The Aretan Group, specialising in the Iranian market, attended Kıbrıs Development’s launch of its new project, Terra. We wanted to discover their opinions on this project and how, as an agency, they assess new projects and their connections with investors.

 

• Starting with Terra, can you describe the target audience of the project?

Firstly, companies like ours which offer their services in the property sector, pay the most attention to quality and customer satisfaction. In fact, as the Aretan Group, we give top priority to the companies we work with and to projects which we know will not disappoint our customers at any stage. Kibris Developments has prepared a residential site project based on its past successes, therefore we know Terra is a project we can confidently present to our customers. We can say that Terra is very suitable for our portfolio and by working together with Kibris Developments, it has attracted enormous interest from the Iranian market.

 

• In general, what are the salient features of the new projects in Northern Cyprus?

Innovations and important developments began to occur in North Cyprus as a result of the changing demands from customers, brought about during the pandemic period. While there has been an increase in the number of companies constructing sustainable and environmentally friendly structures, companies that have been focusing on this concept have also developed better projects. During the pandemic period, those who could afford to, tried to obtain houses with gardens and create a more content living environment for themselves. At the same time architects and contractors became more aware of the need for larger living areas and began to design projects to meet these demands. In Northern Cyprus today the number of attentive companies may be small, but it is certain that they will become more widespread in the future.

 

• Do you think selling properties from new projects in Northern Cyprus before construction actually begins has advantages for investors?

Of course, great advantages. This method is used all over the world and it also has huge advantages in North Cyprus. The reason for this is that although the prices here are already low, customers are offered the chance to purchase property from the project contractor in affordable instalments. The increase in the value of real estate in a developing country like Northern Cyprus also increases the advantages it has. An investment you bought at the project stage could show gains in value of between 25-55% by the time the project is actually completed.

 

• Well, what can you consider as innovation in Northern Cyprus and what else needs to be done?  

North Cyprus still has great potential in the tourism and investment sectors. When asked what is needed, the first thing that comes to mind is for the government to be more aware and to support development in these areas. Support is required to encourage large investors to come to the island, not only in the construction sector, but also in the fields of commercial development. For instance, Smart House Systems and intercom technology has been used around the world for years, whereas these systems began to be used on the island only two or three years ago. In other words, the arrival of new investors will bring new innovations. The simplest example is the closed area of Maras. In the past, investors from all over the world were attracted to the area and the most modern city of its time was established. Northern Cyprus still retains that potential. The world’s best cities can be built here and these are not that far-fetched dreams…

 

• Lastly, can you give us details on Iran’s interest in projects in North Cyprus?

As the Aretan Group we show similar projects to our Russian and German customers because their demands are very comparable. However, our main market are Iranian customers and this can be divided into different categories. Firstly, we have those who do not want to live in Iran due to the living conditions there, yet do not have a large budget. They have different demands, they prefer to live in North Cyprus because it is still close to Iran and is cheaper. Another category includes those who already have a house in Iran and prefer to buy a second home in North Cyprus as an investment. Their preferences also differ.  Such investors usually leave all the choices to us and we determine the right investment that can be made within their budget. Another category are those without financial difficulties, who decide to live in North Cyprus. They allocate large budgets for this, but they also want everything in the house they choose to be according to their own personal preferences. The sales process with these customers takes a long time and both parties are intensely involved in every stage.  Finally, we have our commercial investors who make great contributions to the country’s economy, with large sums and also make profit from their own investments. To sum up, it is very fair to say that there is an enormous interest from Iran in properties in Northern Cyprus.