Shortage of Resale Property in North Cyprus

It seems that the tide is definitely turning in Northern Cyprus as a result of the positive developments in the Orams case and the first successful resolution of a case by the North Cyprus Property Commission; an increasing number of international citizens are considering moving to live full time in this stunning country. Of course there are plenty of opportunities to develop a business here, find a job or even just put your feet up and enjoy life, so it’s no wonder now that things have calmed right down on the property litigation front that more people are confident about buying property and moving to live in Northern Cyprus.

However, this inward flow of interest from those who want to come and live here right now is creating a problem – there is a shortage of resale property in North Cyprus! There’s plenty available off plan if you’re prepared to wait for anything up to two years, but if you want to buy now and move in tomorrow then your property options are restricted.

At AboutNorthCyprus.com we receive requests from both property buyers and agents asking us whether we know of any resale properties available for sale and the choice really is limited – at this point we’d ask anyone who has a home or completed, ready to move in properties that they would like to sell in North Cyprus to get in touch with us and we’ll try and match them up with interested buyers - please!

While this is a definite problem affecting families and couples who have immediate plans to relocate to Northern Cyprus to start a new life, it bodes well for the property market and the returns that investors can make on their real estate. Already rental stock is in demand as those who cannot wait to move here take up residence in rental property while they hunt around for a home, and regularly we see property prices creeping up meaning that those who have properties that they would like to resell are in a fantastic situation at the present time.

The only concerning issue at the moment in terms of the property market in Northern Cyprus is that inflation is high in the UK, interest rates have already risen and may well rise again in the short term, and because many who buy a house in TRNC do so as a result of releasing equity through a re-mortgage on their UK home, new British buyers may become reluctant to commit to a property purchase this year. But let’s see how things pan out – after all, if the UK gets too expensive there may just be an even greater flurry of activity from people who sell up and leave Blighty to live full time in North Cyprus meaning demand for resale property in North Cyprus will surge even higher!