At the end of December 2024, the MAPREX database contained 2 011 residential properties that are for sale on the secondary real estate market in Northern Cyprus. Almost 92% of the properties for sale are apartments (1 847 units), while houses account for about 8% (163 units).
Distribution structure of secondary real estate objects, by type and subtype, %
The vast majority of properties on sale (80%) are located in Iskele (1 572 units), mainly in Long Beach (1 220 units). Next comes Kyrenia (245 units) and Famagusta (127 units). In the Lefke region, there are only 24 properties for sale on the secondary market.
Map of the location of residential complexes where secondary real estate is sold
Note: The size of the circle corresponds to the number of units available for sale.
The secondary real estate database contains properties from more than 150 residential complexes from 35 developers.
The largest developer by number of properties on the secondary market is Afik (566 units), followed by Noyanlar (346 units) and Northernland (336 units). The properties of these 3 developers account for more than 60% of the supply of all properties on the secondary market.
TOP 10 developers by number of properties for sale:
- Afik – 566 units
- Noyanlar – 346 units
- Northernland – 336 units
- Döveç – 158 units
- Isatis – 51 units
- Four Vision Development – 39 units
- Sar Yap Inşaat – 31 units
- Evergreen Developments – 25 units
- Levent – 24 units
- Dörter Construction - 23 units
The largest complex with the most number of objects for sale – Grand Sapphire A-E by developer Northernland (171 units), then follows Royal sun Elite by developer Noyanlar (113 units) and Caesar Resort 3 by developer Afik (112 units).
Rating of complexes by the number of objects for sale (top 10), number of units
2/3 (69.6%) of housing sold on the secondary market is already completed (built). 24% of properties sold are in complexes with construction completion in 2025, 17% - in 2026.
Distribution of objects by status and year of completion of construction, %
More than a third (33.9%) of secondary real estate properties have 1+1 layouts, another 27.3% are studios, and 23.9% are 2+1 housing.
Distribution of objects by number of rooms, %
The most common objects are those with an area (gross covered area) from 200 to 300 sq. m (almost half – 46%), followed by houses from 150 sq. m to 200 sq. m (18%) and from 300 to 400 sq. m (16%), only less than 10% (8.6%) of units have an area of less than 150 sq. m.
Distribution of objects by total gross covered area, sq. m
Prices
More than half (57.7%) of all properties available for purchase at the end of December 2024 are in the price range of up to £100K, almost another third (32.5%) is in the range between £100 and £200K. The minimum price of an object on the secondary market is £37K (studios in the center of Famagusta, 29 sq. m) and the maximum is 1.8 million pounds (5-bedroom villa in Esentepe, 452 sq. m, with a plot of land of 950 sq. m).
Distribution of objects by price range, thousand pounds, %
The median price of properties varies significantly depending on the type of property and the number of rooms, with studios selling for a median of £65 000 (range £37 000-£150 000), 1+1 apartments for a median of £89 000 (range £45 000-£265 000) and 2+1 apartments for a median of £125 000 (range £57 000-£349 000), compared to 2+1 houses for a median of £140 000 (range £78 000-£935 000).
Median property price by type and number of rooms, range, thousands of pounds, %
The most expensive complexes are located mainly in Esentepe – complexes of developers Cyprus Constructions, Evergreen Developments and others.
TOP 10 most expensive complexes on the secondary real estate market, by median price per unit:
The cheapest complexes are located mainly in Long Beach – developer complexes Noyanlar, Afik and others.
TOP 10 most inexpensive residential complexes on the secondary real estate market, by median price per unit:
Over the past few months (since August 2024), the median price of apartments on the secondary real estate market has decreased from £109 000 to £84 000 in December, and the median house price from £225 000 in September to £179 000 in December. The price decline is primarily due to oversupply on the market and low demand (the market was greatly impacted by the introduction of new property sales rules in Northern Cyprus, as about 1 000 properties were purchased outside the one property rule, mainly in the Iskele, Esentepe and Tatlisu areas, forcing buyers to sell the “extra” properties). In addition, despite the low sales figures in the primary market throughout 2024, developers are not planning to reduce prices yet, which also encourages buyers to turn to the secondary market.
Median unit price on the secondary market by type and month in 2024, thousands of pounds
The report on secondary market can be downloaded for free at the link.
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