Tibet Realty Co.

A Northern Cyprus Association of Real Estate Appraisers has been established to ensure the real estate sector in the country is on par with international standards.

In a statement published on Kibris Gazetesi, on Monday, the association, registered under the Lefkosa District, also has the task of regulating prices based on unbiased data analysis and market conditions.

There is hope that this would protect foreigners, including students, who have fallen prey to fake real estate agents in North Cyprus.

The steady increase in students being scammed by fake agents led to a manhunt launch by the police in 2019. In October 2021, The President of the Turkish Cypriot Realtors Association, Hasan Sungur, lamented the rise of fake and unlicensed agents who were being enabled by the absence of law to facilitate audits.

Sungur has consistently sorted the passing of new laws as necessary steps to stop the irregularities which he said were putting burdens on landlords and tenants. Some of these burdens he highlighted include the payment of large deposits and misunderstanding of contracts.

However, those seeking to invest in real estate on the island are advised to seek professional assistance to avoid being scammed by dubious agents.