North Cyprus News | North’s Property Boom

North Cyprus News | North's Property BoomNorth Cyprus property sales have have soared in 2014 according to Star Kibris newspaper, with more than 17,000 foreigners purchasing homes during the last three years. Russians and Germans have been the main customers for property with 25,000 houses being sold in total.

Since 2001 over 6,000 Russians purchased property in North Cyprus, and thanks to government incentives given to the German tourists as of 2014, the number of Germans who purchased property in the north exceeded Russian purchases over the year.

The chairman of the Turkish Cypriot Real Estate Agents’ Union, Hasan Sungur, said that measures should be taken to prevent losing foreign investments in the construction sector. British citizens had been deceived during the past years and had abandoned the north of the island because of this.

He said that hundreds of “illegal real estate agents” exist in the north, resulting in poor service. He warned that if action is not taken, the Russians and Germans may also be deceived and experience the same problems the British citizens had.


Print Friendly, PDF & Email

3 comments to North Cyprus News | North’s Property Boom

  • Cyprus Sue

    I just don’t believe the above. The market is on its knees. They are using the same tactics as the south who are equally as guilty for bigging up property sales and tourist numbers as a method of diverting from the real problems. Hasan Sangar, yet again, attempts to suggest ways of improving the property scams by putting forward that old pup “its the unregistered, illegal Estate Agents” that needs reforming.

    Such a suggestion does nothing to reassure prospective buyers and simply makes those familiar with the property scams regularly seen in the North, realise that there is no real intention to change the system. Perhaps Mr Sangar would like to discuss the real problems, tightening up and implemention of laws, holding lawyers accountable for malpractice and the so very frequent cases of developers doing “deals” with landowners that then renege on their agreement leaving buyers severely out of pocket and nothing to see for their money, not to mention the prospect of 5 years of legal battles and additional fees.

    In short people like Hasan Sangur are part of the problem. They appear to be intent in maintaining the current system. Mainly because it benefits many of the fraudulent developers and Advocates. The fact that the head of construction has never, despite frequent calls for change, done anything constructive to change the system and so openly diverts from the real problems says such alot about the island future construction prospects and confidence in the market.

  • fluter

    Quite agree Sue, especially your last paragraph.

    It is the usual smokescreen blah.

  • Polly Marples

    Well cynical me. Star Kibris owned by a builder Ali Safa talking UP the property market, now why on earth why he do that lol…..rhetorical question.

    As for Mr Sungur’s alleged comments….heard it all before and just look how the ranks are being closed to protect Mustafa Guner over his fraudulent transfer inot his name of Pauine’s villa. Amazing to see just who his ‘friends’ are on facebook. Stinks…sure does.