Resale Property in North Cyprus

The building boom in North Cyprus really began back in 2004 when Cyprus joined the EU, the Turkish Cypriots voted yes to the Annan Reunification Plan and confidence was at its highest that the Turkish Republic of Northern Cyprus would eventually get the international recognition it deserves.

The number of international expatriates who bought property off plan surged and today, two years down the road with confidence in Northern Cyprus having been bolstered by a number of announcements and developments, the first really strong tide of resale property in North Cyprus is coming onto the market for sale, and demand for it is heating up.

In the past the only resale real estate in North Cyprus that was available was remodelling and renovation property. Those without a passionate flair for rewiring, plastering and tiling were forced to buy off plan, to go elsewhere for a completed home or brave the world of the Turkish Cypriot independent building contractor! Today though the property market dynamics in TRNC have changed and not only are more people selling their former properties to release the accrued capital gains, but the demand for quality accommodation has intensified meaning that those with a well appointed home are finding that they have little trouble selling it on.

North Cyprus is one of the newest emerging property markets on the block; therefore the resale property market on the island is even newer! This means that a significant amount of independent research has to be conducted by a potential purchaser into any house they like before any offer is made to buy it. Research conducted should be along similar lines to that conducted when buying off plan with the potential purchaser looking closely at the build quality, the finish, the plot and house size, the location and any extras and additions that are being offered for sale with the resale property in North Cyprus. Research should help the potential buyer determine whether the home or villa is actually worth the price it is being sold for – if not a reduced offer can be made for the property of course!

The appeal of resale property in North Cyprus is that buyers have a tangible product that they can look, touch and observe the views from. Buyers are seeing what they are getting for their money rather than looking at a concrete base or an ambitious artist’s impression of the finished product! Hopefully this means those who buy resale avoid the majority of hassles that the rest of us have gone through and at the very least they know exactly what they are getting.

A number of factors have contributed to an increase in the volume of buyers searching for completed homes in Northern Cyprus yet this increase in demand is still not quite being met by supply creating ideal market conditions for booming resale property in North Cyprus. If you’re looking for a property in North Cyprus please send us a brief breakdown of your requirements and we’ll do our best to match you to your ideal home! Just .