According to the MAPREX analytical system, 2-bedroom (2+1) housing is the 3rd most popular type of housing in Northern Cyprus by number of bedrooms (after studios and 1+1 housing). Its share is 24% of the total number of housing under construction. As of the beginning of October 2024, 8298 2+1 units are in the active phase of construction, of which 4636 are available for purchase (56%) (in addition, there are 14 2+2 units under construction, 4 units of which are on sale. Only 2+1 units are analyzed below). Of the 8298 2+1 units under construction, about 97% are apartments (8012 units) and only 3% are houses (286 units).
Number of 2+1 units under construction by housing type
Almost half of the 2+1 units under construction have an area (gross covered area) from 100 to 150 sq. m, another 34% - from 75 to 100 sq. m, only 5% of units have an area of less than 75 sq. m.
Number of 2+1 units under construction by total area, sq. m
2-bedroom units are available in 161 residential complexes, which are being built by 49 developers. In 2024, sales of 2+1 units started in 22 new complexes: Albatros View, Arcadia, Bosphorus - Phase 1, Caesar Palm Jumeirah, Casa di Pietra, Class 8, Coastal Heaven - Stage 1, Delonix, Dolce Mare, Esentepe Exclusive, Esentepe Hills, Hollywood, Karpaz Peninsula 2, K-Island 3, La Joya Perla - Phase 2, Los Angeles, Malibu - Phase 5, Manhattan, Panorama Homes, Privé, Sakarya 3, Vita Nova, Vita Nova - Phase 2.
The largest developer by number of 2+1 units under construction is Afik (1797 units), followed by Northernland (1285 units) and Noyanlar (911 units). The largest complex under construction with the largest number of 2+1 units is Ocean Life by developer Noyanlar (624 units (2+1) in total, of which 309 are sold, 153 are on sale).
TOP 10 developers by number of units under construction (2+1):
- Afik - 1797 units
- Northernland – 1285 units
- Noyanlar – 911 units
- Döveç – 416 units
- Cyprus Constructions – 398 units
- DEM's Construction – 372 units
- Dörter Construction – 293 units
- Uzun Group – 206 units
- Evergreen Developments – 202 units
- Emtan Construction – 188 units
More than half of the 2+1 units under construction will be delivered in 2026-2027:
- 35% will be delivered in 2026
- 24% - in 2027
- 21% – in 2025
- 17% - in 2024
Number of 2+1 units under construction by year of completion, number of units and %
More than 60% of all construction projects are located in Iskele (a total of 5113 2+1 units are being built here), of which more than 63% are located in Long Beach (3259 units). The leader in the number of 2+1 units on sale is also Long Beach (1017 units), followed by Esentepe, Kyrenia (266 units) and Dipkarpaz, Iskele (237 units on sale).
Location of complexes with 2+1 units for sale
Note: The size of the circle corresponds to the number of units on sale 2+1
At the beginning of October 2024, the unit sellout level is 2+1 compiled 52%, however this figure varies significantly depending on the location:
- Long Beach: 58% (3259 units under construction, 1017 units for sale)
- Esentepe: 28% (744 under construction, 266 units for sale)
- Küçük Erenköy: 32% (467 under construction, 193 units for sale)
- Kalecik: 61% (400 under construction, 128 units for sale)
- Tatlisu: 54% (373 under construction, 124 units for sale)
- Dipkarpaz: 9% (373 under construction, 237 units for sale)
Number of 2+1 units under construction, on sale and sell-out rate by region, number of units and %
Price range
45% of all 2+1 units available for purchase at the beginning of October 2024 are in the price range from £200 to 300K, with a minimum cost of 81.5 thousand pounds (2+1 apartments of 73 sq. m. in the complex Olea Cyprus by developer Noyanlar) and the maximum is 1100 thousand pounds (2+1 villa with an area 267 sq. m in the complex La Casalia by developer Döveç).
Distribution of 2+1 units by price range, thousands of pounds, %
Price dynamics
Over the past 9 months (since the beginning of 2024), the median price of 2+1 apartments has fluctuated between £224-228K at the beginning of the year (in January-April) to £245K in September. In Q3 2024, compared to Q1, the median price of 2+1 units increased by more than 5%.
