New Rental Rules in Northern Cyprus Starting in 2025
Northern Cyprus Continues to Improve Legislation to Ensure Transparency and Security in Real Estate Transactions
Starting from January 1, 2025, all rental payments for both commercial and residential properties in Northern Cyprus must be made exclusively through banks.
What Does This Mean?
This new regulation is aimed at:
- Increasing the transparency of financial transactions between landlords and tenants.
- Reducing the risks of unauthorized deals.
- Decreasing the circulation of off-the-books financial transactions.
- Ensuring the convenience and security of all parties involved.
What Happens If the Rules Are Not Followed?
If rental payments are made outside the banking system, violators will face fines. However, it is important to note that if the violation is corrected within five days after notification, the fines can be avoided.
How to Prepare?
Both tenants and landlords are advised to familiarize themselves with the new regulations in advance and open bank accounts that will be used for rental payments.
How Will This Impact the Market?
This regulation will be an important step towards a more transparent and organized real estate market in Northern Cyprus. It is also expected to attract new investors who seek confidence in transparent deals and the protection of their interests.
If you have any questions or want to learn how these changes might affect your property, get in touch with us. Our experts are here to help you navigate through all the details and provide optimal solutions.
RestProperty — your trusted partner in the world of real estate!
