At the time of writing the world is experiencing an extreme that most of us have never experienced before.
A global pandemic that has reached our personal and business lives, all over the world, and one which has left no one unaffected. Economies have come to a grinding halt and we have been confined to our homes whilst our governments and healthcare systems try to stem the spread of this disease. It is both troubling and concerning for us all.
North Cyprus has been seemingly very fortunate to not have seen high numbers of its population suffer from the virus, perhaps due to the quick actions of the government in closing borders with the south of the island, which has certainly seen a higher rate of its people contract the virus, as well as initiating a quarantine and stay at home policy relatively earlier than some other countries. Ercan International Airport and seaports have been closed apart from accepting supplies and operating repatriation flights to get its citizens home.
So, what does this mean for the North Cyprus property market in 2020?
It is probably safe to say that it will indeed not be averse to suffering, as will most other countries in the world. Most are already seeing the economic effects of this global shutdown and with it the domino effect it will have in across industries and business types.
People are unable to visit North Cyprus, the most major restriction for any business, property-related or not. Investors may hold back from progressing with a North Cyprus property purchase in 2020, until they are confident that life is returning to some kind of normality and economies are coming back to life. The country and economy of North Cyprus itself will suffer, so reliant that it is on tourism, education and property development, as its major sources of income. But, this country, of around 400,000 people has been well used to isolation from the international stage for many years and due to that has perhaps proven of some absurd benefit, in understanding how resilient the Turkish Cypriots are as a nation.
However, smaller companies and estate agents may experience harder times, those that rely solely on commission-based income potentially seeing the effects of the halt on construction and property development industries. At times it will be entirely dependent on the strength and foresight of a company as to whether it will survive this huge downturn.
Kensington Cyprus is fortunate in many ways.
It has weathered storms before, coming through the financial crisis of 2008 a stronger organisation than before. The management of the company refuses to accept that there is nothing to be positive about and is busy planning to ensure that the company remains competitive even whilst being unable to accept property investor visits at this time. Having been in the North Cyprus property development business for over 20 years is a sign of stability and its ability to persevere no matter what the circumstances.
We believe that once people are able to travel once more, with governments slowly allowing their citizens the ability to travel, with airports opening, we will quickly see the return of those who had their hearts set on investing in a North Cyprus property.
The fact that the Coronavirus has to date not been rampant in North Cyprus (at the time of writing it has experienced 108 cases, with sadly 4 deaths, two of whom were German tourists – source KKTC Başbakanlık) will provide confidence to those wishing to relocate and live in North Cyprus. Having already known it to be a safe place to live, they will also see how effectively it operates in a time of crisis, to protect those who choose to call this place their home.
Returning stronger than before
There is a strong belief within the team at Kensington that North Cyprus, as well as being the safe haven we know it to be, it will also reaffirm what a valuable place of peace and relaxation it can be for so many. Some may even choose to speed up their moves to relocate to North Cyprus as soon as they are able to do so. People will not forget that in comparison to most other Mediterranean locations, North Cyprus continues to be a cheaper alternative, both from a property and living aspect.
Given current website viewing figures, and with more time on their hands it seems more and more people are investigating and researching North Cyprus online. More people may, therefore, discover the North Cyprus property market in 2020 than ever before.
There are many ways in which to continue to conduct business, and whilst by no means ideal, it does no good to sit and wait for normal to return. Even then, many believe there will be a new kind of normal for the future, one we are yet to see the results of. The need to be proactive is important in these times, times which may continue for a while yet. Whilst North Cyprus looks to have been extremely lucky to have escaped the heartache of so many who have lost loved ones to the Coronavirus, we remain vigilant and aware of the effects of this around the world.
For more information on Kensington Cyprus and our projects please visit Our Projects.