An experienced name of the Cyprus real estate sector, Decorem Group Director Oykun Boyacı shared his thoughts about the current situation regarding the Northern Cyprus real estate sector. Details are here at Kıbrıs Emlak Merkezi.
Decorem Group Director Oykun Boyacı has been our guest talking about the real estate and construction sector
At Kıbrıs Emlak Merkezi, the one and only real estate news portal of Cyprus, we host successful names that shape the future of the sector. Decorem Group Director Oykun Boyacı is our guest today.
Evaluating the Northern Cyprus real estate sector, Oykun Boyacı explains which type of properties encountered an increase of interest and where the interest has decreased.
On behalf of our readers we asked what kind of activity is to be expected in the sector in the near future considering that quarantine restrictions have been minimized and how his experience of the sector was during the pandemic. Are there any new projects on the horizon?
“Recently most of the sales are trade-ins”
What is your interpretation of the current market?
We don’t have many houses for sale at stock, but our observation is that the market is stagnant. We see that cash is not returned to the market and sales are generally realized through trading in. Especially sales of 2+1 flat projects are low and other types of apartments remain as stocks. Investments in houses with gardens are increasing in rural areas, but we can certainly talk about a generally stagnant market for Nicosia.
“Starting of Non-Quarantine Flights Will Relieve the Industry”
The long-awaited news has arrived; will the market be moving with the reduction of travel restrictions? What is your expectation?
It will gain momentum for sure, but I think that this should be expected as a small acceleration and will not be sufficient in a short period of time. The stock of housing projects is simply too high. It would be necessary to achieve a solid sales momentum in order to get rid of the stock. Of course, with the removal of travel restrictions, foreign investors will come again, and then students will come again and there will be a general economic relief provided that the process is properly managed. Before jumping into new projects, it would be useful to diligently follow up this whole process.
How did you facilitate the time during the pandemic?
We spent a lot of time doing infrastructure works. In fact, it was impossible to be prepared to the extension of such an unexpected situation in the world. However, we adapted to the conditions. We continued work at our ongoing projects, constructions and land parceling. We did not rush to start new projects in order to have a better overview of the process.
What kind of property stocks do you have?
Frankly, we don’t have a lot of property stocks. I was able to act quickly, made some changes in projects and I saw the benefit of it. This process intensified during the pandemic. Our current projects consist of 2+1 flats in Küçük Kaymaklı and land parceling projects in Kanlıköy.
“We Must Be Ready for the New Era”
Do you have plans for new projects?
Yes, we do have plans for new projects. Even if sales have come to a standstill right now, they will start to increase some time. And we want to be ready for this stage. We are working on several projects. We analyze the movement of the market meticulously and we will act accordingly.
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Tags: oykun boyacı, decorem group, nicosia, housing project