The record-breaking depreciation of the Turkish lira lately, has brought the construction and real estate sector to a standstill. House sales have fallen significantly. Sector representatives have emphasised that “this situation is not sustainable” and that a solution should be found urgently.
Travel limitations in place because of the Covid-19 pandemic has starved the housing sector of sales to foreigners.
Cyprus Turkish Construction Contractors Association President Cafer Gürcafer stated that there has been a movement in the construction sector since the start of the year, but this is not due to sales, but from the completion of unfinished projects. Gürcafer also said that a state policy is needed to solve the problems.
He underlined that the state does not have a specific target and policy on the subject, and said that bad days are ahead for the construction sector.
“The whole world is experiencing these troubles with the pandemic, but what is different is that we do not have a state policy. All we did was to sweep the problems under the carpet. In other words, we postponed the problems, and when the day comes, we still experience the same problems. Because we live day to day, we postpone problems and any goals”, Gürcafer said.
Hasan Sungur, President of the Cyprus Turkish Association of Realtors, argued that the real estate and construction sectors are interconnected and that both are the lifeblood of this country. Sungur said that a project for long-term and low-interest loans had been prepared in a short time and that this will be implemented soon.