Houses - analysis of the primary real estate market in Northern Cyprus as of September 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, houses are divided into 4 types: villa, bungalow, semi-detached house and townhouse.

• Villa (also detached house) is a detached house with a plot of land. It usually has several bedrooms, a living room, a kitchen, a terrace, a garage and often a swimming pool. The number of floors of a villa can be up to three. Villas in Northern Cyprus are most often built in separate complexes, each of which has all the necessary communications.
• Bungalow is a small one-story house, standing separately from other buildings. Usually, a bungalow does not have a heating system, and the house itself is built of lightweight materials and has a small area so that it can be heated with split systems in winter.
• Semi-detached house (also maisonette) - a house with two apartments with separate entrances. The apartments have an adjacent wall and most often have a mirrored layout. Sometimes such houses are called "a house for two owners".
• Townhouse (also terraced house) - a small apartment building, more like a cottage, consisting of 3 or more apartments. It has common walls (or connected, for a terraced house) with the same neighboring sections on the right and / or left. Usually, a townhouse has several bedrooms, a living room, a kitchen and a small plot of land. Each apartment in a townhouse has its own yard and entrance. The size of apartments in a townhouse is usually larger than in apartment buildings. Most often, townhouses are two or three stories (there is usually an attic on the third floor).

According to the MAPREX analytical system, as of the beginning of September 2024, there were 1,473 houses in the active construction phase, of which 530 are available for purchase (36%).

Almost 17% of all projects under construction are in Tatlisu, Famagusta (a total of 244 houses are under construction here). At the same time, the leader in the number of houses on sale is Dipkarpaz, Iskele (87 houses on sale). There are no complexes with houses under construction in the Lefke region.

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

Note: the size of the circle corresponds to the number of units on sale

In Northern Cyprus, there are 84 residential complexes under construction, in which houses are being built, from 33 developers. In 2024, sales of houses in 8 new complexes started: Dolce Mare, Esentepe Exclusive, Esentepe Hills, Karpaz Peninsula 2, K-Island 3, Panorama Homes, Phuket Health and Wellness - Phase 3, Rosedale Extended, Solea, Solmaris, Vavilia Serenity, Vita Nova, Vita Nova - Phase 2.

The largest developer by the number of units under construction is Afik (313 units), followed by Cyprus Constructions (84 units) and Akol (82 units). The largest complex under construction with the largest number of houses is Blue Line Villas by developer Afik (110 units in total, of which 14 are sold, 52 are on sale).

TOP-10 developers by the number of houses under construction:

1. Afik - 313 units
2. Cyprus Constructions - 82 units
3. Akol – 82 units
4. Tremeseli Holding – 78 units
5. Rafael Construction – 76 units
6. Omağ Development – ​​66 units
7. Armador Construction – 64 units
8. Noyanlar – 61 units
9. Ardem – 59 units
10. Evergreen Developments and The Cove-Baştaşlar – 48 units each

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

36% will be delivered in 2026 28% – in 2024 28% – in 2025 8% – in 2027

Almost half (48%) of the houses under construction in Northern Cyprus are villas (706 units), 350 units (24%) of semi-detached houses are being built, 210 units (14%) of townhouses, and 207 units (14%) of bungalows.

Number of houses under construction by type, %

More than half (51.5%) of the houses under construction in Northern Cyprus have 3+1 layouts, another 18.9% are 2+1 houses, and 17.9% are 4+1 housing.

Number of units under construction by number of rooms, %

The most common houses have a gross covered area of ​​200 to 300 sq. m (almost a third – 32%), followed by houses from 150 sq. m to 200 sq. m (22%) and from 100 to 150 sq. m (19%), only 7% of units have an area of ​​more than 400 sq. m.

