Property sales in northern Cyprus have dropped by nearly 50 percent.
Real Estate and construction professionals are worried about the property sale in northern Cyprus .The business has dropped up to fifty percent over the past couple of years. Construction of new building has decreased while in real estate a lot of problems are coming in sales of the property. According to an article in a news paper if government will not interfere in this matter than the situation may even be worst.
According to Turkish Cypriot property and construction firms, there is fall in the business not only because of the global economic slowdown or less number of foreign are showing interest in property but an important factor is that banks treat Turkish Cyprus and Greek Cyprus properties differently when handing out mortgage loans.
31.07.2010
By:hissyfits on Ara 8, 2010
Self Inflicted I'm afraid!
The industry is its own worse enemy and successive governments have sat back and watched scam after scam and have refused to implement effective change or address the many problems.
North Cyprus has a terrible reputation which unfortunately is deserved. Nothing to do with mortgages as most buyers will get mortgages on their existing properties
or pay cash from their pension pots. Its to do with TRNC not being a safe place to buy. |
By:Ms Jorgensen on Nis 8, 2010
The Government needs to get a grip on the building trade to restore confidence in purchasing.Dodgy builders,extortionate hidden costs(ie utility meters)worthless cotracts and companies refusing to pay their taxes.This has been going on for years and will only continue to deter buyers unless immediat |
