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The Turkish Republic of Northern Cyprus, known internationally as the TRNC, is preparing a new policy aimed at clearing a large volume of unsold housing that built up after the pandemic.
According to reporting by Cemal Emre Kurt for Türkiye daily, the plan would grant TRNC citizenship to citizens of Türkiye who purchase residential property within a set financial threshold, with the goal of unlocking stalled inventory and channeling it back into the economy.
Following strong foreign demand during the pandemic years, developers in Turkish Cyprus moved ahead with a wave of new residential projects. Around ten thousand homes were sold quickly at the start of that period.
However, construction continued at pace, and demand later cooled off, leaving an estimated twenty to twenty five thousand housing units either unsold or not yet fully completed. Industry representatives link this slowdown partly to factors tied to the Greek Cypriot administration, which complicated sales to non Turkish buyers.
In response, the TRNC government has been in talks with industry leaders about a citizenship for property framework designed specifically for citizens of Türkiye. Cafer Gurcafer, president of the Cyprus Turkish Construction Contractors Association (KTIMB), explained that the proposal would only apply to Turkish nationals and would be limited by a defined monetary cap.
He described Northern Cyprus as having strong long term potential, famously saying that it was “set to become the Miami of the Eastern Mediterranean,” while stressing that the initiative was meant to help run down existing stock rather than open the door broadly to all foreign buyers.
Gurcafer noted that residential units in Turkish Cyprus can still be found at relatively accessible price levels compared with many Mediterranean markets, while higher end options are also available.
Homes bought under the proposed scheme could be rented out when not in use, allowing owners to bring in additional income. He also emphasized that real estate plays into the wider tourism economy of the TRNC, rather than standing alone as a speculative sector.
Discussions on the proposal are expected to reach higher political levels, including talks with Türkiye's Vice President, Cevdet Yilmaz.
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