Property market in TRNC

bigbadbob


Joined: 04/08/2010
Posts: 368

Message Posted:
17/08/2011 15:03

Hi I was just wondering if the property prices in TRNC have fallen or risen overthe past 12 months and are properties selling?

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
17/08/2011 15:09

Property prices have fallen I'm afraid. Properties are selling - at the right price.

bigbadbob


Joined: 04/08/2010
Posts: 368

Message Posted:
17/08/2011 15:17

Msg2 any idea in percentage terms what the market has dropped over the last 12 months and do you think the market has bottomed or is it still falling?

helper


Joined: 16/01/2009
Posts: 235

Message Posted:
17/08/2011 16:40

I can not see the market prices rising due to the escalating tensions over the proposed oil/ gas drilling operation by the ROC and Israel.

hetty


Joined: 31/07/2011
Posts: 167

Message Posted:
17/08/2011 16:41

The housing market in the TRNC is all but dead, prices are still dropping and noone is buying unless it is a steal, and the worst is yet to come.

philbailey


Joined: 17/01/2011
Posts: 3534

Message Posted:
17/08/2011 16:43

IF these arrest warrants are true

(yet to be proved)

this will not help

especially to eu buyers

Busy Bees Bogaz


Joined: 18/02/2008
Posts: 283

Message Posted:
17/08/2011 17:10

Hi Bigbadbob,



Yes prices have fallen over the past twelve months and continue to fall. Properties are selling but, as mentioned, it is to bargain hunters where the vendor is very keen to sell. I would estimate that price levels are what they were 6 years ago. There are issues that may effect either a further drop or some stabilisation such as the deadline for Gc's to claim compensation from the IPC, the iminent "talks" that will lead to a settlement one way or the other The declaration by Turkey that it is pumping money into the region etc. But in truth, no one can predict what the next 6 to 12 months will bring.



http://www.busybeesestateagents-cyprus.com/

natalie


Joined: 03/05/2009
Posts: 323

Message Posted:
17/08/2011 17:12

I would beg to differ. We put our property up mid May and thirteen viewings, three offers and five weeks later we had sold. Not one Russian, Israeli, EU citizen, ALL middle aged TCs'. Do not underestimate the buying power of the locals. Yes, we had deeds and yes we were realistic in our pricing. Dropped five grand in the end, but nonetheless, more than happy. And also more than happy to be now living in Karsiayka!

misunderstood


Joined: 08/04/2011
Posts: 1004

Message Posted:
17/08/2011 17:27

Property prices are tumbling down (so are some the houses in the North) in both the NOrth and the South.



Buyer beware both sides of the border.



Reasons: NO confidence in the market and many many reasons for that.

bigbadbob


Joined: 04/08/2010
Posts: 368

Message Posted:
17/08/2011 17:53

Msg7 the property prices in our area peaked around 5yrs ago then fell like a brick out of Concorde for 4 years but they are just about holding level now and as msg9 says there is no confidence in the UK either.

Troodo


Joined: 12/06/2008
Posts: 1002

Message Posted:
17/08/2011 18:10

If you bought your property around 2003, then you can still sell at a reasonable profit.

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
17/08/2011 18:16

It depends if you bought as an investment or a place to live.



I did the latter,so I'm not bothered about price movements.

natalie


Joined: 03/05/2009
Posts: 323

Message Posted:
17/08/2011 18:16

Thank you Troodo

bigbadbob


Joined: 04/08/2010
Posts: 368

Message Posted:
17/08/2011 18:17

Msg 11 I bought mine in the UK in 2003 and if the deal goes through I will have made a decent profit but to many things can go wrong so I am not yet counting my chickens!!

Flynn31


Joined: 17/08/2011
Posts: 12

Message Posted:
17/08/2011 21:48

Checking at google earth I saw land next to skyline residence at bogaz. It is about 1.5 Km from the residence and 500m from Yarkoy. 2 km from bogaz.basically is in the triangle yarkoy,bogaz and skyline residence. Do you think it would be easy to buy land for investment? And is it true that that area is very expensive if you want to purchase land?what about tilte deeds? Does anyone have an idea on the land value there?

Thanks

Jonesy299


Joined: 07/02/2009
Posts: 367

Message Posted:
17/08/2011 23:18

Bigbadbob - 2 properties previously owned by Brits in our area sold in last 7 months. Both bought by TCs, both had unparcelised land deeds and both went for a bargain price (i.e. little or no profit on original prices circa 2005 / 2006).

Busy Bees Bogaz


Joined: 18/02/2008
Posts: 283

Message Posted:
19/08/2011 10:33

Message 15 flynn 31

http://www.busybeesestateagents-cyprus.com/building-investment-north-cyprus-land-sales.html



You will see for large parcels of land around £15k per donum and for single donum and plots anywhere between £30k - 60k

Flynn31


Joined: 17/08/2011
Posts: 12

Message Posted:
19/08/2011 13:03

Message to busy bees.



Thanks you very much for the link.Really appreciate it!

The plots you have for sale in bogaz, would it be possible to give me the coordinates to look it up in google earth?

Also if I buy a donum does that mean that is already divided in plots for build?

The photos I saw for bogaz land are near a huge hotel. Is that skyline residence?

Basically my two important factors in investing are:

1. I need to know the exact place to look it up in google earth.

2. What title deeds am I getting. Is the land pre owned by Greek Cypriots(pre 74 title deeds) or Turkish Cypriots?

If the land belongs to a Greek Cypriot pre 74 what will be the consequences in investing?

Thanks

Hoylemiller



Joined: 03/09/2010
Posts: 240

Message Posted:
19/08/2011 13:12

Same as Msg 12. Not bothered, not selling.

ballymurphy


Joined: 20/09/2009
Posts: 166

Message Posted:
19/08/2011 15:00

Hi Natalie, congratulations on selling your house, can you say which estate agents you used ( if any ) and which one would you recommend.

Thanks BM

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Joined: 25/09/2011
Posts: 252

Message Posted:
26/09/2011 16:24

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