Kibkom North Cyprus Forum

What is the latest on the property market.

In terms of new build sales, resales etc?

Is it my perception that prices have become more realistic on resales??

Seems to me it depends entirely as to whether they are local or not. If if they are, can they afford to repay their mortgage loans.

I spoke to an estate agent this week. The property market is dead at the moment. Europeans have stopped buying here, and locals with money are looking for foreigners' property at bargain prices.

I’m told that demand has dropped due to the Middle East conflict.

I been told certain places the prices are still high. I recon that cosher properties are still rising as there are half as many on market now due to the new rules

The vultures are circulating,
if you don,t have the full Kocan then only Cypriots and mainland Turks are buying,offering half/two thirds prices or less.

Well if you stand your ground then they can’t

There are locals and turkish buying in central kyrenia for buy to let. Its higher rental yield than turkey and £ income. All want deeds no interest in shared deed or no deeds. Thats too high risk now. But there are buyers for flats as the rents are strong& they keep rising.

Famagusta iskele more effected by Greek arrests etc plus taxes & new rules plus cost of living so less attractive destination.
Some projects in iskele are paused...here its a difficult Market for sellers and you need to be realistic about Price...the off plan Price & resale are 50% apart. Likely some developers Will stop completely as things stand.

The vultures are circling. There is an increase in strange number plates cruising around here, including Cypriot. Outwardly they can't buy here, but using a proxy, can't see anyone stopping them, can you. ?

Recently the limit for turkish citizens has been increased to 3 from 1.

Hold on to your property and don't let it go cheap. Once interest rates drop, it will appreciate.

A big new development near me is continuing at great pace and in fact a further large tract of land has been cleared and ground work started. A Turkish friend who lives close by says that recently a very old lady has snapped up 7 apartments for cash. She is neither TC or Turkish.

She must have alzheimers or something...

JoandJelly wrote: ↑

Fri 27 Sep 2024 6:34 pm

A big new development near me is continuing at great pace and in fact a further large tract of land has been cleared and ground work started. A Turkish friend who lives close by says that recently a very old lady has snapped up 7 apartments for cash. She is neither TC or Turkish.

Maybe she's Greek Cypriot ...

My very point Groucho, the cars just slowly wandering around, particularly on a Sunday are ROC plates. As to buying 7 flats, well she could one of the foreign hordes hanging around inside Credit with plastic bags stuffed with assorted currency. The first time one sat next to one my eyeballs nearly popped out, but now its quite common place, and the bags have smartened up.

I can see it being doomed for a while until they sort the laws out and make it clear who can buy what !

Credit West must have a good washing machine then - lol.

waddo wrote: ↑

Sun 29 Sep 2024 9:08 am

Credit West must have a good washing machine then - lol.

industrial size