North Cyprus Inform

Building sector of North Cyprus is on the move

After the positive verdict in the Orams' case business is good again in the Noth's building sector. The sector had almost come to a halt after having contributed a great deal to an increase in living standards. It had been stated that sales in the building sector had come to a total stop and the interest in the sector was low. The construction sector was described as experiencing a recession last year while home buyers awaited the Orams' decision, one that profoundly affected foreign property purchases in Northern Cyprus. However, the building sector was set in motion once again following the UK court verdict regarding the Orams' case. The current situation is expected to positively affect sales in the near future.

The President of the Association of Real Estate Agencies, Hasan Sungur provided information on the latest news regarding the building sector for local newspapers and said that a dynamic change had resulted from the Orams' verdict. The President of the Turkish Cypriot Association of Contractors, Cafer Gurcafer, stated that the building sector was on the move; however the move was not as big as the one during the Annan Plan period.

Certain construction companies also confirmed positive developments in the sector but said that the dynamism could not be felt across the market yet and that it would take some time.