According to the MAPREX analytical system, as of the end of December 2024, the median price of apartments in the primary real estate market of Northern Cyprus (prices from developers) was £172K, and houses - £456K per property. Compared to November, the cost of apartments remained approximately at the level of the previous month, and the cost of houses increased by 2%. In 2024, prices for apartments fluctuated slightly and remained at approximately the same level, and prices for houses increased by more than 7%, mainly due to a change in the supply structure - houses with low costs are primarily bought up on the market, in addition, there is a shortage of new complexes with a relatively low average cost of an object.
The median price per square meter in new buildings at the end of December 2024 was £2,287 for apartments and £2,186 for houses. In December, compared to November 2024, a decrease in the price per square meter for apartments was recorded - by 1%, and the price per square meter of houses remained approximately at the level of the previous month. If we consider the dynamics from the beginning of 2024, the price per square meter of apartments gradually increased from January to July, then a slight decrease was recorded, and the price per square meter of houses was approximately the same, starting from February 2024. Despite the low sales of primary real estate in the second half of 2024, developers are not going to reduce prices yet.
Median prices for apartments and houses by month in 2024, in thousands of pounds per property (left) and pounds per square metre (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 December 2024 in Kyrenia (£254,000 per property or £2,722 per sq. m), and the lowest in Lefke (£129,000 per property) and Famagusta (£2,059 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)
Depending on the region, prices also fluctuate significantly, so among the top 10 regions, the highest prices are in Esentepe, and the lowest are in Tuzluca (the large complex La Perla is located here, where 39 sq m studios are on sale at £66,000 per unit or £1,692 per sq. m).
- Long Beach – £177K per property / £2,252 per sq. m
- Tuzluca – £125K per property / £1,374 per sq. m
- Tatlisu – £170K per property / £2,212 per sq. m
- Esentepe – £260K per property / £2,892 per sq m
- Gaziveren – £126K per property / £2,329 per sq. m, etc.
Primary real estate prices for in the top 10 regions by the number of units for sale, median price per property and per sq. m.
Depending on the number of bedrooms, the median price as of the end of December 2024 ranges from £129,000 for studios to £763,000 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 - £245,000, 3+1 - £351,000.
Median price per sq. m as of the end of December 2024 ranges from £1,976 for 3+1 properties to £2,506 for studios and £2,542 for 4+1 units. The median price per sq. m for 1+1 and 2+1 properties is approximately the same and amounts to £2185 and £2222 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 type of apartment, the median price of the property as of the end of December 2024 ranges from £166,000 for apartments to £373,000 for penthouses. The median price per square meter for duplexes is £170,000, and for lofts - £206,500.
The median price per sq. m as of the end of December 2024 ranges from £1,739 for duplexes to £2,387 for penthouses. The median price per sq. m for flats and lofts is £2,311 and £2,295 respectively.
In 2024, a decrease in the median price of apartments was noted both per property and per square meter - by 3.5% and 3.6%, respectively. The median price of lofts (per unit) fell 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 December 2024 ranges from £115,000 for a bungalow to £610,000 for a villa. The median price per square metre of townhouses and villas is slightly higher than the price per sq. m of a semi-detached house, at £345,000 and £425,000 respectively.
The median price per square metre as of the end of December 2024 ranges from £2,142 for a semi-detached house to £2,750 for a bungalow. The median price per sq. m for townhouses and villas is roughly the same, at £2,180 and £2,247 respectively.
In 2024, there was an increase in prices for villas, both per unit (by more than 50%) and per square meter (by almost 8%), 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 almost do not appear 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 Aloha complex 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, Esentepe, Çatalköy, etc. – complexes of developers Omağ Development, Cyprus Constructions, Northernland and others.
TOP 10 most expensive complexes offering units for sale, by median price per unit:
|
Developer |
Residential complex |
Median price, GBP |
% change, m/m |
Location |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 1* |
2 250 000 |
15% |
Küçük Erenköy |
|
Noyanlar |
Solmaris |
2 100 000 |
11% |
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 are available for sale, priced from £600,000 to £2,250,000
**only 5 properties are available for sale, from £425,000 to £1,945,000
The most expensive complexes by median price per square meter 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 per sq. m, GBP |
% change, m/m |
Location |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 1 |
6 164 |
12% |
Küçük Erenköy |
|
Cyprus Constructions |
Aloha Beach Resort - Phase 2 |
6 157 |
0% |
Tatlisu |
|
DEM's Construction |
Hera |
5 750 |
0% |
Bafra |
|
Noyanlar |
Solmaris |
5 211 |
11% |
Boğaz |
|
Northernland |
Casa Del Mare - Villas |
4 783 |
0% |
Esentepe |
|
Carrington Group |
Malibu |
4 545 |
0% |
Tatlisu |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 3 |
4 545 |
0% |
Küçük Erenköy |
|
Cyprus Constructions |
Pearl Island* |
4 535 |
11% |
Esentepe |
|
Kayim Development Group |
Albatros View |
4 315 |
0% |
Esentepe |
|
Cyprus Constructions |
Mykonos Homes** |
4 267 |
21% |
Esentepe |
*only 3 units are available for sale, priced at £195k
** only 3 units are available for sale, from £525k to £2.5m
The cheapest complexes by median price of the object are located mainly in Sakarya, Gaziveren, and also at a considerable distance from the sea (Geçitkale, Dipkarpaz) – complexes of developers Homeland, MMT, Erbatu and others.
TOP 10 cheapest residential complexes offering units for sale, by median price per unit:
|
Developer |
Residential complex |
Median price, GBP |
% change, m/m |
Location |
|
Rafael Construction |
Rafael's VIP Beach Club Resort |
49 000 |
0% |
Tatlisu |
|
Homeland |
Velocity |
90 700 |
-2% |
Long Beach |
|
Erbatu |
Sakarya 3 |
99 500 |
0% |
Sakarya |
|
Noyanlar |
Sea Breeze |
102 500 |
-2% |
Long Beach |
|
Armador construction |
Strawberry |
104 500 |
11% |
Dipkarpaz |
|
MMT |
Los Angeles |
106 950 |
1% |
Gaziveren |
|
Halken İnşaat |
Wisteria |
108 400 |
0% |
Çanakkale |
|
Akol |
Karpaz Peninsula 2 |
110 000 |
-21% |
Dipkarpaz |
|
Noyanlar |
Olea Cyprus |
111 000 |
-1% |
Geçitkale |
|
Dörter Construction |
Terra Life by Tricon |
112 200 |
0% |
Aygün |
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, Kurtsan Group, 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 per sq. m, GBP |
% change, m/m |
Location |
|
Halken İnşaat |
Casa di Pietra |
683 |
0% |
Yeni Boğaziçi |
|
Kurtsan Group |
8 Nests Villas |
742 |
0% |
Ötüken |
|
Cebargos |
Volna Blue |
965 |
0% |
Long Beach |
|
Noyanlar |
Olea Cyprus |
1 055 |
0% |
Geçitkale |
|
Halken İnşaat |
Wisteria |
1 178 |
0% |
Çanakkale |
|
Halken İnşaat |
Vita Nova - Phase 2 |
1 180 |
-5% |
Tuzla |
|
Rafael Construction |
Da Vinci Mountainside |
1 186 |
0% |
Karaağaç |
|
Kurtsan Group |
Kurt 2 Residence |
1 190 |
0% |
Dumlupinar |
|
Cebargos |
Volna Life |
1 200 |
0% |
Long Beach |
|
Erbatu |
Class 8 |
1 216 |
0% |
Çanakkale |
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.