Apartments - analysis of the primary real estate market in Northern Cyprus as of October 2024

In different countries, the same types of real estate in terms of characteristic features may be called differently, so it is worth studying the features inherent in Northern Cyprus. In the Maprex real estate database, apartments are divided into 4 types: flats, lofts, duplexes and penthouses.

• Flat is a separate living space in a residential building (which consists of more than 2 apartments), located in complexes with additional amenities. Usually, residential complexes in Northern Cyprus have a parking lot, a swimming pool, some sports infrastructure - playgrounds, fitness centers, etc. and, often, a bar/cafe/restaurant. Apartments in Northern Cyprus usually range from studios to four bedrooms (4+1).
• Duplex is a two-level apartment that can be located both in high-rise apartment buildings and in small low-rise residential complexes.
• Loft is an apartment with a second light (there is no ceiling, the ceiling of the 1st floor and, accordingly, the floor of the 2nd floor. That is, the loft has a height of the ceiling of the 2nd floor compared to the rest of the rooms on the floor, where there are ceilings between floors). Here, as in a duplex, there may be a second floor, but its area is smaller than the first exactly by the amount of the second light.
• Penthouse is an apartment with a view, located on the top floor of a building, often with a terrace and a private pool. A penthouse can be one-story, two-story, or even three-story. Typically, the area of a penthouse is larger than any other type of housing, even most villas.

According to the MAPREX analytical system, at the beginning of October 2024, there were in the active phase of construction 32,909 apartments, of which 9,846 are available for purchase (30%).

More than a third (34%) of all construction projects are located in Long Beach, Iskele (a total of 11,149 apartments are being built here). The leader in terms of the number of apartments for sale is also Long Beach (2,660 units for sale), followed by Gaziveren, Lefke (1,103 units for sale) and Esentepe, Kyrenia (967 units).

Map of the location of residential complexes under construction and offering different types of apartments for sale

Note: The size of the circle corresponds to the number of units available for sale.

Under construction in Northern Cyprus 180 residential complexes in which apartments are being built, from 49 developers. In 2024, sales of apartments started in 28 new complexes: Albatros View, Aphrodite Aqua, Arcadia, Bosphorus - Phase 1/Phase 2, Caesar Palm Jumeirah, Casa di Pietra, Class 8, Coastal Heaven - Stage 1, Delonix, Dolce Mare, Esentepe Exclusive, Esentepe Hills, Hillside, Hollywood, Karpaz Peninsula 2, K-Island 3, La Joya Perla - Phase 2, Los Angeles, Malibu Phase 5, Manhattan, Orelia, Panorama Homes, Privé, Rosedale Extended, Sakarya 3, Vita Nova, Vita Nova - Phase 2.

The largest developer by number of units under construction is Afik (6,061 units), then follows Northernland (4,013 units) and Evergreen Developments (3,148 units). The largest complex under construction with the largest number of apartments is Grand Sapphire Blu by developer Northernland (2,345 units in total, of which 773 have been sold, 1,039 are on sale).

TOP 10 developers by number of apartments under construction:

1. Afik – 6,061 units
2. Northernland – 4,013 units
3. Evergreen Developments – 3,148 units
4. Noyanlar – 3,100 units
5. Cyprus Construction s – 2,100 units
6. Döveç – 1,939 units
7. DEM's Construction – 1,381 units
8. MMT – 1,302 units
9. Akol – 925 units
10. Dörter Construction – 792 units

More than a third of the apartments under construction will be delivered in 2026:

• 37% will be delivered in 2026
• 27% – in 2027
• 21% – in 2025
• 12% - in 2024

Number of apartments under construction by year of completion, %

More than 80% (84.8%) of the apartments being built in Northern Cyprus are flats (27,920 units), 3,387 lofts (10.3%), 1,175 duplexes (3.6%), and 447 penthouses (1.4%) are being built.

Number of apartments under construction by type, %

More than a third (39%) of apartments being built in Northern Cyprus have 1+1 layouts, another third (33%) are studios, and 24.3% are 2+1 housing.

Number of units under construction by number of rooms, %

The most common apartments have an area of (gross covered area) from 50 to 100 sq. m (more than half – 57%), followed by apartments from 100 sq. m to 150 sq. m (19%) and up to 50 sq. m (18%), only 5% of units have an area of more than 150 sq. m.

