The property market in North Cyprus has changed completely over the last 12 months and is currently a property sellers’ market mainly for cash buyers. If you are a property investor, it’s still a good time to buy, as prices are still rising, but we recommend coming as soon as possible to get the best offers.
The North Cyprus market shares features with other Mediterranean property markets (all of which have boomed post covid), and you may well have already noticed the following:
* A shortage of affordable “old price” properties (particularly villas) which were built about 10-18 years ago, as this stock is being snapped up very quickly and demand is outstripping supply. If you had a budget in mind a year ago, you may need to be more flexible on what type of property you are willing to purchase for that same budget.
* Rapid sales – this has resulted in all North Cyprus property agents having to work extra hard to maintain and update websites and Rightmove listings. Be prepared for some of what is online to go quickly out of date. Prepare your viewing list just before you arrive.
* Rapid price increases of all North Cyprus properties, and a wide disparity in price between older resales (the ones in huge demand) and the newer, higher quality new-build properties (new-build is often double the price of older properties for the same size property).
* New markets/”cash is king” – cash buyers are now coming from many parts of the world where there was not previously much demand for North Cyprus property. This creates even more competition. This has nearly eliminated bank mortgages as an option for overseas buyers – since private “resale” sellers prefer cash buyers. New-Build developers are also reducing the period of their loans even for off plan projects, as they no longer need to offer such long periods for payment with many cash buyers around.
How NCI can help you prepare for your viewing visit
Because of this situation, the way we can assist you is also having to change. Due to demand and the fast-moving North Cyprus property market, we are having to focus on those who are coming soon, generally within the next month.
If you are coming within the next month
We now recommend you do not waste too much time enquiring about or selecting specific properties, as these may sell before you come.
We recommend the best way to prepare for a future visit is to read up on general issues to do with the North Cyprus market, the country and how to purchase. Please use the search box on this page to search by the subjects you need to know about, and you will find excellent articles including these below:
These articles will help you decide if North Cyprus property is for you and give you a good background on the buying process. You can also write to us at NCI with your budget and ask if this is realistic for the type of property you are seeking.
If your property viewing trip is within one month
For those coming soon, with a date booked, this is how we can best help you:
1. Please read our article on Inspection Visits. The information on the FAQ section should help you whether you are viewing just with us on an intensive 3-day visit only with our company, or whether you with to have viewings with us as part of your visit.
2. Please complete our Property Questionnaire if not done already. If you completed it a while ago, please recomplete it.
3. Please arrange pre-visit telephone/zoom consultation – Email us to request a consultation (firstname.lastname@example.org). We can then talk through the best properties for you and get you in our viewing diary. We can assist with taxi transfer (free for those viewing only with us), hotel bookings or advice, car hire if needed etc. We can arrange a zoom consultation if you prefer.
Our NCI property finding service
Once you are in our diary, we do property finding during the week prior to arrival to avoid disappointment. We pride ourselves on our 19-year network of contacts and associates throughout the island. This enables us often to find properties for our clients which are not even advertised online. We scour the island and only do property finding for those who are already in our diary. We often find the ideal property the day before the viewings!
Multiple property agency viewings
It’s obviously up to you who you view with. However, if you are viewing with multiple estate agencies (more than two) we generally don’t do personal property finding as we find that multi agency visits cause frequent cancellations (as well as client exhaustion!) and therefore it’s a waste of our time. To a certain extent you have to trust us in today’s market, and we appreciate this can be a leap of faith. Read our testimonials and see how many satisfied customers we have had. We never waste clients’ time. If we have not shown you what you need in the first couple of days – allow yourself of course extra time to view with other agencies.
We hope this update on the North Cyprus Property Market has been helpful and we look forward to welcoming you when you are ready.