Number of houses under construction by gross covered area, sq. m

As of the beginning of September 2024, the sell-out rate of homes was 47%, however, this figure varies significantly depending on the location:

• Tatlisu: 57% (244 units under construction, 57 units for sale)
• Dipkarpaz: 20% (178 units under construction, 87 units for sale)
• Kalecik: 53% (139 units under construction, 20 units for sale)
• Küçük Erenköy: 42% (110 units under construction, 22 units for sale)
• Yeni Boğaziçi: 45% (82 units under construction, 39 units for sale)

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

Price range

About a quarter (25.1%) of all homes available for purchase at the beginning of September 2024 are in the price range from 300 to 400 thousand pounds, with a minimum price of 49 thousand pounds (such units are offered for sale by Rafael Construction in the Rafael's VIP Beach Club Resort complex - studios in 2-storey townhouses Boutique Hotel) and a maximum of 2,270 thousand pounds (4 + 1 villas 468 sq. m. developer Döveç in the Natulux complex).

Distribution of units by price range, thousands GBP, %

Price dynamics

Over the past 8 months (since the beginning of 2024), the median price of houses fluctuated in the range from 425 thousand pounds in January to 465 thousand pounds in April and as of the end of August 2024 was 435 thousand pounds. Despite the low house sales figures in recent months, developers are not planning to reduce prices yet.

Median house prices by month in 2024, thousands GBP

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

Depending on the types of houses, the median price as of the end of August 2024 ranges from 115 thousand pounds for a bungalow to 625 thousand pounds for villas. The median cost of townhouses and semi-detached houses is approximately the same and amounts to 349 thousand pounds and 374 thousand pounds respectively.

Median house prices by type and month in 2024, thousands GBP

Note: The sharp drop in the median price of a bungalow in April-May 2024 is due to the release of 50 bungalows from the developer Armador construction - the Strawberry complex at a median price of only 95 thousand pounds.

The most expensive complexes are located mainly in Küçük Erenköy, Esentepe and Tatlisu – complexes of developers Cyprus Constructions, Döveç, Noyanlar, Carrington Group and others.

TOP 10 most expensive developments offering homes for sale, by median price per unit:

Developer	Residential complex	Median price, GBP	Location
Döveç	Natulux	2 270 000	Küçük Erenköy
Noyanlar	Solmaris	2 000 000	Boğaz
Cyprus Constructions	Phuket Health and Wellness - Phase 1	1 950 000	Küçük Erenköy
Cyprus Constructions	Mykonos Homes	1 850 000	Esentepe
Carrington Group	Sea Magic Deluxe	1 749 950	Esentepe
Cyprus Constructions	Hawaii Homes	1 500 000	Tatlisu
Carrington Group	Malibu	1 499 950	Tatlisu
Emtan Construction	Spectra	1 474 500	Lapta
Northernland	Casa Del Mare - Villas	1 430 000	Esentepe
Omağ Development	Bellapais Villas	1 425 000	Bellapais

The cheapest complexes are mainly located in Dipkarpaz, Yeni Erenköy and Tatlisu – complexes of developers Armador construction, Rafael Construction, Island Green Construction and others.

TOP 10 cheapest residential complexes offering houses for sale, by median price per unit:

Developer	Residential complex	Median price, GBP	Location
Armador construction	Strawberry	94 500	Dipkarpaz
Rafael Construction	Da Vinci Mountainside	115 000	Karaağaç
Akol	Karpaz Peninsula 2	133 500	Dipkarpaz
Nurel Group	Floral Homes	243 000	Karaoğlanoğlu
Island Green Construction	Green & Blue - Stage 1	275 000	Yeni Erenköy
Afik	Caesar Breeze	280 000	Tatlisu
Ceyhun Tunali & Sons	Carob hills	280 000	Tatlisu
Capiton Construction	Sunsetbay	284 900	Bahçeli
Island Green Construction	Green & Blue - Stage 2	300 000	Yeni Erenköy
Dörter Construction	Dream Homes 4 You	305 000	Yeni Boğaziçi

Sales Dynamics

In August 2024, 22 houses were sold, and in May - only 9 housing units, which is the minimum sales figure for 2024.

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

Note: high sales statistics in May-June are primarily due to the addition of a large number of new projects to the database by developers Özyalçın Group, Tremeseli Holding and Rafael Construction.

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

You can get more detailed information about the state of the residential real estate market in Northern Cyprus and individual residential complexes by subscribing to the analytics system.