The Immovable Property Law for Foreigners was approved by the Assembly.
Minister of Interior Dursun Oğuz, said that a 3% upper limit has been set throughout the country due to the alienation of North Cyprus.
The limit on the sale of real estate properties to foreigners within the district borders has been set at 7%. This means that the number of foreigners owning real estate properties in a district will not exceed 7% of the population of that district.
While 80% of most project-based residences will be sold to foreigners, 20% will be sold to Turkish Cypriot or the Republic of Türkiye citizens.
The Contractors Association is being granted authority over articles of the law passed by the committee.
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