Occupied Cyprus considers granting Turkish Cypriot “citizenship” to Turkish property buyers. The scheme aims to reduce unsold housing stock piled up after the pandemic. Turkish media reports the “government” processes the Turkish Cypriot “citizenship” proposal.
It ties “citizenship” solely to Turkish citizens buying homes above a set financial threshold. Goals include reviving real estate and recycling stalled construction into the economy.
Pandemic demand from foreign settlers spurred dozens of illegal projects. Builders sold about 10,000 homes quickly. Construction paced on, but demand dropped.
Construction surplus
Today, 20,000 to 25,000 homes sit unsold or half-built. Sector reps blame slowdown partly on Greek Cypriot actions hindering sales to non-Turkish settlers.
Limited to Turks only
KTİMB President Cafer Gürcafer said the plan targets only Turkish citizens with strict monetary caps. It absorbs existing stock, not opens to all foreigners.
He touted long-term prospects, dubbing the area “future Miami of the Eastern Mediterranean.” Home prices stay affordable versus other Mediterranean markets, with luxury options.
Buyers can rent properties for extra income. Real estate links directly to “tourism,” he stressed – not isolated investment.
Discussions head to higher political levels, including contacts with Turkish Vice President Cevdet Yilmaz.
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