The newly appointed Country Manager of Kibris Emlak Merkezi, Beril Öztunalı has evaluated “the other side” of the real estate industry in North Cyprus.
Details are in the article…
You hear this a lot lately from stakeholders of the property sector: “There is no movement in the sector. Everything is on hold”. On the other hand, there are those who keep doing business and remain silent about it.
In fact, life goes on silent but steady in the property sector.
It’s kind of a “keep calm and carry on winning” situation for those investing at right places with the right strategy as well as for those doing proper production analysis.
Beril Öztunalı, the newly appointed Country Manager of Kıbrıs Emlak Merkezi wrote about the latest at the North Cyprus Real Estate Industry in her first article.
Is it all over? Has the sector come to a standstill?
Don’t listen to those fear mongers sitting in their office sipping their coffee and waiting for occasional clients to pass by.
As long as life continues there is always someone wanting to move to a bigger house with garden because they just welcomed an offspring for instance. There will always be the tenant who thinks it’s time to move on, there will be divorces, marriages, there will be the opportunist who decides that it’s the right time for a bargain purchase. The ones feeling trapped in the small apartment they bought before the pandemic thinking it’s less work to keep up and realizing that living in a house with a cozy garden is actually not bad because they’re done with binge watching. Those who relocate to a better climate looking for an easy going life style; the recently retired, who are looking for a place to live where their pension goes a long way. The list goes on and on. As long as people have dreams and an opportunity meets their demand, the real estate sector will recover. In fact, it will go beyond recovery, and the recently announced gigantic projects by developers is an indication of that. Why would they take such risks during those uncertain times we live in if they don’t anticipate it worthwhile?
The flow of money never stops; it may change its course but it will always change hands. There will be endless opportunities for actors in real estate business as long as they have a broad network, follow up their clients and analyze the market properly.
Who is able to close the deal? The ones who created strong relationships, a valuable brand, a rich portfolio to offer and those who bring in lots of experience.
Visionary real estate consultants and agencies were busy lately to make online presentations to prospective clients and closing deals online. Adaptation to circumstances is the key word here. The secret of survival in human race!
Closing a deal has never been an issue for local or international real estate agencies who managed to build up a strong network, invested in their brand value, supported their consultants in every new mode of global communication and have been fully geared up to provide the exact property their customers wished for. Let me give you a secret. Actually a successful closure of a deal is not about focusing on the sale, it is about helping the buyer finding what he wants. Successful real estate consultants never push a sale, they listen to their clients and analyze their needs to find the best suitable property. Most of them don’t stop supporting their clients at the point of sale, they continue to extend their services in matters such as dealing with local authorities, get involved in the purchase of whitegoods and furniture, help with the management of the purchased property and quite often find the best buy motor vehicle.
Forming a good relationship undeniably will contribute to the sale of a property but the continuation of the connection with the client is often neglected afterwards, although everybody knows that references are a sine qua non element within the service industry. References trigger sustainability. But are they enough? Of course not, reinforcing the network by using diverse platforms, presence in the digital world and maintaining a trustworthy image are essential too.
Those who managed to distinguish themselves by utilizing new networking opportunities in the digital world during the pandemic have been generously rewarded by their efforts.
Brand value is gaining importance as an asset, not only for companies but also for individuals. Let’s imagine that you’ve had your small garden landscaped a while ago and paid a good sum of money for all pretty flowers and plants. Is it possible that the garden grows and unfolds its beauty if you don’t water, fertilize and extend the necessary care to it? Don’t you have to invest time and money for the upkeep? Rest assured that your brand will be on the same track as your garden if you neglect investing into it.
Branding is a management philosophy to sustain profitability and reputation. Right media, right communication and right strategy are tools for value addition to the brand. There must be something about the brand value, considering that developers as well as agencies with high brand value continued to make sales despite the pandemic.
