Amendment to the Real Estate Acquisition and Long-Term Leasing (Foreigners) Law Passed with Majority Vote

Additionally, the “Temporary Rules for Election and Public Referendum (Amendment) Law” and the decision regarding the determination of the voting day for the Local Government By-Elections were unanimously approved. Consequently, it was decided that elections for vacant mukhtar and councilor positions would be held on Sunday, June 30.

Report and Approval Process

First, the report on the “Decision to Determine the Voting Day for the Local Government By-Elections” was read by Yasemi Öztürk, the Chairperson of the Legal, Political Affairs, and Foreign Relations Committee. The report and the decision were unanimously approved.

Next, the “Temporary Rules for Election and Public Referendum (Amendment) Law” was addressed. The report was again read by Yasemi Öztürk, and the entire proposal was unanimously accepted.

Debate on Real Estate Law

The debate on the “Amendment to the Real Estate Acquisition and Long-Term Leasing (Foreigners) Law” followed. Yasemi Öztürk provided information on the changes, stating that the amount of land foreigners are allowed to acquire was reduced, significant changes were made, and restrictions were imposed on foreign property purchases. She noted that contracts would become invalid after two years and that penalties would be introduced.

Diverse Opinions and Criticisms

CTP (Republican Turkish Party) MP Ongun Talat criticized the law, claiming it was prepared by Turkish bureaucracy and diverged from its initial intent. He argued that it failed to facilitate property acquisition for locals and did not impose effective limitations on foreign property purchases.

CTP MP Ürün Solyalı highlighted the party's long-standing advocacy for changes in foreign property sales and critiqued the government's lack of economic and social projections. He expressed concerns about the difficulty in collecting data and implementing the law.

CTP MP Teberrüken Uluçay emphasized the need for regulation in foreign property purchases, suggesting periodic reviews and stating that leasing rights would promote economic investment.

CTP MP Doğuş Derya argued that the law was not in the interest of the Turkish Cypriot people, but rather catered to Turkish political and construction interests, ignoring local planning and demographic concerns.

Independent MP Ayşegül Baybars described the law as unfeasible due to lack of data and conflicting provisions. She warned that it could lead to an influx of foreigners without adequately addressing the housing needs of locals.

Conclusion and Final Voting

After discussions, the CTP's proposed amendments were rejected by a majority vote. The law was passed with 26 votes in favor, 8 against, and 16 abstentions.

The Assembly also approved other legislative amendments related to the registration and operations of real estate agents, condominium ownership, and contract regulations with majority votes.