Laws to regulate the construction sector are to be strengthened Prime Minister Ünal Üstel said on social media, Kibris Postasi reports,
Üstel acknowledged that there were concerns regarding the increasing number of foreigners purchasing property in the TRNC. He referred to the construction industry stating that while it works to meet the demands of those interested in living in the country either permanently or temporarily and who bring money into the country, noting that there were a number of concerns.
Üstel said that these concerns and doubts would be eliminated by strengthening legal regulations, and fulfilling the requirements of planned development.
Pointing out that the relevant legal regulations have been prepared, Üstel said, “It will be finalised by taking the opinions of the opposition at the earliest and will be forwarded to our supreme parliament“.
Some of the concerns the prime minister refers to are regarding the use of property purchases to launder money. The increase of purchases in the north by Russians whose finances are under international embargo, impacting the fortunes of Russian citizens living in south Cyprus. Locals in Iskele say that they fear for their security as they are being outnumbered by foreign residents. Adding that the rapid influx of foreigners is not supported by adequate infrastructure and will lead to increasing house prices in the north.
The rising cost of property in the south has also driven Israeli purchasers to buy in North Cyprus instead.