Median price of 2+1 houses was unchanged in February-September 2024 and amounted to £290K.
Median price of 2+1 units (apartments and houses) by month in 2024, thousands of pounds
Note: In February 2024, large developments with a large number of 2+1 units (houses) priced over £300k were added to the database, which had a significant impact on the median price, so median house prices in January are significantly lower than in February.
The cost of apartments and 2+1 houses is primarily determined by the location of the complex, as well as the availability of infrastructure.
The most expensive complexes with 2+1 units are located mainly on the northern coast of the island – in Küçük Erenköy, Esentepe, Girne and Tatlisu.
TOP 10 most expensive complexes where you can buy 2+1 units, by median cost per unit:
|
Developer |
Residential complex |
Median price, GBP |
Region |
District |
|
Cyprus Constructions |
Aloha Beach Resort - Phase 2 |
969 750 |
Tatlisu |
Famagusta |
|
Akakan |
Akacan Shopping Mall & Residence |
550 000 |
Girne Merkez |
Kyrenia |
|
Döveç |
La Casalia |
546 500 |
Küçük Erenkoy |
Famagusta |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 1 |
537 500 |
Küçük Erenkoy |
Famagusta |
|
Northernland |
Grand Sapphire F |
524 900 |
Long Beach |
Iskele |
|
Atoll |
Alpino Island |
520 000 |
Lapta |
Kyrenia |
|
Cyprus Constructions |
Mykonos Homes |
510 000 |
Esentepe |
Kyrenia |
|
Carrington Group |
Malibu |
499 950 |
Tatlisu |
Famagusta |
|
Carrington Group |
Poseidon |
479 950 |
Esentepe |
Kyrenia |
|
Cyprus Constructions |
Aloha Beach Resort - Phase 1 |
470 500 |
Tatlisu |
Famagusta |
The cheapest complexes with 2+1 units are located mainly in the areas of Famagusta city: Çanakkale, Sakarya, Tuzla, Karakol, etc. - on the coast of the Gulf of Famagusta (Mağusa Körfezi) on the south-eastern coast of the island.
TOP 10 most inexpensive residential complexes where you can buy 2+1 units, by median cost per unit:
|
Developer |
Residential complex |
Median price, GBP |
Region |
District |
|
Erbatu |
Class 7 |
85 000 |
Canakkale |
Famagusta |
|
Erbatu |
Sakarya 3 |
99 500 |
Sakarya |
Famagusta |
|
Halken Inshaat |
Wisteria |
108 400 |
Canakkale |
Famagusta |
|
Homeland |
Gold Residence |
111 500 |
Karakol |
Famagusta |
|
Noyanlar |
Angel Towers |
117 000 |
Sakarya |
Famagusta |
|
Halken Inshaat |
Vita Nova - Phase 2 |
133 400 |
Tuzla |
Famagusta |
|
Halken Inshaat |
Vita Nova |
135 400 |
Tuzla |
Famagusta |
|
Kavanlar Yapi |
Kavan city2 |
135 830 |
Alsancak |
Kyrenia |
|
Nurel Group |
Melis |
136 500 |
Karaoğlanoğlu |
Kyrenia |
|
Rafael Construction |
Da Vinci Mountainside |
139 000 |
Karaagaç |
Kyrenia |
Sales dynamics
In September 2024, 52 2+1 units were sold, which is the lowest monthly figure since the beginning of 2024. The largest number of units were sold in the Hera complex (developer - DEM's Construction) - 8 units (purchase by investors), Ocean Life (developer – Noyanlar) – 7 units and Casa del Mare – 1 Etap (developer – Northernland) – 6 units. Taking into account the units that returned to sale, net sales amounted to only 14 units.
Number of net sales (sales minus returns) of 2+1 units by month in 2024, number of units (apartments and houses)
Note: In September 2024, 14 2+1 units in the Caesar Resort 8 complex (developer – Afik) returned to sale
The 2+1 Unit Report can be downloaded for free at this link.
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