Zeynel Uzunoğlu from Royal Estates answers

In our program, HangiEv.com asks, our guest this week is Mr. Zeynel, owner of Royal Estates. Zeynel Bey is a reliable brand operating in Kyrenia since 1995 in North Cyprus .

HangiEv.com asks: Most consultants have an expertise in real estate. What is your expertise at Royal Estates?

Mr. Zeynel: As you mentioned, we have been providing services in the real estate sector since 1995. We have over 25 years of experience. We operate more in and around Girne Bolgesi , we provide services. It is an accumulation of knowledge and experience that we have been in this sector for many years. We approach our customers as if they are part of our own family. We always try to give them the best service. We take great care to ensure that they never experience any grievances. This is our abandonment. The most important issue in the real estate industry is trust. We believe that we have built this trust in our 25 years of commercial life. Our biggest principle is to continue our activities with this confidence. In all difficulties they will encounter in the purchasing procedure, hold their permission to overcome; As I said, we try to provide all kinds of services in this context, to help them connect the electricity and water of the house they bought, and to help them rent it later if they want to rent it. Of course, we also have customers from abroad. Of course, those who do not know this place well, do not know the road and the street. That's why we try to help them in every way like a one stop shop. Our customers who work with us always consult us or recommend their acquaintances to us when they have a job again. We believe this shows that we have a successful strategy in this regard. We have our real estate appraisal expertise. Our father has been providing real estate appraisal services in the real estate field for 40 years. We also have a rent tracking office. We also provide services in this field. And as I mentioned more, we have been providing investment consultancy services on real estate in Girne Bolgesi since 1995.

HangiEv.com asks: Which types of Property attract the most attention for the current period?

Mr. Zeynel: For many years, apartments attracted great attention. I'm guessing 2000 until about 18 years. After that, we experienced a natural economic devolution. There was a sudden rise in the exchange rate. Then the pandemic period began. If we talk about the post-pandemic period, Detached Houses started to see more demand. However, the demand for detached houses has intensified, especially during the pandemic period, without interfering with other people, whether they have their own garden or a private life, who come from abroad or live here, who somehow have the opportunity. Currently, we are selling and showing detached houses to our customers the most. As I said for apartments, the demand has decreased more now. Of course, there are some reasons for this. Falling rental income is one of the reasons for flats because more of our investors were buying flats. As the returns decreased due to the decrease in rents with the rise of the foreign currency, the investments started to be not very profitable. Because of this, there was a decrease in flats. In addition, another customer profile was our customers who bought apartments using credit. For the last two or three years, our customers have had difficulty in buying apartments because of the high interest rates on loans. That's why we are now serving more Detached House customers.

HangiEv.com asks: Mr. Zeynel What is the effect of the Ukraine - Russia crisis on the real estate market in North Cyprus?

Zeynel Bey: Of course, we would wish that such a war never happened. Of course, my expectation is that there will be many people who want to escape from these countries and want to live in other countries. There is a possibility that some of these people will come to our country. I am one of those who believe that there will be a slight increase in the number of customers coming from these countries. Because our prices are still much more advantageous than our neighbor Southern North Cyprus compared to many European countries. In this context, I think our market should be ready for this. Especially Russian customers have language problems. We are making some preparations in this regard. Again, I believe that they will most likely be in demand for detached houses.

HangiEv.com asks: Is it possible to invest in a crisis?

Mr. Zeynel: Of course, many people think that it is a crisis environment, but I will not do such a thing, let's wait and see what will happen, but in my opinion, different opportunities arise in every crisis environment. I think there are opportunities to be evaluated, even in a crisis environment. Because of course, due to the worsening of economic conditions, people naturally have different needs, they have urgent needs. They are considering selling some of their portfolios to secure a cash inflow. In other words, we have a chance to find portfolios that we might not find in the normal environment. Crisis environments can create good opportunities for buyers who have cash, of course. It is important to take advantage of these opportunities. I advise our investors not to refrain from investing in these environments, keeping in mind that after every crisis, the economy will recover and start to rise again.

HangiEv.com asks: What are your thoughts on foreign exchange and rising interest rates?

Mr. Zeynel: Of course, our real estate prices in our market have been in foreign currency, mainly in Sterling for years. Of course, high foreign exchange weakens their purchasing power against TL. But of course, we learned to live with these facts, let's say we got used to it for years. We are constantly exposed to currency increases. The rise in foreign exchange always makes it difficult for the buyers, of course, and naturally narrows their budget. After all, our main currency is not foreign currency. Our main customer profile is our citizens and investors from Turkey. Of course, the market finds its balance somewhere. After all, the contractor has to sell the goods he made, in order to run his business. According to him, it is trying to balance the increases in this foreign currency a little bit by trimming the profit rates and producing Projects with a little more budget, and trying to offer suitable options to the buyers. In this context, of course, it complicates our work a bit. Especially for our domestic customers, but of course there is not much we can do about it. Therefore, we have to adapt to these conditions.

HangiEv.com asks: As Royal Estates, what are your advantages for investors?

Mr. Zeynel: As Royal Estates, our motto is honesty and sincerity. This slogan, which is also written on our logo, is an indispensable slogan of us. This is how we hosted these customers with a sincere approach. We tried to give them the best service we could. After all, we do not see ourselves as a sales office. We try to guide them so that they can make the right house, the best investment, and help them make the best choice. This is our business perspective. Never treat your customers like a seller. Don't try to sell them anything. As Royal Estates, I think this is perhaps one of the features that distinguishes us from other competitors in the market. The important thing is to show people the right way so that they can make the best choice, the best choice. It is to help them make their own choices by offering various options and to make the right choice. Our job, our duty, we are in a service industry. According to me; we are not supposed to be a seller. We offer a service. Buying a Property for people is a feeling that many people experience once or twice in their life. It is an important investment. We are aware of this; We are trying to help them to live and pass this process in the healthiest way without any bad things happening to them and without any victimization. This is our biggest principle. That's why we believe we've survived all these years. And with this solid foundation we have laid, we want to serve our people and real estate investors for many years.

HangiEv.com asks: And finally, Mr. Zeynel, what are your thoughts on the future of the North Cyprus real estate market?

Mr. Zeynel: I believe that our market has a clear path despite the many negativities in our environment. I think that it has more livable features compared to many places with its safe environment. I believe that there will be many people who want to live on this beautiful island. That's why I think that our market will increase in the future, especially from abroad. Because people are now in a calmer, safer, more beautiful climate; especially in search of different places, different geographies in order to live. People from different European countries are fed up with this busy city life, as well as people coming from our homeland, Turkey. There have been very few people who did not like North Cyprus until today. The lovers who come here, see the environment of this place, and at least think of living here after retiring in the long term. Due to the pandemic, of course, the economy has been going through very difficult times for two or three years. Of course, people's incomes fell. Of course, this is a worldwide crisis. Considering that this will recover in the coming years; I believe that the interest in North Cyprus will increase and of course we have price advantages. According to many Akdeniz countries, according to European countries; Among the countries that can live in such a civilized environment, our prices are still at a level where we can compete. That's why I believe that there will be even more demand in the coming years.

HangiEv.com asks: Thank you very much for your time.

Mr. Zeynel: We would like to thank you for giving us this opportunity. I hope we will meet again in another interview.

Mr. Zeynel: You can see all the portfolios of Royal Estates on the website HangiEv.com , you can reach us. In this context, we would like to thank Which Hangi Ev again for its services.