"Our Project will add Value to the Area"
Yapım Construction is one of North Cyprus’s firmly
established construction companies. Their projects can be
found all over the island and the payment plans they offer
are gaining interest from buyers, as is their newly opened
office in Nicosia. We have wanted to meet with the company
director and businessman, Ceren Köse, for quite some time
so, when the opportunity arose, we talked to him about the
property market and the company’s projects.
- Firstly we would like to say that we know business and sales have declined, at least that is what we have been told by companies working with foreign investors. What’s your situation?
After the pandemic there was a sudden comeback, we received a lot of requests for land and especially houses with gardens. We sold a few villas with gardens and pools from our
Begon Villas project and a few plots of land. But then the exchange rate of the British Pound against the Turkish Lira rose steeply and we entered an unproductive period due to people, who could actually afford to make an investment, wondering if the rate would fall and they would potentially make a loss. However, there has also been a general decline in the sector.
- How do you plan to overcome these economical difficulties?
In order to overcome these economic difficulties we have slowed down on our investments. You are aware of our two large projects in Kyrenia, one is
Begon Villas and the other is
Zeytin Homes. The absence of foreign investors has affected us negatively. Firstly, we want to complete these projects from our own resources. I feel it is too early to prepare and start a new project during this stage so we are going to wait for the market to revive before we start our new projects; this is why we want to be cautious. Most
companies are doing the same and unfortunately we can see how other sectors are being affected by the stagnation in the construction sector.
- If we were to talk about foreign investors, how would you follow up on a sale for a client who has planned to live in North Cyprus and wants to buy a house but cannot come to the island at present?
Here, virtual tours and online technology is very important. We are working on a similar project, we are renewing our website and planning a design to meet all the necessary requirements. Foreign investors will be able to see the inside of a house and receive all the required information without coming here. If clients choose to, they may be given a video presentation by our consultants on site. I personally help with investments and provide consultancy. Of course we are inviting our investors to the island and will support those who would like to view the projects after their stay in quarantine.
- Can you tell us about the projects on sale which you would recommend to investors?
Our best investment project, with a high rental return, is
Sunset Valley, located in Güzelyurt next to METU. The project consists of 88 flats and 12 shops, with 1+1 and 2+1 apartments on offer. There is a very high demand for rental properties in the area. If we were to express this in numbers, we could say that there are 105 requests for these 88 flats. This shows the rental opportunities in the area. The construction of
Sunset Valley will be completed by the end of the year. Also the project has gained the interest of investors from Nicosia and guarantees short term returns of between 30-40%.
- Güzelyurt is the island’s most peaceful place where you can comfortably live the island life. What can you say about the development in this area and are you thinking of other projects here?
Güzelyurt is certainly a newly developing area. It is an area that there hasn’t been interest in for a long time but now, with two universities and more investment in agriculture, this has created a change in the area. I think the area could be as popular as İskele into the future. METU and the CHSSU have added to the liveliness of the city and our project there will add value to the area and go towards meeting the demand for both properties and shops. It is an important project because of its architectural design and its usage of space.
- We have some questions on Zeytin Homes from our readers. This project emerged from your partnership with EMIC Invest under the name Emyap Developments. Would you like to talk about this partnership? In other words what has this partnership added to the project?
Our partnership project,
Zeytin Homes, will be completed in 2 months. At the moment we are working on the show-house and sales will increase after that is completed. The project is located central for Kyrenia, but is surrounded by a natural habitat. The EMIC Invest added strength to our partnership. They provided professional support during the marketing stage and feasibility evaluations. We have also planned some different future projects together.
- Lastly, I would like to ask you about your new office building. How do you use this 6-storey building? Can clients come to the office for further information on projects? With masks of course :)
The design of our new office building will give us the opportunity to expand in the future. We also think it creates many possibilities in terms of prestige. Yapım Construction, together with our Velespeed bike-hire operation, are both located in this building and for more information or for answers to questions about our projects, please drop by our offices at any time.
written by Propertync
Media
date :
05/15/2024
hour : 03:50 PM
