Property boom in north with 17,000 homes sold in three years

PROPERTY SALES in Turkish occupied northern Cyprus have rocketed according to reports, with more than 17,000 foreigners having purchased homes there during the last three years. 

Russians and Germans are the biggest customers for property, reports Star Kibris.

The Turkish Cypriot Real Estate Agents’ Union says that 2014 was the "brightest” for the property sector during the past seven years.

Twenty five thousand inert houses were sold, except for those residences which "legal proceedings” have been launched.

It is said that Russians started investing in the real estate sector in the occupied area of Cyprus after the Russian government’s decision providing that its citizens should declare their property.

During the past three years 6,000 Russians purchased property in the occupied area of Cyprus, writes the paper adding that thanks to the "state incentives” given to the German tourists as of 2014, the number of Germans who purchased property in the occupied area exceeded the one of the Russians in one year.

In statements to the paper, the chairman of the Turkish Cypriot Real Estate Agents’ Union, Hasan Sungur said that measures should be taken in order for not losing the foreign investments in this sector. He recalled that British citizens had been deceived during the past years and abandoned the occupied area of the island.

He said that hundreds of "illegal real estate agents” exist in the occupied area of Cyprus, adding that no inspection is held. He warned that in case measures are not taken, the Russians and Germans may also be deceived and run away like the British citizens.

Credit: Famagusta Gazette