Currency in North Cyprus for property buyers: TL, GBP and EUR

The currency of North Cyprus

The Turkish lira is the currency of the Turkish Republic of Northern Cyprus. Article 49 of the Law on the Central Bank of the TRNC (Law 41/2001) says that in the TRNC "Turkish Lira is the currency, its circulation is compulsory and it has unlimited power of payment."

Which currency homes are priced in

Legal tender and price currency are different questions. On NORTHEA's own pages:

• Our guide to the risks of buying in North Cyprus notes that most homes sold to international buyers are priced in pounds sterling or euros, while many local running costs are paid in Turkish lira.
• Our price per m² index read asking prices from two public portals: one quoted in GBP, the other in EUR. Every figure was converted to euros so the areas could be compared.
• Our payment methods page lists bank transfers in GBP, EUR, USD or TRY, "as fixed in the contract", and states that the sale contract fixes the price, currency, payment schedule and receiving account.
• In NORTHEA's own practice, purchase, sale, rental and contract transactions are normally set in pounds sterling (GBP), even though the Turkish lira is the legal tender. The currency is fixed in each contract, so read it before you sign.
• A price is never quoted in a digital asset. Where a digital asset is accepted for a deposit, it is converted, and the contract records the fiat amount.

The rules themselves use more than one currency. The residence thresholds are set in sterling, while the investment route in Decree-Law 119/2026 is defined in euros, at €10,000,000 or more, and is not a route for buying a home. So a single purchase can involve figures in two or three currencies. Your contract is the document that decides which one you pay in.

One contract, one currency

Ask for one named currency for the price and for every payment, including the deposit, each stage instalment and any balance at transfer. If you hold or earn a different currency, every movement in the exchange rate between reservation and the last payment changes what each payment costs you, even though the contract price does not move.

For off-plan purchases, also check whether any clause lets the developer re-price or index later instalments. Our off-plan payment plans guide explains this risk. Decide before you sign how you will buy the currency, all at once or payment by payment, and ask your bank or a regulated currency provider what tools they offer.

How the money then travels (the account named in the contract, intermediary banks, source-of-funds questions, fraud checks) is covered in our banking and money transfer guide and not repeated here.

Reading a price converted from another currency

A converted figure is only as current as its exchange rate. Our price per m² index states its rate on the page:

FX: GBP→EUR 1.17, USD→EUR 0.92 (indicative mid-market, as of 2026-09-22).

That rate put sterling and euro asking prices on one scale; it is not the rate you will pay. To compare a sterling asking price with the index, convert it at a current rate and note the date. Never use an index rate to plan a payment. The Central Bank of the TRNC publishes official exchange rates by date; your bank quotes the rate it will actually apply.

The GBP 300,000 residence threshold and other currencies

Legal review: checked by a lawyer registered with the KKTC Bar.

Since October 2026, the residence regulation sets its value test in sterling. With a title deed in your name, the threshold is "GBP 300,000 or the equivalent in another currency" (TRNC Official Gazette No. 193, A.E. 932). With a sales contract stamped and certified by the Income and Tax Office, the same wording applies (Official Gazette No. 194, A.E. 943). Our residence permit guide sets out the periods on each side of the threshold.

The text does not say which exchange rate, or which date, converts a euro, lira or dollar price into sterling. If your price is in another currency and close to GBP 300,000, ask counsel how the value will be assessed before you rely on it. A residence permit is not citizenship, the Immigration Department decides each application, and NORTHEA does not arrange or promise residence.

After you buy: costs in lira

Our taxes and costs guide lists the running costs owners carry: municipal property tax, utilities, insurance and, in managed complexes, a service charge. Many of these local costs are paid in Turkish lira, so plan how you will hold or convert lira each month. Whether you need a TRNC bank account, and in which currencies it can be held, is in our banking guide.

What to ask your bank and your lawyer

Your bank:

• In which currencies can I hold my account, and can I receive transfers in the contract currency without conversion?
• When is the conversion rate fixed, and what do you and any intermediary bank deduct?
• Will the recipient receive the full contract sum, in the contract currency?
• Can you give me a dated rate confirmation for each payment?

Your lawyer:

• Which currency does the contract fix for the price and for each payment?
• Does any clause allow re-pricing or indexation of later instalments?
• In which currency are stamp duty, the transfer fee and VAT assessed and paid, and at which rate if my price is in another currency?
• How will the value of my purchase be measured against GBP 300,000, and at which rate and date?