Property Market In TRNC

The North Cyprus property market has experienced significant changes over the last 12 months, with both domestic and international investors taking notice.  This shift has created a surge in property demand and rapid price increases, making it essential for prospective investors to stay informed and act swiftly.

A combination of affordable property prices, high rental yields, and government incentives has made it an attractive destination for property buyers from around the world. One of the most important opportunities offered to those who have invested in Northern Cyprus in recent years is the opportunity to obtain permanent residence. If you own a property worth £500,000+ in Northern Cyprus, you can easily acquire special status as an investor.

In this blog post, we will explore the current trends in the North Cyprus property market and provide valuable guidance for buyers planning to visit in the near future.

Changing Market Dynamics

The North Cyprus property market, like other Mediterranean markets, has witnessed a post-COVID boom sales. Bellow are some notable trends emerged, and shaping the current landscape:

1. Shortage of Affordable Properties: The availability of affordable “old price” properties, especially villas built 10-18 years ago, has dwindled rapidly due to high demand. To remain within your budget, it may be necessary to consider alternative property types instead. If you find a villa like in the one Çatalköy as example you should be fast otherwise it ‘ll be taken.
2. Rapid Sales and Outdated Listings: The fast-paced market has forced property agents to work diligently to maintain accurate listings. However, due to the swift nature of transactions, online listings can become quickly outdated. Therefore, it is recommended to prepare a viewing list shortly before your visit to ensure up-to-date information.
3. Price Disparity: Prices of North Cyprus properties have surged across the board. Older resale properties in high demand are priced significantly lower than newer, higher quality new-build properties. As a result, buyers should expect to pay a premium for newly constructed homes.
4. Emergence of New Markets: The North Cyprus property market has attracted cash buyers from various parts of the world, creating competive environment. The rise in cash buyers has diminished the prevalence of bank mortgages, as sellers favor cash transactions. Developers of new-build projects have also reduced mortgage periods, reflecting the influx of cash buyers.

Preparing for Your Viewing Visit

To assist you in navigating the dynamic property market in North Cyprus, our team at Senilk Real Estate offers tailored support for buyers planning to visit in the coming month. Here are some recommendations to make the most of your trip:

1. Do Your Research: Familiarize yourself with the North Cyprus market, the country’s culture, and the purchasing process. We provide a wealth of resources on our website, covering various topics such as Title Deed Types, Costs of Buying Property, North Cyprus lifestyles, and more. These articles will help you determine if North Cyprus is the right investment destination for you.
2. Consultation and Planning: Prior to your visit, we encourage you to arrange a pre-visit telephone or Zoom consultation with our team. By understanding your budget and property preferences, we can offer personalized advice, recommend suitable properties, and add you to our diary of tusted clients.
3. Property Questionnaire: Complete our property inquery to help us understand your specific requirements and preferences..

Our Property Service: At Senilk Real Estate, we pride ourselves on our extensive network and many years of experience in the property market in North Cyprus. Once you are added to our diary, we proactively search for properties based on your criteria, often uncovering hidden gems not advertised online. Our property finding service is exclusively available to clients who have scheduled viewings with us, ensuring a personalized and efficient experience.

Viewing with Multiple Agencies: While we respect your freedom to choose multiple estate agencies for viewings, we recommend limiting your selection to two agencies. Viewing with too many agencies can result in frequent cancellations and client exhaustion. Trust in our expertise and track record, as evidenced by the numerous satisfied customers we have served over the years.

Why people attracted to Northern Cyprus?

Property in Northern Cyprus is cheaper compared to other countries. For example, you can pay an average of £80,000 in Nicosia, Famagusa or Kyrenia for a real estate with all furniture. However, this amount is higher for luxury apartments. In any case, prices are much cheaper and affordable compared to other countries.

Another reason, buying property in Northern Cyprus is ideal for long-term investment. Having a real estate investment with a high ROI can save you a lot of money for many years. By paying low maintenance costs, you can keep your investment alive in Northern Cyprus and get a return on your investment during this time.

Why should you choose Senilk Real Estate?

Senilk Real Estate helps you buy the real estate you are looking for in all cities of Northern Cyprus. The company also enables foreigners to obtain their homes quickly by completing all buying processes easily. Our commitment is to respect your time and provide you with the best possible service. In the unlikely event that we haven’t found your ideal property within the first couple of days, we encourage you to allocate additional time for viewings with other agencies.

The North Cyprus property market is currently experiencing a seller’s market, making it crucial for buyers to adapt to the fast-paced nature of the industry. As prices continue to rise and demand remains high, acting promptly is essential to secure the best offers. At Senilk Real Estate, we are dedicated to assisting buyers in navigating the dynamic market and ensuring a smooth and successful property buying experience.

Whether you are a cash buyer or seeking financing options, our team is here to provide you with personalized guidance, valuable resources, and access to a wide range of properties, including those not listed online. We invite you to take advantage of our expertise and schedule a pre-visit consultation to discuss your needs and preferences.

We look forward to welcoming you to North Cyprus and assisting you in finding your dream property in this thriving market. Contact us at +90 5338502662 or email us at info@senilkrealestate.com for more information.