İŞAD Warns: New Property Law Unconstitutional, Implementation May Cause Chaos

İŞAD criticized the law as being impractical, unpredictable, discriminatory, and open to arbitrary interpretation. They argued that it violates both local and universal principles of fundamental rights and freedoms, as well as the rule of law.

In their statement, İŞAD highlighted that the real estate sector is a cornerstone of the country's economy. They warned that many businesses relying on this sector might face severe economic and social downturns due to potential negative outcomes from the law.

The statement particularly addressed the long-standing issues related to foreigners acquiring property in the region, emphasizing the need for a new legal framework. However, İŞAD noted that the recently implemented amendments fail to address these existing problems.

İŞAD also pointed out that the ambiguity in many of the law's provisions could lead to chaos in its implementation, calling for a thorough review of the law.

Finally, İŞAD stated that certain articles within the Real Estate Acquisition and Long-Term Leasing (Foreigners) Law are in violation of the Constitution of the Turkish Republic of Northern Cyprus (TRNC). Consequently, they announced the initiation of legal proceedings before the Constitutional Court to challenge the law.