Real Estate Price Dynamics in North Cyprus: Trends and Factors
Real estate has always been an object of attention for both investors and those wishing to purchase comfortable housing. Today, we take under a magnifying glass the dynamics of real estate prices in Northern Cyprus, looking at trends and factors affecting the market situation. Let’s also look at the table of price increases over the past decade, including the period after Covid-19.
Historical overview
North Cyprus, with its picturesque beaches, cultural heritage and mild climate, has always attracted both tourists and investors. In the last decade, regions such as Iskele, Girne (also known as Kyrenia), Alsancak, Esentepe and Lapta have shown significant growth in this area. However, it is worth noting that the real estate market is sensitive to external and internal factors that directly affect prices.
Price trends
In recent years, against the backdrop of a general increase in interest in the northern part of the island and the above-mentioned regions, the dynamics of real estate prices have shown a steady rise. Let’s consider a few reasons for “why”:
-
Passive Income When Buying Property in North Cyprus
There are two types of rentals in North Cyprus: short-term and long-term. When buying real estate in a complex with a management company, you can earn a stable passive income from renting out real estate.
-
Foreign Investment in Real Estate in Northern Cyprus
Foreign investment also plays an important role in the dynamics of real estate prices. Investors from different countries pay attention to favorable conditions and a simplified procedure for buying housing in the northern part of the island, making more and more investments every year.
-
Demand for living abroad by the sea
North Cyprus is becoming an increasingly popular destination for those looking for housing abroad for permanent residence. In the last five years, the northern part of the island has welcomed people from many different cultures, which has also led to higher prices.
In addition to general trends, real estate prices in North Cyprus are also affected by a number of factors:
-
Legislation of Northern Cyprus
Local authorities are open to investors investing in real estate on the island. The Parliament proposes transparent laws related to the acquisition and ownership of real estate by foreigners, as well as obtaining a Residence Permit.
-
Infrastructure projects
The development of infrastructure, tourist facilities, entertainment places increases the attractiveness of the regions and directly affects real estate prices.
Speaking of specific figures, let’s compare the dynamics of the last 5 years: from 2018 to 2023, prices for studio apartments and one-room apartments increased by an average of 233%, two-room and three-room apartments by 200%, houses and villas by 240%.
| Average Cost July 2023 | Average cost 5 years ago | 5-Year | Average cost 10 years ago | % growth over 10 years | |
| Studios and 1+1 | £105.000 | £45.000 | 233% | £16.000 | 656% |
| 2+1 and 3+1 | £150.000 | £75.000 | 200% | £25.000 | 600% |
| Houses & Villas | £360.000 | £150.000 | 240% | £110.000 | 327% |
Considering the dynamics of the last 10 years: from 2013 to 2023, prices for studio apartments and one-room apartments increased by an average of 656%, two-room and three-room apartments by 600%, houses and villas by 327%.
The period 2022-2023 should be considered separately:
The post-coronavirus era is like a breath of fresh air for Northern Cyprus with its positive and negative features. What has changed?
-
The cost of the subsistence minimum has increased
The cost of renting and buying housing, food baskets, utility bills and other expenses has increased.
-
The flow of tourists has increased
Since the opening of the borders, Northern Cyprus has received about a million people annually, the local authorities have even opened a new terminal of Ercan Airport, which has a passenger capacity of 2 million people annually.
-
The number of businesses and infrastructure has increased
The above-mentioned factors have led to the opening of many businesses in different niches, which entails an increase in the standard of living of cities and regions in the northern part of the island.
In conclusion:
The dynamics of real estate prices in Northern Cyprus is due to a variety of factors, but the fact of the attractiveness of the northern part of the island remains unchanged – the regions continue to develop and attract both investors and those who are looking for a comfortable place to live.
Many expect prices to fall, but the chart shows a steady increase and Now is the best time and price to buy a property than ever. Перед принятием решения о покупке недвижимости на Северном Кипре важно оценивать всю информацию и консультироваться с экспертами. Contact VELES for detailed advice and answers to all your questions. Our contact number is +90 548 841 48 38.
The article was prepared by: Kateryna Veles Ask your question directly to the Veles experts.
For a residence permit +90 (533) 826-04-49, buying or selling real estate +90 (542) 882-84-49, issuing apostilled powers of attorney +90 (542) 879-84-49, translation of documents +90 (533) 840-84-49, obtaining visas to the USA, Canada and other countries +90 (533) 833-33-98 – please contact Veles Property.
Read more articles about North Cyprus here.
Follow the developments in Northern Cyprus in our Telegram and Instagram
Watch all our videos on the YOUTUBE channel VELES
