the occupied territories, with the Trikomo region at the epicentre of this trend.
The unchecked rise of foreign investments is igniting debates over land ownership, economic disparities, and the broader socio-economic landscape in the occupied northern part of Cyprus.