Turkey spurs movement in Northern Cyprus housing sector.
noted that the TRNC saw a 30% growth in real estate in 2016. "Buying property in North Cyprus requires authorization from the Council of Ministers. The TRNC Council of Ministers grants permission to purchase homes to those who pass a 'safety check'. Those who receive the approval of the Council of Ministers can also easily obtain a residence permit as they are homeowners. In the last two years, the number of those who have been authorized is 5,000," he said.
Gürjafer noted that real estate accounts for 11 percent of the TRNC economy, which corresponds to about one billion liras. Currently, visas are issued for more than 1,500 projects on the island. This means approximately 50,000 new residential units. Apartment prices in North Cyprus''start from 50 thousand pounds (270 thousand lire).
"Intense demand from northern countries "
Hasan Sungur, president of the Union of Turkish Real Estate Agencies in Cyprus, said that apart from Turkey, there was also intense demand from Russia, Norway and Sweden. He spoke about the serious real estate movement in Cyprus North Cyprus after the increase in the number of luxury hotels and noted that hotel guests, after visiting the island and seeing the climate and atmosphere, decide to buy homes. "They buy apartments instead of staying in a hotel. "
Secretary General of the TRNC Ministry of Tourism Ismet Esenyel also pointed to the comfort and''democratic environment on the island that attract people to the country. He noted the recent focus on Cyprus and said: "People come to Cyprus every week or every 15 days. They prefer to turn to the real estate sector instead of staying in a hotel. From Istanbul and Izmir, the number of people buying real estate has increased. "
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