Iskele is a district of the Turkish Republic of Northern Cyprus, separated from the northeastern part of the Famagusta district. It is located on the Karpas Peninsula, occupying its main part, washed by the Mediterranean Sea on almost all sides, and borders the Famagusta district in the southwest. The administrative center is Iskele. The district is home to Cape Apostle Andrew, which is the northernmost and easternmost point of Cyprus, where the monastery of the same name is located. The population of the district is over 23 thousand people.
According to the MAPREX analytical system, Iskele is the leader among the regions of Northern Cyprus in terms of the number of housing under construction and on sale. The share Iskele makes up 58% of the total number of housing under construction and 55.5% of the total number of units on sale. As of the beginning of October 2024, 19,940 housing units are in the active phase of construction, of which 5,767 are available for purchase (29%). Most of the complexes under construction are located on the eastern side of the island on the coast of Famagusta Bay.
Map of the location of residential complexes in Iskele that are under construction and offering units for sale
Note: The size of the circle corresponds to the number of units available for sale.
In the Iskele area, a construction project is underway 72 residential complexes, which are being built by 28 developers. In 2024, sales started in 9 new complexes: Arcadia, Bosphorus - Phase 1, Bosphorus - Phase 2, Caesar Palm Jumeirah, Karpaz Peninsula 2, La Joya Perla - Phase 2, Orelia, Privé, Solmaris.
The largest developer by number of units under construction is Afik (5,956 units), followed by Northernland (3,025 units) and Noyanlar (2,509 units). The largest complex under construction with the largest number of units is Grand Sapphire Blu developer Northernland (2,345 units in total, of which 773 have been sold, 1039 are on sale).
TOP 10 developers by number of units under construction:
- Afik – 5,956 units
- Northernland – 3,025 units
- Noyanlar – 2,509 units
- Döveç – 1,551 units
- DEM's Construction – 1,381 units
- Uzun Group – 687 units
- Akol – 650 units
- DND Homes– 588 units
- Evergreen Developments – 552 units
- Dörter Construction – 544 units
Most of the units under construction will be delivered in 2025-2027 (about 80% of the total):
- 37 % will be delivered in 2026
- 21 % – in 2027
- 20 % – in 2025
- 17 % - in 2024
- 4% - in 2028-2029.
Number of units under construction by year of delivery, %
More than 97% of the housing under construction in Iskele are apartments (19,427 units), while only 513 units are under construction.
Number of units under construction by type / subtype, %
About 37% of the units being built in Iskele are 1+1, almost a third (32.8%) are studios, and a quarter (25.6%) are 2+1 housing.
Number of units under construction by number of rooms, %
More than half (57%) of the units under construction have an area (gross covered area) from 50 to 100 sq. m, another 16% - up to 50 sq. m, 20% - from 100 to 150 sq. m, less than 10% of units have an area of more than 150 sq. m.
Number of units under construction by total area, sq. m
More than half (56%) of all construction projects is located in Long Beach (11,149 units out of 19,940 are under construction here). The leaders in terms of the number of units for sale, in addition to Long Beach also includes Dipkarpaz (616 units) and Yarköy (529 units for sale).
As of early October 2024, the unit sellout level compiled 59%, however this figure varies significantly depending on the location:
- Long Beach: 65% (11,149 units under construction, 2 656 units for sale)
- Dipkarpaz: 35% (1,286 under construction, 616 units for sale)
- Yarköy: 41% (1,401 under construction, 529 units for sale)
- Tuzluca: 17% (459 under construction, 316 units for sale)
- Aygün: 52% (780 under construction, 301 unit for sale)
Number of units under construction, on sale and sell-out rate by region, number of units and %
Price range
Around 64% of all units available for purchase at the beginning of October 2024 are in the price range of £100,000 to £200,000, with a minimum cost of £77,000 (32 sq. m studios from developer Capiton Construction in the CC complex Towers Iskele) and the maximum – 3.3 million pounds (penthouses of 600 sq. m. developer Northernland in the Grand complex Sapphire Blu).
Distribution of units by price range, thousands of pounds, %
Price dynamics
Over the last 8 months (since February 2024) the median price of houses in Iskele has fluctuated in a small range from £360,000 in August-September to £370,000 in March and stood at £360,000 at the end of September 2024.
Median price of apartments in Iskele fluctuated slightly between £170,000 in April-May 2024 and £177,000 in February. As of the end of September 2024, the median price of apartments in Iskele amounted to 173 thousand pounds.
Median unit prices (apartments and houses) by month in 2024, thousands of pounds
Note: In February 2024, large developments with a large number of homes priced over £300,000 were added to the database, which had a significant impact on the median price, meaning median house prices in January are significantly lower than in February.
The cost of houses and apartments is primarily determined by the location of the complex, as well as the availability of infrastructure.
The most expensive complexes are located mainly in Long Beach and Boğaz – the complex of the developer Noyanlar - Solmaris, Dashad Group - Richmond Park and others.
TOP 10 most expensive complexes in Iskele, by median cost per unit:
|
Developer |
Residential complex |
Median price per unit, GBP |
Location |
|
Noyanlar |
Solmaris |
1,900,000 |
Bogaz |
|
Dashad Group |
Richmond Park |
710,000 |
Bogazici |
|
Tremeseli Holding |
Suntree Villas |
602,667 |
Ötüken |
|
Akol |
Akol Marine |
550,000 |
Yeni Erenkoy |
|
Uzun Group |
Aries Villas |
457,250 |
Bahçeli |
|
Northernland |
Grand Sapphire F |
449,900 |
Long Beach |
|
Döveç |
Querencia |
383,500 |
Long Beach |
|
Afik |
Blue Line Villas |
360,000 |
Dipkarpaz |
|
Island Green Construction |
Aquamarine the Bogaz Mansion |
360,000 |
Bogaz |
|
Afik |
Caesar Blue Villas |
344,850 |
Kalecik |
The cheapest complexes are located mainly in Dipkarpaz and Long Beach – complexes of developers Homeland, Dörter Construction, DND Homes and others.
TOP 10 cheapest residential complexes in Iskele, by median cost per unit:
|
Developer |
Residential complex |
Median price per unit, GBP |
Location |
|
Armador construction |
Strawberry |
89,500 |
Dipkarpaz |
|
Homeland |
Velocity |
93,000 |
Long Beach |
|
Dörter Construction |
Terra Life by Tricon |
112,600 |
Aygün |
|
DND Homes |
La Joya Perla - Phase 1 |
114,900 |
Bahçeler |
|
Akol |
Karpaz Peninsula 2 |
116,500 |
Dipkarpaz |
|
Dörter Construction |
Arcadia |
119,000 |
Bogazici |
|
Homeland |
Breeze Residence |
129,000 |
Long Beach |
|
DND Homes |
La Joya Perla - Phase 2 |
129,900 |
Bahçeler |
|
Homeland |
Voyage Iskele |
131,900 |
Aygün |
|
Afik |
Caesar Resort 8 |
132,940 |
Long Beach |
Sales dynamics
In September 2024 in Iskele 135 were sold housing units (125 apartments and only 10 houses), which was primarily due to high sales of apartments in the Hera complex (DEM`s Construction) – sales of 65 units to investors and in the Ocean complex Life (Noyanlar) – 44 units were sold.
Number of net sales (sales minus returns) units by month in 2024, number of units
Note: High sales in May due to the addition of a large DND complex to the database Homes – La Joya Perla - Phase 1 (which sold 359 units by May), excluding this complex, 242 units were sold in May 2024.
Iskele report can be downloaded free of charge here.
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