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, sq. m
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.
You can get more detailed information about the state of the residential property market in Northern Cyprus and individual residential complexes by subscribing to the analytics system.