The real estate landscape in Northern Cyprus is undergoing significant changes, Pending government regulations awaiting parliamentary approval are causing uncertainty and concern within the North Cyprus real estate market.. While there are concerns about the impact of these changes, there are also opportunities for growth and development. Will this Government Balancing Foreign Investment and Local Concerns or push country to economic crises? Lets dive in: On one hand, there is a pressing need for foreign investment to stimulate economic growth and drive development in Northern Cyprus. Property developers have made substantial investments in land and new projects, contributing to the country’s economic vitality. However, the surge in foreign property sales has raised concerns among local citizens about rising prices and demographic shifts. The introduction of new property and estate agents law has stirred debate within the real estate and construction industry. There are fears that the new regulations could disrupt the market and lead to a crisis. The lack of consultation with industry stakeholders such as Estate agents union and construction association has fuelled frustration and calls for a more collaborative approach to policymaking. Furthermore, behind the scenes, there are bureaucratic conflicts unfolding. On one hand, Cafer Gurcafer, the head of the Cyprus Turkish Building Contractors Association, is not defending the rights of constructors and developers in the industry. In fact, he is supporting new laws that may lead the property industry into a crisis. These discussions and rumours are causing increasing anger to govrement by estate agents and developers. Additionally, the Estate Agents Association is still not recognized by the government, allowing foreign and unlicensed estate agents to sell properties in North Cyprus and evade tax payments. This not only results in losses for the government but also creates unfair competition with local based licensed estate agents. On the other hand, the new interior ministry, where the former head of the Turkish Republic of Northern Cyprus Ministry of Agriculture and Natural Resources was appointed last year, is backing up the new laws and not cooperating with industry leaders to understand the market. He defends himself by claiming that he is simply following orders from the ministry.
