Good news for those who think investment in Northern Cyprus. Home quarantine preparation energized the Cyprus real estate sector.
With the coronavirus COVID – 19 outbreak, there was uncertainty and negative impact in the Turkish Republic of Northern Cyprus. With a statement coming months later, the excitement for home quarantine started in the Cyprus real estate sector.
A year has passed since the first case was seen. The requirement to enter the Turkish Republic of Northern Cyprus with double PCR and quarantine kept many people away. The crowd at the entrance to the country, the PCR test queue and quarantine conditions also worried those who intend to come, they did not come.
Is there anybody coming? But they did not leave very satisfied either. Let’s give an example. A group from Scandinavian countries came to the island with the intention of a big investment. But after spending 10 days in a quarantine center, they wiped out the TRNC investment and everything related to life in the TRNC. They returned without even shopping. Therefore, this process is not very healthy for the investor.
New Hope: Home Quarantine
However, the arrival of Deputy Hüseyin Özgürgün’s wife İnci Pars and her family to the TRNC and quarantine in their home with special permission drew everyone’s reaction.
Due to the reactions, Tourism Minister Ünal Üstel announced that there is work on the “home quarantine” process and that the home quarantine process will start soon.
Even this statement, whose history, details and conditions are not clear, motivated those who want to come to Northern Cyprus. Some are waiting for holidays, some for casino tourism, and others to realize the investment they postponed.
Preparation in the Cyprus Real Estate Sector
The interviews we held with our corporate members of Kıbrıs Emlak Merkezi during the day, show that the good news of quarantine at home already adds a positive effect to the real estate and Cyprus construction sector. Many of our members have received calls from their investors abroad. The callers have asked for details for flight planning, but no one has any details yet.
This statement of Minister Üstel was like the good news of the opening that is expected to start in April. That’s why we can say that preparations have already started.
Cyprus construction companies, which make short-term leases within their own organization, want investors to stay in their own projects during the home quarantine process. They will get order according to quarantine. The priority of the investors who will come in the first round is to settle in Northern Cyprus under the most favorable conditions with immediate delivery housing projects. Because the days of COVID-19 spent in the city, in the country where he / she lived, made many people make a decision to change. The idea of living in the TRNC, with its air, sea and safety, is a demand we have come across frequently lately. Therefore, immediate delivery housing projects may be a priority.
Some of them examine new housing projects to acquire real estate in the most favorable conditions in Northern Cyprus, which has been pointed out for global investment in recent weeks. The requests for ideas from live support have accelerated.
Real estate agencies are also active. They started updating their short-term rental housing stock in order to respond quickly to demands after the home quarantine decision was issued. On the other hand, they classify their portfolios most suitable for the target audience that is likely to come.
In other words, even if the details are not clear yet, we see that the Cyprus real estate sector has really missed the pace of sales that it has been accustomed to for years and has been kept away with the pandemic process, so there is a sweet rush.
Some Questions
Of course, curious questions come to us. How many days will be in home quarantine? With the last arrangement, the quarantine period applied to the TRNC is 10 days.
It is very costly for a person who will spend 10 days in quarantine to keep a hotel room. Therefore, the first expectation is to rent a house for a short term.
Those who have their own house in the TRNC and live abroad can show the address where they will stay during the quarantine process with a home deed. The same is true for those who rent a house for a long time.
So, how will the accommodation address be documented in short-term rentals? Will a special contract be prepared? How will it be checked whether people comply with the quarantine process?
The arrangements for travel restrictions are nice, but health matters above all. A correct inspection mechanism will be sustainable and profitable for everyone.
KIBRIS EMLAK MERKEZİ
Subscribe to our mailing list to access the latest news
