The Trikomo property market is experiencing soaring prices due to new luxury high-rise developments, an influx of international buyers seeking refuge from regional conflicts, the “Famagusta, Trikomo, and Ayios Sergios Zoning Plan” regulating development, and historical complexities potentially reducing property supply. This surge in demand has led to apartments now selling for upwards of £200,000, marking a substantial rise from just a couple of years prior.
What is driving the soaring property prices in Trikomo?
The Trikomo property market is experiencing soaring prices due to:
- New luxury high-rise developments
- An influx of international buyers seeking refuge from regional conflicts
- The “Famagusta, Trikomo, and Ayios Sergios Zoning Plan” regulating development
- Historical complexities and potential reduction in property supply
These factors contribute to a significant rise in prices and demand for real estate in Trikomo.
In the heart of the Mediterranean, nestled in the picturesque region of Trikomo—also known as Iskele—apartment prices are reaching new heights. The latest high-rise developments in the area have ushered in a wave of luxury living spaces, with apartments now selling for upwards of £200,000 (€229,048). This significant price point marks a substantial rise from just a couple of years prior, when two-bedroom apartments in Trikomo were available for a range between £50,000 and £70,000.
A Surge in Demand
The surge in property values has been linked to an influx of citizens from countries such as Russia, Ukraine, and more recently, Israel, all seeking refuge amidst regional conflicts. Additionally, a steady stream of Iranian nationals has contributed to the increased demand for real estate in the area. A report from earlier this year indicated that approximately 70% of the occupants or owners of these new buildings come from Russia, highlighting the international appeal of Trikomo’s property market.
The Effects of Regional Tensions
The ongoing conflict in neighboring regions, including the tense situation in Gaza and the prolonged war in Ukraine, suggest that the upward trend in property prices may persist. The geopolitical landscape continues to influence real estate markets, and Trikomo is no exception.
Legislative Changes Impacting Development
Further influencing the property market is the recent enactment of the “Famagusta, Trikomo, and Ayios Sergios Zoning Plan.” Published in early November, the goal of this legislative plan is to regulate the previously unbridled development across the region. With the new zoning laws now in effect, analysts anticipate a potential reduction in the supply of new properties, which could, along with the ongoing demand, push prices even higher.
Previously, the area was known for its lax construction regulations, with one source noting that “In Kyrenia, you can now only build up to two storeys, whereas [in Trikomo], you can pretty much build whatever you want.” The contrast in building regulations between different areas has been noteworthy, affecting both the skyline and the housing market dynamics.
Historical and Political Complexity
The region’s history adds layers of complexity to the current real estate boom. The land on which these new properties are being built was predominantly owned and inhabited by Greek Cypriots. This fact raises concerns about the future, especially in the event of a potential resolution to the long-standing Cypriot divide.
Former Turkish Cypriot chief negotiator Kudret Ozersay, who served under Dervis Eroglu, has weighed in on the issue. He expressed concerns that the mass construction and property sales could lead to “serious problems in the event of a possible solution.” Ozersay has called for the involvement of the Immovable Property Commission in the construction and sales activities in the region, stating, “It is still not too late to take steps on this issue.”
A Market on the Move
As the landscape of Trikomo continues to change, with new developments reshaping its horizons, the real estate market remains one to watch. From luxurious four-bedroom properties to the increasing scarcity of available land for development, Trikomo’s market is a testament to the region’s evolving narrative – one that reflects the interplay of economics, politics, and the human stories behind each property sold.
Quick Recap
- The Trikomo property market is experiencing soaring prices due to new luxury high-rise developments, an influx of international buyers seeking refuge from regional conflicts, the “Famagusta, Trikomo, and Ayios Sergios Zoning Plan” regulating development, and historical complexities potentially reducing property supply.
- Apartments in Trikomo are now selling for upwards of £200,000, marking a substantial rise from just a couple of years prior.
- The surge in demand is driven by an influx of citizens from countries like Russia, Ukraine, Israel, and Iran.
- Ongoing conflicts in neighboring regions suggest that the upward trend in property prices may persist.
- The recent enactment of the “Famagusta, Trikomo, and Ayios Sergios Zoning Plan” could potentially reduce the supply of new properties and push prices even higher.
