Turkish Cypriot Business Association Criticizes Amendments to Property Law

The Turkish Cypriot Business Association (İŞAD) has voiced strong criticism against the amendments to the Law on the Acquisition of Immovable Property and Long-Term Leasing, which took effect following its publication in the Official Gazette on May 21, 2024.

İŞAD is calling for a complete overhaul of the law, arguing that certain provisions are impractical and conflict with the principles of the rule of law.

In a statement, the association described the law as "inconsistent, unpredictable, discriminatory, and vulnerable to misuse." Business leaders emphasized that the current state of the law "contradicts the fundamental principles of rights, freedoms, and the rule of law, both at the local level and according to universally accepted standards."

İŞAD highlighted that the real estate sector is a critical component of the national economy, cautioning that "many businesses dependent on this sector could face severe economic and social collapse if the negative consequences of this law are realized."

The statement also pointed to long-standing issues, particularly regarding the acquisition of property by foreigners.

"While new legal regulations are indeed necessary, the amendments currently in force are far from addressing the existing problems," the association stated.

İŞAD further claimed that many articles of the law "are in conflict with the Constitution of the TRNC and could cause chaos in practice due to the lack of clear regulation. Therefore, they must be reconsidered."

In light of these concerns, legal proceedings have been initiated in the Constitutional Court to challenge the law.