As of the end of March, it was established that in Northern Cyprus there were more than 21 thousand houses offered for sale waiting for buyers. Economists note that stagnation in the real estate sector has led to an increase in the number of homes for sale.
Compared to the beginning of the year, the number of houses offered for sale increased by 10.92%. At the end of December 2023, there were 19 thousand 251 houses for sale.
At the end of January there were 19 thousand 592; At the end of February it reached 20 thousand 526, and in March - 21 thousand 133.
Declared that the "bright period" that lasted until the mid-1990s has faded, he said that with fewer foreign buyers, the property sector would not be the same.
The data indicates that the situation deserves special attention and study. Cooling demand from foreign buyers has had a huge impact on the real estate sector. Economic circles, emphasizing that it was the demand of foreigners that caused the formation of a real housing stock, stated that the real estate sector had entered a “recession.”
The share of villas and private houses for sale is 34.59% of all properties.
The share of apartments was 64.41%. According to real estate website 101 Evler, there are at least 7,310 villas, semi-detached villas and detached houses for sale; 13 thousand 823 apartments and studios.
There are apartments and penthouses here. According to market data, the number of villas/detached houses for sale increased by 2.02% compared to February; The number of apartments for sale also increased by 3.46%.
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