The real estate sector in Northern Cyprus is on the brink of a full-scale crisis following restrictions introduced against foreign buyers who are not citizens of the Republic of Turkey. These measures have severely impacted a market that has seen rapid growth in recent years, largely driven by foreign investment.
A major issue now is the growing stock of completed properties that remain unsold. Prices have risen to levels that exceed the purchasing power of local residents. According to a study by GIYNIK, as of yesterday morning, 26,830 housing units were listed for sale. Furthermore, by 2028, an additional 13,000 properties are expected to hit the market from at least 44 active construction projects.
Industry professionals report that many previously agreed deals with foreign buyers have either been cancelled or deliberately delayed. This is due to increasing uncertainty regarding legal procedures and rising economic concerns. Meanwhile, authorities—who until recently openly supported the construction boom and encouraged foreign investment—have now gone silent.
The situation threatens the stability of the entire sector. With tens of thousands of expensive new properties and diminishing foreign interest, the market faces a difficult question: who will buy all this? Without clear government policy and legal clarity, the real estate sector may enter a prolonged period of stagnation, affecting not only developers and agencies, but also the wider regional economy.
Alliance-Estate continues to provide full support to its clients—offering clear guidance, risk assessment, legal expertise, and post-sale services. We are closely monitoring market developments and are ready to help you make informed, secure decisions in a changing real estate landscape.
Contact us today for personal consultation or property options tailored to the current market.
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