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Property News Interviews Learn from Propertync
In our interview with Ali Kaan, Director of Premium Realty, we discussed the significant changes and future trends in Northern Cyprus's real estate market in 2024. Ali Kaan evaluated the increasing demand for resale properties and explored new opportunities for investors. Our discussion provides essential insights into understanding the dynamics of the real estate sector in Northern Cyprus and preparing for upcoming developments in the market.
How is the real estate market evolving in 2024?
In 2024, we're witnessing a shift towards a buyer's market. Over the past few years, the high demand for property has spurred the development of numerous new projects across the island.
However, the current trend indicates a growing preference for resale properties. Investors who initially purchased properties at lower prices than their current valuations are now able to sell at competitive rates while still making a profit. This shift provides buyers with an opportunity to acquire properties at prices lower than those seen in recent years.
What is driving the demand for resale properties?
Several factors contribute to this trend. The primary driver is the cost advantage. Investors who bought properties at lower prices can afford to offer them at reduced rates, which remains profitable for them. Additionally, buyers are increasingly looking for ready-to-move-in properties, this makes resale properties particularly attractive.
How does this trend compare globally?
This pattern is not unique to our local market; it's a trend observed globally. After periods of high demand for off- plan projects, markets typically see a surge in interest in resale properties. Once the demand for these resale properties is satisfied, the cycle often moves back to new developments, with prices rising accordingly to meet fresh demand.
What are your predictions for the market in the coming years?
I anticipate a slight drop in property prices over the next few years as the demand for resale properties continues to be met. The reasle market is within itself competing with each other offering buyers a chance to achieve a good deal. Once this demand stabilizes, we can expect a resurgence in new development projects. This will likely lead to a gradual increase in prices as the market adapts to the renewed demand for new properties.
What advice would you give to buyers and investors in the current market?
For buyers, this is an opportune time to explore the market and take advantage of the competitive pricing of resale properties. For investors, it's a strategic period to consider selling, capitalizing on the current market dynamics while still making a profit. As always, it's crucial to stay informed and work with experienced professionals to navigate these market shifts effectively.
For buyers, this is an opportune time to explore the market and take advantage of the competitive pricing of resale properties.
How is your agency adapting to these market changes?
At Premium Realty, we are closely monitoring market trends and adjusting our strategies to better serve our clients. We're focusing on offering a diverse portfolio of resale properties, ensuring our clients have access to the best opportunities. Our team is committed to providing expert advice and personalized service to help both buyers and investors make informed decisions in this evolving market. Contact our professional team for any questions you may have or information you may require.
+90 (542) 858 55 88 I www.premiumrealtycyprus.com I +90 (392) 815 44 77
written by Propertync Media
date : 08/06/2024 hour : 02:27 PMProperty Sales in Nicosia
Property Sales in Famagusta
Property Sales in Morphou
Property Sales in Lefke
Property Sales in Iskele
Property Sales in Kyrenia
Property Rentals in Nicosia
Property Rentals in Famagusta
Property Rentals in Morphou
Property Rentals in Lefke
Property Rentals in Iskele
Property Rentals in Kyrenia
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