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12° Nicosia,
27 May, 2024
 
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Nearly 7,000 property purchase permits granted in 2.5 years

Official figures reveal increased permissions; shift from Turkish to Russian and Iranian investors noted

Newsroom / CNA

In the span from January 2021 to August 2023, approximately 6,958 foreigners were given the authorization to acquire real estate within the occupied territories, as reported by "official" data, according to a Yeni Dusen report.

Citing GMP, the publication highlighted that these permissions were issued through a "cabinet" decision. The granted permits numbered around 1,141 in 2019, increasing to 1,179 in 2021, and further escalating to 2,810 in 2022. By August 2023, the total permits reached 2,969, as per the report.

''...the majority of such foreign investors hailed from Turkey. However, a shift is noticeable post-2022, with the majority being represented by Russian and Iranian investors.''

Analyses of data published in the "official newspaper" indicated a significant uptick in the number of foreigners receiving property acquisition rights sanctioned by the "cabinet" since November 2021. Prior to this time, the number of granted permissions was within double digits, marking its first entry into triple digits in November 2021.

It's important to note that this timeframe corresponds with the commencement of sanctions imposed by various countries, including the US, against Russian investors due to the ongoing conflict in Ukraine.

Sources within the "Ministry of Interior," cited by the newspaper, conveyed that until 2022, the majority of such foreign investors hailed from Turkey. However, a shift is noticeable post-2022, with the majority being represented by Russian and Iranian investors.

An analysis of real estate market data unveils that nearly 90% of foreigners granted property acquisition rights until 2022 were Turkish nationals. This proportion dipped to approximately 70% in the subsequent year.

The real estate sector raises an intriguing assertion: more property purchases might be occurring than are officially documented, often tied to local companies with "hidden foreign partners."

As per the regulations in the occupied territories, foreigners intending to buy property need clearance from the "cabinet." In cases of real estate investment by companies, a "citizen" of the territory must hold at least 51% of their shares. Additionally, construction contractor regulations mandate that a "citizen" of the pseudo-state must entirely own companies operating within the sector.

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Cyprus  |  Turkey  |  property  |  occupied  |  areas  |  North

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