Şenkul: Only the Casino Sector Thriving Amid Economic Downturn

Şenkul said the property sector has been severely wounded by the ongoing ownership disputes, revenues from the higher education sector have declined, and tourism—particularly outside the Turkish market—has effectively collapsed. He emphasized that it is time to acknowledge that only the casino industry remains resilient amid this economic downturn.

Criticizing the authorities for inaction, Şenkul remarked that those governing the country appear to be observing, like ordinary citizens, as the Greek Cypriot administration makes legal and economic moves aimed at weakening Northern Cyprus. He argued that an overreliance on the construction sector has led to both economic and political corruption.

Addressing the broader structural issues, Şenkul said the newly elected president in October should focus on transforming the Immovable Property Commission into a body capable of producing swift and effective decisions. He called for restitution to be actively implemented alongside compensation and property exchange, and for the European Union to be made aware of the legal weaknesses in the measures taken by the Greek Cypriot side.

He stressed the urgency of moving beyond the comfort zone created by the construction industry and refocusing efforts on revitalizing tourism. Şenkul pointed out that tourist incentive schemes should be reintroduced, especially for visitors from third countries. He noted that the number of such tourists has fallen dramatically—from over 200,000 to just 70,000–80,000—and must be brought back to previous levels.

Instead of investing in new public housing, Şenkul suggested that the government should help young people become homeowners by offering long-term loans for the many unsold completed properties already available. He also advocated for reducing travel costs from Turkey to the north to attract middle-income Turkish tourists, who are increasingly unable to travel to Europe due to Schengen visa difficulties.

“The time is not for slogans or gloating,” Şenkul said, warning that the situation is more serious than it appears and could lead to even greater problems if not addressed urgently.