NORTH CYPRUS PROPERTY OVERVIEW FOR 2022

NORTH CYPRUS PROPERTY OVERVIEW FOR 2022

Northern Cyprus is an independent country called the  Turkish Republic of Northern Cyprus located in the Eastern Mediterranean. The population of Northern Cyprus is estimated at 390,000, of which 10,000 are foreigners, mostly British, Russians and Iranians. The economy of Northern Cyprus is mainly based on tourism, agriculture, internet business (IoT), fintech services and a growing real estate market. There are currently only a few thousand completed residential properties for sale in North Cyprus, with the remainder either under construction or planning. In this article, we will look at the Northern Cyprus residential property market for 2022. North Cyprus real estate agents have been in the business for many years and are experts in finding the perfect property for their clients. In this way,

THE CURRENT STATE OF THE REAL ESTATE MARKET

Experts predict that  the real estate market  will continue to grow in 2022. The increase in growth is due to an increase in demand from foreign buyers to  buy property in Northern Cyprus  , as well as an increase in the number of foreign investors. The main areas where growth is expected are urban areas such as  Kyrenia  ,  Iskele  and Famagosta and coastal cities such as  Lapta., Alsancak, Karsiyaka, Ozankoy, Bahceli, Tatlisu and Esentepe. Today, the real estate market in Northern Cyprus is experiencing an increase in demand from both local residents and foreigners. Most buyers are looking for property near the city center, while others are looking for properties in the countryside – closer to the coast. Prices have risen steadily over the past few years, with luxury home prices as high as £1 million in some areas. There is still plenty of room for growth in the North Cyprus property market as demand continues to rise and new developments emerge. The North Cyprus real estate market is seeing an increase in interest as investors and buyers look for opportunities in the region.

OVERVIEW OF PRICES FOR RESIDENCES (APARTMENTS, APARTMENTS, VILLAS)

Average  residential property pricein Northern Cyprus is about 150,000 pounds. Prices vary depending on the location and size of the residence. Prices for residences in North Cyprus vary greatly depending on the location and size of the house. Prices in cities tend to be higher than in rural areas, but the price range is still relatively wide. Northern Cyprus is a great place for those who are looking for a relaxing holiday. With a wide range of properties to choose from, you are sure to find the perfect property to suit your budget. We know that the world economy is slowly recovering, but the rise in global inflation has caused the regional economy to fluctuate. In Northern Cyprus, housing prices have risen due to increased prices for building materials including steel, gasoline and other materials.

It’s no secret that the real estate market in Northern Cyprus is now experiencing some difficulties. High mortgage rates and the appreciation of the foreign exchange against the Turkish lira make it difficult for local buyers to buy homes. However, there are still some great deals out there if you’re willing to search hard enough. Moreover, according to a recent report, foreign investors are showing more interest in real estate in North Cyprus than ever before. The increase in interest is probably due to the stable political and economic conditions in the country, as well as its proximity to Europe. North Cyprus real estate agents are a valuable resource for anyone looking to buy or sell property on the island. Agents can provide information on all available properties and their prices,

INFLUENCE OF FOREIGN INVESTORS ON PRICES

Foreign investors have had a significant impact on property prices in Northern Cyprus. This is because these investors are willing to pay higher property prices in certain areas as they believe these areas have more growth potential. As a result, many people who would normally not be able to afford property are now able to buy due to increased demand from foreign investors. Local real estate agents are a great resource for anyone looking to buy or sell property in North Cyprus. They have extensive knowledge of the local market and can help you find the perfect property for your needs.

German, Iranian and Scandinavian investors are snapping up property in Northern Cyprus as the Mediterranean island nation continues to attract foreign investor interest. The influx of these wealthy individuals is helping to keep the region’s real estate market strong and property prices rising. In addition, Northern Cyprus saw a significant growth in the tourism industry in the last few years before the coronavirus, which also contributed to the growth in demand for real estate. This region is close to Europe, Africa, the Middle East and Asia, making it the best place for those looking to invest in real estate. 

RISING INFLATION IN REAL ESTATE PRICES:

Lack of materials, rising petrol prices, logistics and rising inflation are affecting the property market in Northern Cyprus. In recent years,  the real estate market in Northern Cyprus has been  experiencing many problems. First of all, it is the lack of materials, the limited number of builders, and now building land. In addition, inflation is rising at an alarming rate, which will also lead to higher property prices than ever before. This had a negative impact on the real estate market. Developers struggle to find land for  new projects, and buyers are forced to wait longer for properties to become available. Materials such as concrete, steel, aluminum and glass are in short supply, driving up the price of building materials. In addition, inflation makes it more expensive for developers to obtain financing for new projects. As a result, many real estate projects are becoming more expensive.

THE INFLUENCE OF FOREIGN AND LOCAL REAL ESTATE AGENTS:

Over the years, there have been several cases where some developers and foreign real estate agents in Northern Cyprus have scammed buyers. Some buyers are scammed when they are lured into attractive deals and then find out  the property is overpriced.or development is not completed as promised. Some buyers even lost their entire investment when they were unaware of the risks associated with buying property on this island. There are many similar scenarios, even in Spain or Greece, you can hear the same thing. When buying property in North Cyprus, it is important to use local agents who are familiar with the area and have a great track record. Because local agents or brokers not only sell to foreign buyers, but they mostly deal with local buyers, reputation is more important to them than a get-rich-quick dream. Local reputed agents can help you find the best property for your needs and get the best value for money. Our real estate agentscan provide you with more up-to-date information about the local market and help you find the best real estate deals.

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