Number of apartments under construction, by total gross area, sq. m

At the beginning of October 2024, the level of sale of apartments compiled 55%, however this figure varies significantly depending on the location:

• Long Beach: 65% (11,149 units under construction, 2,660 units for sale)
• Esentepe: 35% (3,264 under construction, 967 for sale)
• Gaziveren: 44% (2,496 under construction, 1,103 for sale)
• Küçük Erenköy: 38% (2,475 under construction, 621 for sale)
• Tatlisu: 45% (2,261 under construction, 577 for sale)

Number of units under construction, on sale and sell-out rate by region, number of units and %

Price range

More than half (58%) of all new apartments available for purchase at the beginning of October 2024 are in the price range of £100K to £200K, with a minimum cost of £39,000 (22 sq. m studios from developer Rafael Construction in the complex Rafael's VIP Beach Club Resort) and maximum – 3.3 million pounds (600 sq. m. penthouses by developer Northernland in the complex Grand Sapphire Blu).

Distribution of units by price range, thousands of pounds, %

Price dynamics

Over the past 7 months (since March 2024), the median price of apartments has fluctuated slightly - ranging from £170.5 thousand in March/May to £175 thousand in July and was £173 thousand as of the end of September 2024. Despite the low sales figures for apartments in recent months, developers are not planning to reduce prices yet.

Median monthly apartment prices in 2024, thousands of pounds

The cost of apartments is primarily determined by the type, number of rooms and area, location of the complex, as well as the availability of infrastructure.

Depending on the type of apartment, the median price as of the end of September 2024 ranges from £168,000 for a flat to £375,000 for a penthouse. The median price of lofts is £193,000, while the price of duplexes is at the same level as flats at £170,000.

Median price of apartments by type and month in 2024, thousands of pounds

Note: The significant drop in the median price for lofts in August 2024 is due to the entry of a large number of units into the Bosphorus complex by developer Evergreen Developments with a median price of £160,000-£166,000.

The most expensive complexes are located mainly in Küçük Erenkoy, Esentepe and Girne Merkez – complexes of developers Cyprus Constructions, Akacan, Carrington Group and others.

TOP 10 most expensive complexes offering apartments for sale, by median cost per unit:

Developer	Residential complex	Median price, GBP	Location
Akakan	Akacan Shopping Mall & Residence	560,000	Girne Merkez
Cyprus Constructions	Phuket Health and Wellness - Phase 1	537,500	Küçük Erenkoy
Carrington Group	Sea Magic Deluxe	529,950	Esentepe
Cyprus Constructions	Mykonos Homes	525,000	Esentepe
Carrington Group	Malibu	524,950	Tatlisu
Carrington Group	Atlantis	514,950	Küçük Erenkoy
Home Development	Kasgar Residence	466,500	Girne Merkez
Carrington Group	Poseidon	459,950	Esentepe
Akakan	Cruise	450,000	Girne Merkez
Kayim Development Group	Aelita Garden Resort	450,000	Esentepe

The cheapest complexes are located mainly in Gaziveren and the outskirts of Famagusta (Çanakkale, Sakarya, Karakol) – complexes of developers MMT, Erbatu, Homeland and others.

TOP 10 cheapest residential complexes offering apartments for sale, by median cost per unit:

Developer	Residential complex	Median price, GBP	Location
Rafael Construction	Rafael's VIP Beach Club Resort	49,000	Tatlisu
Erbatu	Class 7	85,000	Canakkale
Homeland	Velocity	93,000	Long Beach
MMT	Los Angeles	93,500	Gaziveren
Erbatu	Sakarya 3	99,500	Sakarya
MMT	Hollywood	108,000	Gaziveren
Halken İnşaat	Wisteria	108,400	Canakkale
Evergreen Developments	Aphrodite Aqua	111,436	Gaziveren
Dörter Construction	Terra Life by Tricon	112,600	Aygun
Homeland	Gold Residence	113,000	Karakol
Noyanlar	Olea Cyprus	113,000	Geçitkale

Sales dynamics

In September 2024, 168 apartments were sold, which is the minimum sales figure for 2024. The bulk of sales in September 2024 was primarily provided by sales in 2 complexes: Hera (DEM's Construction) and Ocean Life (Noyanlar) - these 2 complexes accounted for more than 65% of the total sales (109 units out of 168). A significant share of sales is provided by investors, for example, sales of 65 apartments in the Hera (DEM's Construction) complex in September 2024 were provided by investors.

Number of net sales (sales minus returns) of apartments by month in 2024, number of units and Statistics of distribution of apartments by sales status, number of units

Note: The high sales statistics in May 2024 are primarily due to the addition of new complexes from the developer Evergreen Developments and statistics on sales of the complex La Joya Perla - Phase 1 (DND Homes) to the database.

 

The report on apartments can be downloaded for free at the link.

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