According to the MAPREX analytical system, as of the end of November 2024, the median price of apartments in the primary real estate market of Northern Cyprus (prices from developers) was £173K, and houses – £445K per property. Compared with October, the cost of apartments decreased by 1%, and the cost of houses remained at the level of the previous month. Since the beginning of 2024, prices for residential properties have fluctuated slightly and remained at approximately the same level.
The median price per square meter in new buildings at the end of November 2024 was £2 308 for apartments and £2 180 for houses. In November, compared to October 2024, the price per sq. m for apartments increased by 1.9%, while the price per sq. m for houses remained at the level of the previous month. If we consider the dynamics from the beginning of 2024, the price per sq. m of apartments gradually increased from January to July, then a slight decrease was recorded, and the price per sq. m of houses was approximately the same starting from February 2024. Despite the low sales figures for primary real estate in the last half of the year, developers are not going to reduce prices yet.
Median prices for flats and houses by month in 2024, in thousands of pounds per property (left) and pounds per sq. m(right)
The cost of houses and apartments is primarily determined by the type, location of the complex, and the class of the property.
Prices vary significantly depending on the area, with the highest median property price as of November 2024 in Kyrenia (£250 000 per property or £2 722 per sq. m), and the lowest in Lefke (£120 000 per property) and Famagusta (£2 042 per sq. m).
Median property prices by area and month in 2024, in thousands of pounds per property (left) and pounds per sq m (right)
Prices also vary significantly depending on the region, so among the top 10 regions, the highest prices per property are in Esentepe and Tatlisu, and the highest prices per sq. m are in Bafra (the Hera complex is located here, where 32 square meter studios are sold at a price of 165-190K GBP per unit, or more than 5 thousand pounds per sq. m).
- Long Beach – £181K per property / £2 303 per sq. m
- Gaziveren – £124K per property / £2 329 per sq. m
- Esentepe – £260K per property / £2 876 per sq. m
- Tatlisu – £212,5K per property / £2 467 per sq. m
- Küçük Erenköy – £187K per property / £2 151 per sq. m, etc.
Prices for primary real estate in the top 10 regions by the number of units for sale, median price per property and per sq. m (GBP)
Depending on the number of bedrooms, the median price as of the end of November 2024 ranges from £130 000 for studios to £740 000 for 4+1 houses and apartments (the analysis includes the main layouts - studios, 1+1, 2+1, 3+1 and 4+1). The median price of 1+1 properties is £170 000, 2+1 - £246 000, 3+1 - £351 000.
Median price per sq. m as of the end of November 2024 ranges from £1 970 for 3+1 properties to £2 555 for studios and £2 504 for 4+1 units. The median cost per sq. m for 1+1 and 2+1 properties is approximately the same and amounts to £2 250 and £2 199 respectively.
Median property prices by number of rooms and months 2024, in thousands of pounds per property (left) and pounds per sq. m (right)
Depending on the types of apartments, the median price of the property as of the end of November 2024 ranges from £166 900 for apartments to £383 000 for penthouses. The median price per square meter for duplexes is £170 000, and for lofts - £205 000.
The median price per sq. m as of the end of November 2024 ranges from £1 749 for duplexes to £2 389 for penthouses. The median price per sq m for flats and lofts is £2 333 and £2 299 respectively.
Since the beginning of 2024, there has been a decrease in the median price of apartments both per property and per square meter - by 2.9% and 4.6%, respectively. The median price of lofts (per unit) has fallen significantly (by more than 10%), which is primarily due to a change in the supply structure, rather than a real decrease in prices.
Median apartment prices by type and month 2024, in thousands of pounds per property (left) and pounds per sq. m (right)
Depending on the types of houses, the median price of a property as of the end of November 2024 ranges from £115 000 for a bungalow to £589 000 for a villa. The median price per sq. m of townhouses and villas is slightly higher than the price per sq. m of a semi-detached house, at £345 000 and £410 000 respectively.
The median price per sq. m as of the end of November 2024 ranges from £2136 for a semi-detached house to £2 487 for a bungalow. The median price per sq. m for townhouses and villas is roughly the same, at £2 180 and £2 219 respectively.
Since the beginning of 2024, there has been an increase in prices for villas, both per unit (by more than 40%) and per square meter (by more than 6%), which is primarily due to a change in the supply structure - first of all, lower-cost properties are purchased, more expensive properties remain on the market, while new complexes with villas are almost not appearing on the market.
Median house prices by type and month 2024, in thousands of pounds per property (left) and pounds per sq. m (right)
Note: The sharp drop in the median price of a bungalow in April-May 2024 is due to the launch of 50 bungalows by developer Armador on the market construction – the Strawberry complex with a median price of just £95 000 and 32 bungalows from developer Rafael Construction – complex Da Vinci Mountainside with a median price of £115 000. Cyprus had the most bungalows on the market until April Constructions in the complex Aloha Beach Resort – Phase 2 at £970 000 per unit.
The most expensive complexes by median price of the property are located mainly on the Northern coast – in Küçük Erenköy, Çatalköy, etc. – complexes of developers Omağ Development, Cyprus Constructions, Northernland and others.
