Şifa Construction Director Rüstem Ced evaluated the Northern Cyprus real estate sector.

Director of Şifa Construction, Rüstem Ced talked about the stagnation of the real estate sector in Nicosia; the expectations of the property sector after the lifting of the entry ban, the pandemic and their new projects. Details are here.

Director of Şifa Construction, Rüstem Ced  evaluated the Northern Cyprus real estate sector.

Northern Cyprus has become a convenient area to live for hard currency earners, but unfortunately it’s quite the opposite case for locals with TL income.

We talked to Rüstem Ced, Director of Şifa Construction about the property sector and the expected movement in the market with the easing of Covid related restrictions. Rüstem Ced also announced his good news about their new project.

North Cyprus property news is important for right choise

“Investment Decisions Are Pending”

How do you interpret the current state of the market?

There is a rather stagnant market, especially if we talk about Nicosia. In addition to the effects of the pandemic, the sector has to deal with the increase of foreign currency exchange and increase of loan interest rates simultaneously. The prospective buyer prefers to wait in terms of investment because he can’t predict the near future, whether he has money or not. This obviously creates a triple crisis and inevitably reflects on sales and the entire industry.

“Real Estate Sector Will Recover”

The long-awaited news has arrived; will the market be revived after the reduction of travel restrictions? What is your expectation?

The market will definitely move in a positive direction. Although there is not much movement expected at the Nicosia region as a sector, there will be a liveliness in general. First  the tradesmen and then other sectors will start to float and I believe that this will reflect on the real estate sector too.

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How did you facilitate your time during the pandemic?

We had projects under construction and we were managed to finish the construction during the pandemic.  We took utmost care to comply with all restrictions and regulations and nevertheless were able to finish on time. We did research on new projects.

What kind of real estate stocks do you have?

We have 2 apartment buildings and magnificent villas in our new project called  “Bella Vita”. Because “Bella Vita” is a new project, it would not be right to count it as a stock. In general, I can say that we do not have really have property stock. The reason for this is that we always take care to develop projects that meet the needs and wishes of our customers. And of course, that our company has plans ready for every scenario.

 “A Unique Villa Project Begins”

Do you have plans for a new project?

In fact we do have new projects. We will greet our customers with a new and unique villa project.  We have completed the design of the project recently. We aim to start the development in 1-2 months and we are very excited to share the details with you.

You can follow developments of the Cyprus real estate sector, investment opportunities and real estate announcements in Turkish, English and Russian on our portal.

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