Foreign investment boosts real estate market in occupied Cyprus

Construction boom by investors in occupied Cyprus, mostly Russian, Israeli and Iranian.

In the occupied north of Cyprus, the "government" intends to take measures "against problems arising from the sale of real estate to foreign investors," the Halkin Sesi newspaper reported on Friday.

The Turkish Cypriot daily writes that in the last two and a half years there have been 6,958 property sales to foreign buyers, noting that the majority of property buyers in occupied Cyprus are Russian and Iranian nationals.

"However, according to information from the real estate sector, a significant number of properties are acquired by local companies with 'hidden foreign partners', which is much higher than the figures reflected in official statistics," the report said.

The report also states that this was discussed yesterday at an extraordinary session of the "parliament" in the occupied north of Cyprus. Speaking to the "parliament", "Prime Minister" Unal Üstel said that there was a "significant accumulation" of real estate acquisitions in the Tricomo and Long Beach regions.

However, the phenomenon is not limited to these areas, as foreigners are purchasing property "throughout much of the island". It was therefore suggested that an interim committee be set up to develop measures.

Ustel said that there is a problem of "distortions in town planning" and that the demand for land in the occupied areas of Cyprus has increased due to foreign countries. Ustel said that a team of experts had been brought in to conduct a study in Turkey.

According to Ustel, a significant number of foreigners arrived in the occupied territories after the pandemic. However, his "government" did not stand idly in front of this development, as he stated. "The law" has been drafted and is awaiting the opinion of the "prosecutor's office," he noted.

Üstel was responding to criticism from Republican Turkish Party (RTP) President Tufan Erhurman, who, speaking to "parliament," expressed his concern about the rapid pace of real estate acquisition in the occupied north.