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Mortgage Law passed

Source: Cyprus Observer  
29 June 2007

The Turkish Cypriot Parliament has approved a Mortgage Law Bill which will enable those on a middle income to buy their own home and also enabling those citizens working and living abroad to buy property and return to the country. With the application of the newly approved Mortgage Law the current Social Housing Law will be suspended.

Minister of Internal Affairs Ozkan Murat said, “This is a very important and useful law as it will replace the current Social Housing Law.” He added that the government would no longer build houses and sell them but would now only be involved in organising the purchases. He stated that the law aims to enable citizens to buy and pay for houses on an instalment basis and added that the need for housing and related issues were of importance for the country.

Murat stated that 67% of the community lived in their own houses and he gave further information regarding land plots in rural areas which had previously been given away for free for many years but now the plots in rural areas were being distributed to their rightful owners. The Minister stated that following the circulation of the law new regulations would need to be followed. He stated that citizens would be able to buy houses with a 20% down payment and a planned mortgage payment system of instalments paid over a period of from 3-10 years.

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