According to the MAPREX analytical system, as of the end of September 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 to August, the price of apartments increased by 1%, and the price of houses - by 2,3%. Over the period from March 2024, prices for residential properties fluctuated slightly and remained at approximately the same level.
The median price per sq. m at the end of September 2024 was £2,295 for apartments and £2,180 for houses. In September, compared to August 2024, there was an increase of 2% and 1,4%, respectively. If we look at the dynamics since the beginning of 2024, the price per sq. m of apartments slowly increased from January to July, and the price per sq. m of houses was at the same level from February to July. Despite the low sales figures for new properties in recent months, developers are not planning 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 price for properties as of September 2024 being in Kyrenia (£262,000 per property or £2,722 per sq. m), and the lowest in Lefke (£116,000 per property or £2,116 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 square meter are in Bafra (the Hera complex is located here, where 32 square meter studios are sold at a price of £165-190k per unit, or more than £5k per square meter).
- Long Beach – £181k per unit / £2,328 per sq. m
- Gaziveren – £116k per unit / £2,116 per sq. m
- Esentepe – £260k per unit / £2,856 per sq. m
- Küçük Erenköy – £187k per unit / £2,151 per sq. m
- Tatlisu – £212k per unit / £2,504 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.
Depending on the number of bedrooms, the median price as of the end of September 2024 ranges from £126,000 for studios to £760,000 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 £168,000, 2+1 - £248,000, 3+1 - £350,000.
The median price per sq. m as of the end of September 2024 ranges from £2,031 for 3+1 properties to £2,517 for 4+1 properties and studios. The median price per sq m for 1+1 and 2+1 properties is approximately the same, at £2,218 and £2,215 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 September 2024 ranges from £168,000 for apartments to £375,000 for penthouses. The median price per unit for duplexes is £170,000, and for lofts - £193,000.
The median price per sq. m as of the end of September 2024 ranges from £1,760 for duplexes to £2,327 for flats. The median price per sq. m for penthouses and lofts is £2,304 and £2,257 respectively.
There have been no significant price fluctuations by apartment type since March 2024.
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 September 2024 ranges from £115,000 for a bungalow to £564,000 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 £375,000 respectively.
The median price per sq. m as of the end of September 2024 ranges from £2,136 for a semi-detached house to £2,458 for a bungalow. The median price per sq. m for townhouses and villas is roughly the same, at £2,180 and £2,219 respectively.
There have been no significant price fluctuations by house type since May 2024.
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, Çatalköy, etc. – complexes of developers Omağ Development, Cyprus Constructions, Northernland and others.
TOP 10 most expensive complexes offering houses for sale, by median price per unit:
|
Developer |
Residential complex |
Median price, GBP |
% change in price, compared to previous month |
Location |
|
Noyanlar |
Solmaris |
1,900,000 |
-5% |
Bogaz |
|
Northernland |
Casa Del Mare - Villas |
1,430,000 |
0% |
Esentepe |
|
Home Development |
Bellapais Villas |
1,425,000 |
0% |
Bellapais |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 3 |
1,388,750 |
0% |
Küçük Erenkoy |
|
Home Development |
Sueno Villas |
1,065,000 |
0% |
Arapkoy |
|
Kayim Development Group |
Aelita Garden Resort |
1,050,000 |
0% |
Esentepe |
|
Northernland |
Catalkoy Villas |
934,000 |
0% |
Catalcoy |
|
Cyprus Constructions |
Hawaii Homes |
914,725 |
0% |
Tatlisu |
|
Evergreen Developments |
Aqua View |
800,000 |
0% |
Küçük Erenkoy |
|
Capiton Construction |
La Plage |
799,000 |
0% |
Catalcoy |
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 houses for sale, by median price per sq. m:
|
Developer |
Residential complex |
Median price per sq. m, GBP |
% change in price, compared to previous month |
Location |
|
Cyprus Constructions |
Aloha Beach Resort - Phase 2 |
6 157 |
0% |
Tatlisu |
|
DEM's Construction |
Hera |
5 406 |
-1% |
Bafra |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 1 |
5 296 |
0% |
Küçük Erenkoy |
|
Northernland |
Casa Del Mare - Villas |
4 783 |
0% |
Esentepe |
|
Noyanlar |
Solmaris |
4 715 |
-5% |
Bogaz |
|
Carrington Group |
Malibu |
4 545 |
0% |
Tatlisu |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 3 |
4 469 |
0% |
Küçük Erenkoy |
|
Kayim Development Group |
Albatros View |
4 315 |
-* |
Esentepe |
|
Cyprus Constructions |
Hawaii Homes |
4 110 |
0% |
Tatlisu |
|
Cyprus Constructions |
Pearl Island |
4 069 |
0% |
Esentepe |
*added to the database in September, data for the previous month is missing
The cheapest complexes by median price of the property are located mainly in Canakkale and Gaziveren – complexes of developers MMT, Erbatu and others.
TOP 10 cheapest residential complexes offering houses for sale, by median price 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 |
|
Erbatu |
Class 7 |
85,000 |
0% |
Canakkale |
|
Armador construction |
Strawberry |
89,500 |
-5% |
Dipkarpaz |
|
Homeland |
Velocity |
93,000 |
0% |
Long Beach |
|
MMT |
Los Angeles |
93,500 |
0% |
Gaziveren |
|
Erbatu |
Sakarya 3 |
99,500 |
0% |
Sakarya |
|
MMT |
Hollywood |
108,000 |
0% |
Gaziveren |
|
Halken İnşaat |
Wisteria |
108,400 |
-22%* |
Canakkale |
|
Evergreen Developments |
Aphrodite Aqua |
111,436 |
0% |
Gaziveren |
|
Dörter Construction |
Terra Life by Tricon |
112,600 |
0% |
Aygun |
*the decrease in the median price is due to a change in the structure of units on sale, and not a real price reduction/discount, only 1 unit 2+1 remains on sale
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 houses for sale, by median price per sq. m:
|
Developer |
Residential complex |
Median price per sq. m, GBP |
% change in price, compared to previous month |
Location |
|
Cebargos |
Volna Blue |
965 |
0% |
Long Beach |
|
Erbatu |
Class 7 |
1 000 |
0% |
Canakkale |
|
Noyanlar |
Olea Cyprus |
1 057 |
-1% |
Geçitkale |
|
Halken Inshaat |
Wisteria |
1 178 |
-1% |
Canakkale |
|
Rafael Construction |
Da Vinci Mountainside |
1 186 |
0% |
Karaagaç |
|
Cebargos |
Volna Life |
1 200 |
0% |
Long Beach |
|
Erbatu |
Class 8 |
1 216 |
0% |
Canakkale |
|
Halken İnşaat |
Vita Nova - Phase 2 |
1 243 |
+11%* |
Tuzla |
|
Halken İnşaat |
Vita Nova |
1 319 |
0% |
Tuzla |
|
DND Homes |
La Joya |
1 337 |
-32%* |
Bogaz |
*the decrease/increase in the median price is due to a change in the structure of units on sale, and not to a real change in price
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.