What lies ahead for North Cyprus real estate in 2021?
For most of us, and business aside, 2020 was obviously a year we would all perhaps rather forget. However, we should all remain upbeat that 2021 will be a year of recovery and renewed enthusiasm! Luckily, here in North Cyprus, we seem to have dealt with the Covid 19 situation very well indeed, and in turn, many people have picked up on this via the international press, gaining the country a reputation as a safe place to be. We knew that already though! That, along with the fact that North Cyprus continues to offer great value for money, whether buying a property or looking at the cost of living, is of interest to many. north cyprus property market 2021
In terms of the North Cyprus property market in 2020, it was obviously difficult for everyone. Our ever-resourceful sales teams at Kensington successfully jumped on the Zoom bandwagon and we have since been enthused by new ways of doing business, resulting in some pleasing sales and interest in Kensington property along the way. We have been able to see the positives in being able to adapt and continue with resilience and determination. Therefore, after having been working in the North Cyprus property development sector for over 20 years, we feel the property market in North Cyprus in 2021 is actually going to be one of expansion and growth, with a new breed of property investor looking to put their roots here, whether that be for retirement, second homes, holiday homes or pure capital investment.
Positivity for North Cyprus property market in 2021
International buyers of North Cyprus property have been able to check our projects in real-time, with guided video tours and group conference seminars, which have given investors the confidence to look at securing their own piece of North Cyprus real estate, without having visited previously. This used to be the case back in the early 2000’s when the property boom really kicked off in North Cyprus, when many bought properties in North Cyprus without even knowing much about the country, but this hadn’t been the main way of selling and buying property for some time over more recent years.
It is now very easy to provide virtual tours, films and other online content to introduce projects to potential clients, giving them as a close a look as possible at property options. With everything available online, they also perhaps do not feel quite as much pressure to commit to a property purchase, usually having arrived for a 3-day inspection trip and feeling that they must make a decision. Now, they can take away the information browse as much as they like, before committing.
The confidence that people have felt in the TRNC governments quick action and efforts to halt the spread of Covid-19 in North Cyprus, has also meant that house prices seem to have remained stable. The numbers of people looking to relocate to North Cyprus has increased, with enquiries coming from all over the world, from those having heard about what a safe and secure country it is. We have also seen an upsurge in international investment and travel groups taking an interest in the North Cyprus property market, as they look at different parts of the world for their clients.
North Cyprus has earned a reputation of being a safe country
That, together with the fact that North Cyprus remains a sunny destination, full of nature, space and freedom, has given added gravitas to what a great place it would be to come and relocate the family. As most of us have experienced the negativity of being in ‘lockdowns’ at some point during 2020, it is no surprise that people are thinking about a brighter life for themselves. With a low population in comparison to those of European countries, it also offers a sense of wellbeing and community, perhaps where that may not always be felt elsewhere in the world.
We have received enquiries from people who may be classed as the older generation, who have felt that they are wasting away their golden years, in a rainy country and just want to escape what they see as isolation. Dreaming of a sunny, warm place to live, is just how they want to spend their days, in peace and quiet.
People look to relocate to North Cyprus more than ever
In fact, the range of age groups that have started to look at North Cyprus as a place to relocate to and live has not just increased but also broadened. Whereas perhaps in previous years, an older European and Scandinavian population were the larger markets for buying property in North Cyprus, we now see younger families from many different countries looking at the possibilities of full-time relocation. So, things look very positive indeed for the North Cyprus real estate market in 2021.
It is early days of course, but with a vaccine set to be available for many of the world’s population in coming weeks and months, we foresee a sharp uptake in people wishing to travel after months of being unable to do so. Whilst some clients are happy to purchase a property before seeing it firsthand, many clients want to make the final decision based on being able to physically view the property first. Therefore, as soon as flights to North Cyprus and travelling, in general, are back on the agenda, they will be the first to arrive.
All in all, whilst we are still experiencing some restrictions in movement and in our general day to day lives, Kensington remain upbeat that things will start to improve and that the property market in North Cyprus for 2021 has a very bright, prosperous and healthy future!
As ever our sales team are always on hand to help – if you would like us to contact you to talk about buying property in North Cyprus, as well as any aspects of living and/or relocating to this beautiful part of the world, then they would be delighted to assist. Please feel free to contact us via the form below and we will be in touch. In the meantime, why not take a look through the Kensington Property Portfolio, to find out more about our projects, where we are confident there is a home for everyone.
If you are looking to relocate to North Cyprus and want to find out about living, working or even retiring in this beautiful place, then Essential Cyprus is a great place to start – full of interesting articles and useful information, it gives a great insight into the country.