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Investment Analysis of Northern Cyprus with Evergreen Developments Sales and Marketing Manager Erdem Yunusoğlu

20 October 2021

A new opportunity period for those considering real estate investment in Northern Cyprus. Currency is appreciated day by day, the purchasing power of the investor is increasing. We talked about the details with Evergreen Developments Sales and Marketing Manager Erdem Yunusoğlu.

Northern Cyprus has been the choice of investors from many parts of the world for investment and living for years. However, after the pandemic, interest in TRNC increased even more due to the fact that people spending their quarantine  in Northern Cyprus experienced this perıod like a  holiday

Moreover, living in the TRNC is now much more affordable for those who earn foreign currency. As the Turkish Lira is losing value rapidly, living cost for hard currency earners became more affordable. How did this reflect on the investor?

We talked about the details with Erdem Yunusoğlu, Sales and Marketing Manager of Evergreen Developments, one of the experts of the Northern Cyprus investment market.

“Purchasing Power of the Global Investor Increases ”

Is the rapid change of the exchange rate a threat or an opportunity? 

The purchasing power of the global investor has definitely increased with the record-breaking daily devaluation of the Turkish Lira, which is the official currency in our country. Each £ 100 they are exchanging nowadays is worth more than 3-4 times compared to 5 years ago. This change in figures is almost unbelievable for people who don’t get interest rates or even negative interest rates for their savings.

In addition to the location, climate, nature, and history which were important factors, now the increase of the value of their currency plays a significant role when deciding. Hence,  the current situation creates a lot of interest in property investment in North Cyprus for those who wish to live a much more affordable living in this beautiful country.

The Turkish Investor Expects Rental Income in Pound Sterling

This really is an envious position for global investors. Turkish investors are an important market of the real estate sector in the TRNC. How is their reaction? How are they affected by the fluctuation of the foreign exchange and uncertainty?  

I could now go on and say that due to the exchange rates the Turkish investor is not or cannot be on the market, followed by many negative scenarios. But the truth is the opposite.

The fluctuation of the exchange rate is an opportunity not only for the global investor but for them as well. The Turkish investor with solid purchase power is also profiting from this opportunity. There is a seriously increasing number of Turkish investors taking this as an opportunity and entering the TRNC property market again because they wish to have rental income in Pound Sterling.

Those investors are not interested in the loss encountered with the exchange rate, they focus on their gains with the exchange rate. Therefore they show interest in projects with high rental income in hard currency.

In conclusion, I can say that the devaluation has an effect on everyday items like petrol, climatization, food and beverage but has created a dynamic positive environment for those looking for lucrative and realistic investment in North Cyprus.

Huge Interest in North Cyprus Properties After the Pandemic 

Which are the targeted countries now? Has the pandemic changed the buyer’s profile? 

The first weeks and months of the pandemic and the travel restrictions have been hard on all of us individually as well as countries. With the vaccine proliferation, we are now able to go back to our normal life gradually.  But I can say for sure that the uncertainty and chaos experienced in other countries have had an absolutely positive effect on the real estate industry in North Cyprus.

Due to the timely measures implemented by the TRNC government, we did not feel the severity of the pandemic.

Those who had to stay at home, in the city, and in their countries realized the necessity of going on vacation, owning a summer house, and living in a safe environment. North Cyprus is the answer. It is an intersection providing for all those needs.

The investor has discovered the advantages of North Cyprus once again and investment has significantly increased.

For instance, the European investor has replaced the Scandinavian home buyer. The European buyer comes with the mindset to be in a safe haven when buying a property in North Cyprus in case of a new pandemic.

The second in the number of investors are Russians. The Turkish investor continues to work with us for investment purposes as well as for living in their homes.

“We Reach Our Target Audience With Kıbrıs Emlak Merkezi 

How do you reach out to your target audience and requests? 

One of our solution partners is you, Kıbrıs Emlak Merkezi. With your multilingual support, we are able to reach the targeted audience and present our company as well as our projects. The investor finds us easily and figures out every detail of this beautiful country at your platform, Kıbrıs Emlak Merkezi. This global interaction is an effective advantage for us.

Professionals in the real estate industry are our other solution partners. We cooperate with many renowned professional agencies. This enables us to have access to a high-quality global investors network.

The third leg of reaching the target audience is real estate fairs. .. Like everything else real estate fairs had also been canceled during the pandemic. We are now back again in the marathon of fairs after a very long break.

We have started participation in worldwide fairs again with a  quite high profile. Our main aim is to introduce North Cyprus and I believe that we are quite successful with this.

North Cyprus for Living in Safety and Happiness

Do you have a message for the readers of Kıbrıs Emlak Merkezi?

Preferences of types of homes, budget, and reasons for investment may vary for everyone. But there are stable and beloved facts of Northern Cyprus.

The unique climate, a holiday-like lifestyle, the fact of safety when the rest of the world has to deal with increased criminality… These are details that money can’t buy.

Therefore, we would like to invite our esteemed readers thinking of investing in a safer and happier life to come to North Cyprus.


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