Permits for foreigners to purchase real estate in Northern Cyprus continue to grow

From 2019 to the end of 2023, the authorities of Northern Cyprus issued nearly 9,700 permits to foreign citizens for real estate acquisition. The growth has been especially noticeable since 2022: annual figures have increased significantly, and the trend continues in 2024–2025.

In 2019, 1,141 permits were issued; in 2021 — 1,179. In 2022 the number rose to 2,810, and in 2023 it exceeded 4,500. As of 2024, the figure reached 6,951 permits. Experts forecast further growth this year.

The demand for property is linked to the inflow of Turkish citizens and the easing of regulations in 2025. The new decree of the Northern Cyprus administration allows foreigners to buy up to three apartments or two villas, and Turkish citizens — up to six apartments or three villas.

The majority of buyers are Turkish citizens: around 90% of permits in 2022 and about 80% in 2023. The remaining buyers are citizens of third countries, including Russia, Iran, Israel and the United Kingdom. There is growing interest from Eastern European countries.

The highest demand is in coastal regions — primarily Kyrenia and Famagusta — as well as Nicosia. There is also activity on the western coast around Morphou and Lapithos. In popular areas prices range from €1,500 to €3,000 per square meter, with some locations seeing a 30–50% increase over three years.

The market remains partially "grey": according to estimates, up to 50% of transactions take place without final registration or without an issued final permit. The Republic of Cyprus does not recognize the transfer of rights to property belonging to displaced persons and warns buyers of potential legal risks.