Prime Minister Ünal Üstel has addressed the criticisms surrounding the real estate market and financial system in the Turkish Republic of Northern Cyprus (TRNC).
He emphasized that the TRNC, along with all its institutions, closely monitors the developments in the real estate sector and continues to fight against crime and the circulation of illegal money.
Üstel made it clear that while the issue is being evaluated from an economic perspective, any developments outside the legal framework are not tolerated.
He emphasized that all activities related to sales are under the control of the state.
In a statement via his social media account, Prime Minister Üstel expressed his concerns regarding the organized attacks on the TRNC real estate market and financial system, particularly from the Greek Cypriot lobby.
Furthermore, he expressed disappointment about the rhetoric coming from within the country purely for opposition’s sake, without considering the impact on the nation.
He said that the baseless discourses against the government not only fuelled the Greek Cypriot lobby but also result in unfair news portraying the TRNC negatively.
Üstel mentioned the significant amount of resources transferred to the Immovable Property Commission, which amounted to 5 million pounds in a short period of time, was due to an amendment in the Land Registry Fee Regulation.
He asserted that this transfer will continue to increase in the future.
The Prime Minister addressed the discomfort of the Greek Cypriot lobby regarding this issue and stressed the need for collaborative efforts between the government and the opposition to take appropriate measures and realistic steps to combat it.
He reiterated the commitment of the TRNC to closely monitor real estate sector developments and fight against crime and money laundering effectively.
Additionally, Üstel acknowledged that the attraction of buyers to the TRNC is influenced by multiple factors, such as the country’s peaceful and safe environment, the assurance of secure transactions through the registration process, long-term instalments and rental income opportunities, and the efficient electronic property acquisition application process for foreigners.
The Prime Minister emphasized that no illegal activities exist in the TRNC, as the state maintains complete control over sales-related activities.
He also mentioned that the Ministry of Interior is working on a new law to enhance understandability and compliance with national standards, which will be made public in the near future.
Furthermore, he emphasized the government’s sensitivity towards protecting agricultural and forest areas, stating that a comprehensive study will be completed soon.
Finally, Üstel criticized the previous government’s (Republican Turkish Party) lack of proper legal arrangements and supervision and deemed them responsible for the chaos in this field.
He assured that the current government has taken necessary steps to address the issue.