Property market in North Cyprus 2021 – 2022
The resale private villas shortage is worse than ever in North Cyprus.
Significant shortage of resale homes ‘private villas’ for sale prices just hit a new high at Kyrenia region between Catalkoy and Karsiyaka.
The resale housing shortage that began before the pandemic and then was exacerbated by the shortage of new developments.
Since the pandemic start developers were slow down building for several reasons. It was harder to do business during lockdowns, which led to supply-chain issues. Low supply means high competition, and buyers seem to be willing to pay more to come out ahead in bidding wars, or remove contingencies to make their offers even more attractive.
There are also limited development lands ‘lots’ on which to build which is effecting the prices too. Beside there are shortages of appliances, steel, iron, labor and affordable plot of development lands on the market ın Northern Cyprus.
We are expecting ‘hoping’ to see more supply coming on the market and new property listings, which will certainly help frustrated buyers and could, in the longer term, take some of the heat out of home prices. Otherwise, thanks to demand of foreign buyers we may have second property boom since after 2004.
Besides lack of new constructions in Northern Cyprus, there’s also less inventory of existing resale homes coming on the market. One reason is people’s reluctance to sell because they’re concerned about not relocating or traveling restrictions.
On the other site number of the domestic buyers and investors are decreasing because of the high mortgage rates and inflation of foreign exchange rates against TL.
Bottom line
Resale ( private villa ) house prices in North Cyprus Kyrenia region are likely to keep climbing as demands supply balance and shortage of development Lands.
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