TOP 10 most expensive complexes offering units for sale, by median cost per unit:
|
Developer |
Residential complex |
Median price, GBP |
% change in price, compared to previous month |
Location |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 1* |
1 950 000 |
56% |
Küçük Erenköy |
|
Noyanlar |
Solmaris |
1 900 000 |
0% |
Boğaz |
|
Northernland |
Casa Del Mare - Villas |
1 430 000 |
0% |
Esentepe |
|
Omağ Development |
Bellapais Villas |
1 425 000 |
0% |
Bellapais |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 3 |
1 388 750 |
0% |
Küçük Erenköy |
|
Omağ Development |
Sueno Villas |
1 065 000 |
0% |
Arapköy |
|
Kayim Development Group |
Aelita Garden Resort** |
1 050 000 |
0% |
Esentepe |
|
Northernland |
Catalkoy Villas |
934 000 |
0% |
Çatalköy |
|
Evergreen Developments |
Aqua View |
800 000 |
0% |
Küçük Erenköy |
|
Capiton Construction |
La Plage |
799 000 |
0% |
Çatalköy |
*only 7 properties left for sale priced from £550,000 to £2,250,000
**remaining on sale only 5 properties priced from £425,000 to £1,945,000
The most expensive complexes by median price per sq. m are also located mainly on the northern coast - in Küçük Erenköy, Esentepe and Tatlisu – complexes of developers Cyprus Constructions, DEM's Construction, Noyanlar, Northernland and others.
TOP 10 most expensive complexes offering units for sale, by median price per sq. m:
|
Developer |
Residential complex |
Median price, GBP |
% change in price, compared to previous month |
Location |
|
Cyprus Constructions |
Aloha Beach Resort - Phase 2 |
6 157 |
0% |
Tatlisu |
|
DEM's Construction |
Hera |
5 750 |
0% |
Bafra |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 1 |
5 500 |
3% |
Küçük Erenköy |
|
Northernland |
Casa Del Mare - Villas |
4 783 |
0% |
Esentepe |
|
Noyanlar |
Solmaris |
4 715 |
0% |
Boğaz |
|
Carrington Group |
Malibu |
4 545 |
0% |
Tatlisu |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 3 |
4 545 |
0% |
Küçük Erenköy |
|
Kayim Development Group |
Albatros View |
4 315 |
0% |
Esentepe |
|
Cyprus Constructions |
Pearl Island |
4 069 |
0% |
Esentepe |
|
Baştaşlar Construction |
Sunny Hill Village |
3 974 |
0% |
Esentepe |
The cheapest complexes by median price of the object are located mainly in Gaziveren, as well as at a considerable distance from the sea (Geçitkale, Dipkarpaz) – complexes of developers MMT, Erbatu and others.
TOP 10 cheapest residential complexes offering units for sale, by median cost per unit:
|
Developer |
Residential complex |
Median price, GBP |
% change in price, compared to previous month |
Location |
|
Rafael Construction |
Rafael's VIP Beach Club Resort |
49 000 |
0% |
Tatlisu |
|
Homeland |
Velocity |
93 000 |
0% |
Long Beach |
|
Armador construction |
Strawberry |
94 500 |
0% |
Dipkarpaz |
|
Erbatu |
Sakarya 3 |
99 500 |
0% |
Sakarya |
|
Noyanlar |
Sea Breeze |
104 750 |
-* |
Long Beach |
|
MMT |
Los Angeles |
106 375 |
14% |
Gaziveren |
|
Halken İnşaat |
Wisteria |
108 400 |
0% |
Çanakkale |
|
DND Homes |
La Joya Perla - Phase 1 |
109 900 |
0% |
Bahçeler |
|
Noyanlar |
Olea Cyprus |
112 000 |
1% |
Geçitkale |
|
Dörter Construction |
Terra Life by Tricon |
112 200 |
0% |
Aygün |
*added to the database in November, data for the previous month is missing
The cheapest complexes by median price per sq. m are located mainly in Famagusta or near the city – Çanakkale, Karaağaç, Tuzla – complexes of developers Cebargos, Erbatu, Halken İnşaat and others.
TOP 10 most inexpensive residential complexes offering units for sale, by median price per sq. m:
|
Developer |
Residential complex |
Median price, GBP |
% change in price, compared to previous month |
Location |
|
Halken İnşaat |
Casa di Pietra |
683 |
0% |
New Years |
|
Kurtsan Group |
8 Nests Villas |
742 |
-* |
Ötüken |
|
Cebargos |
Volna Blue |
965 |
0% |
Long Beach |
|
Noyanlar |
Olea Cyprus |
1 055 |
-2% |
Geçitkale |
|
Halken İnşaat |
Wisteria |
1 178 |
0% |
Canakkale |
|
Rafael Construction |
Da Vinci Mountainside |
1 186 |
0% |
Karaagaç |
|
Kurtsan Group |
Kurt 2 Residence |
1 190 |
-* |
Dumlupinar |
|
Cebargos |
Volna Life |
1 200 |
0% |
Long Beach |
|
Erbatu |
Class 8 |
1 216 |
0% |
Canakkale |
|
Halken İnşaat |
Vita Nova - Phase 2 |
1 243 |
0% |
Tuzla |
*added to the database in November, data for the previous month is missing
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.