As the famous credit card commercial says, “there are some things money can’t buy”. Experience is certainly one of them. You cannot buy it. Scientists have proven that you have to spend 10.000 hours on a subject before you’re able to master it. Experience comes with time. You’ll rise, you’ll fall, you’ll make mistakes, you’ll learn from them, you’ll celebrate your success and carry on building your tower of experience. Experienced agencies and consultants in the real estate industry know that every crisis comes with opportunities. Whether stagnation may be caused by a pandemic or fluctuation of currency, experts in the industry who were able to analyze the situation successfully led their customers in the right direction and enhanced mutual benefits.
The reason why agencies with a vast portfolio are successful is actually self-explanatory. Those agencies who are focused on analyzing their clients’ needs and expectations, whilst prioritizing their interests, can do business under any circumstances. Expertise is a prerequisite of success in real estate consultancy. Real estate consultants who managed to offer alternative properties to their clients and who were open for cooperation with other agents/ agencies to broaden their alternatives, invariably continued to make money.
Who is buying?
There is a certain group of people re-entering the real estate market in North Cyprus, due to rising interests in buying a property abroad. Many of them liquidate their assets at home and are on the market to invest in residential properties as well as offices elsewhere. There are some frequent visitors who decide to stay in their own properties rather than in a hotel, due to health safety concerns. In addition to that, there are those who are fed up of overcrowded holiday destinations or various developments in Turkey, and wish to relax in a peaceful and tranquil environment by the sea.
The number of those analyzing future political trends and investing in agricultural or potentially tourism designated land is also on the rise.
Not to forget foreign investors outside Turkey who are looking for an investment at a place providing a holiday-like lifestyle at affordable prices.
Have foreign investors re-entered the real estate market?
During the first shock wave of the pandemic property acquisitions were naturally put on hold. With the gradual easing of restrictions and travel bans worldwide, coupled with getting accustomed to living with Covid-19, buyers looking for health safety as a prime criterion, comfortable living conditions and affordable expenditure are back at the North Cyprus real estate market. Foreign investors are very well informed and they know about opportunities offering attractive capital gain on resale.
The driving incentives for foreigners to invest in North Cyprus were comfortable living conditions in a safe environment, ability to swim in crystal clear warm waters and benefiting from sunshine for 320 days a year. The timely implementation of measures in prevention of the spread of the virus and the effective vaccination plan reaffirmed their interests to such an extent that long waiting lists for appointments arose. Agencies dealing with foreign investors are booked for weeks ahead.
Due to added convenience brought about by new online communication facilities, some agencies were able to close deals following online presentations to clients in countries such as New Zealand, USA and Canada during the pandemic.
Which countries are at the forefront of investment in North Cyprus?
In addition to traditional investors from the UK a new wave of investors from Germany, Austria and Switzerland has been on the rise recently. Scandinavians also show an increased interest in specific areas to the East of Kyrenia where projects are built to accommodate their life styles. Following the decrease in investors from Iran, Lebanese buyers have taken the lead in the market from the Middle East countries.
Russian buyers are followed by Bulgarian, Hungarian and Kazakh investors as well as other Eastern European countries.
We will keep an eye on the interest of buyers from the USA which appear to do a lot of research on search engines according to our latest analyses in Google, Yandex and our own KEM data. This analysis will soon be published in English and Russian at our platform where you can follow all the latest news about the North Cyprus real estate market on www.kibrisemlakmerkezi.com
There is a Turkish proverb can be translated as “the one who is riding the horse is entitled to hold the sword”. Maybe we could transform this into “the one who knows the business and uses appropriate tools investing in him/herself deserves the medal of success”. As long as the world continues to turn the cycle of seller-buyer-broker-builder will be present alongside with crises and opportunities. Money will change hands and those who are able to draw the right conclusion based on proper market analysis will always win.
At Kıbrıs Emlak Merkezi (KEM), the first and only real estate news portal, accomplished companies, current advertisements and branded residential projects are all gathered under one roof. We welcome global investors to Northern Cyprus in Turkish, English and Russian.
I’m happy to continue my career in the real estate industry as Country Manager at Kibris Emlak Merkezi, the first and only news-ads platform in North Cyprus. Hope you’ve enjoyed the article and I’m looking forward to hearing your comments.
Let’s meet soon with good news of the industry…
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Tags: beril öztunalı, Kıbrıs emlak merkeziSubscribe to our mailing list to access the latest news