Kyrenia/Girne is a district of the Turkish Republic of Northern Cyprus, located in the northern part of the island. Area - 640 km². In the north and west it is washed by the Mediterranean Sea, in the south it borders with the districts of Guzelyurt and Lefkosa, in the east: with the district of Famagusta/Gazimağusa. The administrative center of the district is Kyrenia. The population of the district is more than 60 thousand people.
According to the MAPREX analytical system, Kyrenia ranks 3rd among the regions of Northern Cyprus in terms of the number of housing under construction and on sale (after Iskele and Famagusta). The share Kyrenia is 16.5% of the total number of housing under construction and 16.6% of the total number of units on sale. As of the beginning of November 2024, 5 769 housing units are in the active construction phase, of which 1 847 are available for purchase (32%). Most of the complexes under construction are located in the Esentepe area.
Map of the location of residential complexes in Kyrenia, which are under construction and offer units for sale
Note: The size of the circle corresponds to the number of units available for sale.
In the Kyrenia area, a construction project is underway 88 residential complexes, which are being built by 27 developers. In 2024, sales started in 7 new complexes: Albatros View, Delonix, Esentepe Exclusive, Esentepe Hills, Eurocoast Living Girne 1, Solea, Vavilia Serenity.
The largest developer by number of units under construction – Northernland (1032 units), then followed by Baştaşlar Construction (740 units) and Cyprus Constructions (592 units).
TOP 10 developers by number of units under construction:
- Northernland – 1 032 units
- Bastaslar Construction – 740 units
- Cyprus Constructions – 592 units
- Ardem– 330 units
- Home Development – 288 units
- Aderans Construction – 280 units
- Akacan – 280 units
- Emtan Construction – 252 units
- Kayim Development Group – 240 units
- Afik – 165 units
The largest complex under construction in Kyrenia with the largest number of units is Casa del Mare – 1 Etap by developer Northernland (480 units in total, of which 21 are sold, 105 are on sale).
The largest complexes of Kyrenia under construction, number of units
Most of the units under construction will be delivered in 2025-2026 (about 2/3 of the total):
- 30% will be delivered in 2025
- 35% - in 2026
- 18% – in 2024
- 17% - in 2027
Number of units under construction by year of delivery, %
About 90% of the housing under construction in Kyrenia is apartments (5 191 units), while only 581 units are being built of houses.
Number of units under construction by type / subtype, %
About a third (31.2%) of units being built in Kyrenia have 1 bedroom (1+1), another almost 30% (29.1%) are 2+1 units, and more than a quarter (27.2%) are studios.
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 12% - up to 50 sq. m, 24% - from 100 to 150 sq. m, less than 15% of units have an area of more than 150 sq. m.
Number of units under construction by total area, sq. m
More than half (59%) of all the properties under construction are in Esentepe (3 415 units out of 5 769 are under construction here). The leaders in terms of the number of units on sale, in addition to Esentepe, are also Girne Merkez (200 units) and Bahçeli (147 units on sale).
As of early November 2024, the unit sellout level in Kyrenia amounted to 50%, however this figure varies significantly depending on the location:
- Esentepe: 38% (3 415 units under construction, 1 027 units for sale)
- Girne Merkez: 58% (558 under construction, 200 units for sale)
- Bahçeli: 63% (523 under construction, 147 units for sale)
- Karşıyaka: 36% (270 under construction, 114 units for sale)
- Lapta: 75% (410 under construction, 79 units for sale)
Number of units under construction, on sale and sell-out rate by region, number of units and %
Price range
Over a third (33.5%) of all units available for purchase at the beginning of November 2024 are in the price range of £200K to £300K, with another 32% in the price range from £100K to £200K. Minimum price – 85 thousand pounds (1+1 apartments 56 sq. m in the Melis complex of the developer Nurel Group) and the maximum – 3 million pounds (3+1 penthouse with an area of 564 sq. m. in the Premium complex of the developer Akacan).
Distribution of units by price range, thousands of pounds, %
Price dynamics
Over the last 9 months (since February 2024) the median price of houses in Kyrenia has fluctuated slightly from £530 000 in March to £575 000 in April and stood at £544 000 at the end of October 2024.
Median price of apartments in Kyrenia fluctuated slightly between £231 000 at the start of 2024 and £258 000 in May. As of the end of October 2024, the median price of apartments in Kyrenia amounted to 235 thousand pounds.
Median unit prices (apartments and houses) by month in 2024, thousands of pounds
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 Esentepe and Çatalköy – the developer Northernland complex - Casa Del Mare – Villas and Catalkoy Villas, Omağ Development - Bellapais Villas and Sueno Villas, Kayim Development Group - Aelita Garden Resort and others.
TOP 10 most expensive complexes in Kyrenia, by median price per unit:
|
Developer |
Residential complex |
Median price, GBP |
Location |
|
Northernland |
Casa Del Mare - Villas |
1 430 000 |
Esentepe |
|
Omağ Development |
Bellapais Villas |
1 425 000 |
Bellapais |
|
Omağ Development |
Sueno Villas |
1 065 000 |
Arapköy |
|
Kayim Development Group |
Aelita Garden Resort |
1 050 000 |
Esentepe |
|
Northernland |
Catalkoy Villas |
934 000 |
Çatalköy |
|
Capiton Construction |
La Plage |
799 000 |
Çatalköy |
|
Armador construction |
Locus-Edremit |
774 900 |
Karaoğlanoğlu |
|
Özyalçın Group |
Solea |
757 500 |
Ozanköy |
|
Aderans Construction |
My House-Premier |
690 000 |
Zeytinlik |
|
Ardem |
Karmi Valley Homes |
690 000 |
Karmi |
The cheapest complexes are located mainly in Bahçeli, Lapta and Alsancak – complexes of developers Atoll, Aderans Construction, Rafael Construction and others.
TOP 10 cheapest residential complexes in Kyrenia, by median price per unit:
|
Developer |
Residential complex |
Median price, GBP |
Location |
|
Rafael Construction |
Da Vinci Mountainside |
115 000 |
Karaağaç |
|
Nurel Group |
Melis |
130 000 |
Karaoğlanoğlu |
|
Fenercioğlu |
Aqua Country |
133 560 |
Bahçeli |
|
Kavanlar Yapi |
Kavan city2 |
135 830 |
Alsancak |
|
Atoll |
Atoll Rain Complex |
140 000 |
Lapta |
|
Atoll |
Mountain Hill 2 |
145 000 |
Alsancak |
|
Aderans Construction |
Aquamarine Nuance |
148 000 |
Bahçeli |
|
Aderans Construction |
Ultramarine Nuance |
148 000 |
Bahçeli |
|
Ardem |
Avangart Prime |
150 000 |
Girne Merkez |
|
Cheshire Construction |
Del Mar Premium Lapta |
155 000 |
Lapta |
Sales dynamics
In October 2024, Kyrenia net sales balance (sales minus returns) amounted to 282 housing units (including 265 apartments and only 17 houses), which was primarily due to high sales of apartments in the complex Oasis Village (Baştaşlar) Construction) – sales of 75 units, as well as the addition of a new major developer, Aderans Construction, to the database.
Number of net sales (sales minus returns) units by month in 2024, number of units
Note: High sales in October are due to the addition of a major developer to the database – Aderans Construction (which sold 182 units by November), excluding this developer, 100 units were sold in October 2024.
Kyrenia/Girne report can be downloaded free of charge here.
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.