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Çanakkale | Famagusta’s Latest Investment Area
It is almost impossible to find available land in the Famagusta city centre, but there is still a high demand. This is largely due to the increasing student population created by the Eastern Mediterranean University and also due to Famagusta developing as a city and social centre. The Çanakkale area can meet these growth demands.
"We can say this area is quite new to constructions and apartment blocks have only started to be constructed in the area recently. People have become interested in the area lately because the city centre has become overcrowded and also because the City Mall is located close by.
We are aware that most of the land in the Çanakkale area has either Allocated or Martrys Point Title Deeds. Exchange Title Deed plots are less common yet both our apartment projects here do have Exchange Title Deeds; this is something that we at Dörter Construction are most sensitive about. The City Point project with 2 bedroom flats is near completion and the City Life project consisting of larger 3 bedroom flats will be completed in 17 months.
This is a newly developing area, therefore the prices are more affordable. Three to four years ago, you could buy a 3 bedroom flat in the area for £30.000. Nowadays, smaller 2 bedroom flats start from £45.000. In other words, by taking into account future increases in prices we can say that investing in this area will be beneficial. Across the street is the Sakarya area, four years ago it was in a similar situation as Çanakkale, but now 2 bedroom flats start from £70.000.
In conclusion, I believe that anyone looking to make an investment in the city centre will make a profitable investment in the Çanakkale area."
Donya EKER
Dörter Construction Sales and Marketing Manager
"It is very difficult to find land to build on in Famagusta and when you do the prices are extremely high. The Çanakkale area is the best alternative. Contractors have shown interest in the area and because it is a developing area the prices will increase quickly. Buyers should consider the current affordable prices and use it to their advantage. Buying land as an investment in this area is easier than expected.
Turkish Cypriot families mostly prefer our projects in this area. The smallest of our 2 and 3 bedroom flats are 85-90 m2. Our apartment projects in the area are Class 2, Class 3, Class 4 and preparations for Erbatu Plaza have already begun."
Margarita ERACAR
Erbatu Group Sales Consultant
"The reason behind all the interest in the area is that it is newly developing. On the one hand the prices are affordable and on the other, all projects are new and the infrastructure required to meet the demands of the area have been built with the latest technology. It is also close to both the university and the city centre; it is a location with many advantages.
Two of our apartment developments in the area have been completed, one is nearing completion and another has just seen building work commence. There will be four apartment developments in total and all of them, including the new one, have 3+1 flats available. The smallest flat is 80 m2. The apartment block next to City Mall, which consists of 15 flats, is nearly finished and the other one, just starting, is further down the road on the corner; both in an excellent location.
Our projects are mainly for families. Most of our clients are Iranians and when they are satisfied with our work they pass on the word to relatives and people in their social circles. We do our upmost to keep our prices low and today our best price starts from £49.900.
At the present time we are faced with some ambiguity in the market. The zoning plans have not yet been approved and prices are currently stable. Once approval for the revised zoning areas come through I believe that prices will rise due to the increase in the size of the buildings allowed. Property prices will go up therefore this current period should be considered as a time when purchases can be made with advantage to be gained in the future. I am expecting at least a £10,000 increase in prices in the short term. The small number of individual flats for sale will have all been sold by then and the new projects coming on stream will be sold at increased prices."
Bülent POTAK
Homeland Properties Director
written by Propertync Media
date : 05/14/2024 hour : 04:56 PM
