Lefke - analysis of new buildings (houses and apartments) as of December 2024

Lefke​​​ – a district of Northern Cyprus. The administrative center of the district is the city of Lefke. Lefke was a subdistrict of the Güzelyurt district between 1998 (when the district was separated from the Lefkosa district) and December 27, 2016. On December 27, 2016, the Assembly of the Republic unanimously voted to separate Lefke and make it the sixth district of Northern Cyprus. The population of the district is estimated at over 11 000 people, which is less than 5% of the population of Northern Cyprus.

According to the MAPREX analytical system, Lefke ranks 4th among the 6 districts of Northern Cyprus in terms of the number of housing under construction and for sale (however, in the Guzelyurt and Lefkoşa districts, there is currently no housing being built). The share Lefke makes up 7.9% of the total number of housing units under construction and 12.4% of the total number of units on sale. At the beginning of December 2024, 2 761 housing units are in the active construction phase, of which 1 295 are available for purchase (47%). Most of the complexes under construction are located in Gaziveren.

Map of the location of residential complexes in Lefke, 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 Lefke area, a construction project is underway 7 residential complexes, which are being built by 4 developers. In 2024, sales started in 5 new complexes: Aphrodite Aqua, Coastal Heaven - Stage 1, Hollywood, Los Angeles, Manhattan.

The largest developer by number of units under construction is MMT (1 320 units), followed by Evergreen Developments (948 units).

Rating of developers by number of units under construction:

1. MMT – 1 320 units
2. Evergreen Developments – 948 units
3. Elite Sinerji – 247 units
4. Fenercioglu – 246 units

The largest complex under construction in Lefke with the largest number of units is Hollywood by developer MMT (724 units in total, of which 232 are sold, 469 are on sale).

Residential complexes in Lefke, under construction, number of units

Almost half of the units under construction will be delivered in 2027 (47% of the total):

• 22% will be delivered in 2025
• 31% – in 2026
• 47% - in 2027

Number of units under construction by year of delivery, %

All housing under construction in Lefke is apartments (2 761 units), of which 2 688 are apartments and 73 are penthouses.

Number of units under construction by type / subtype, %

More than half (50.9%) of the units being built in Lefke have 1 bedroom (1+1), another almost 45% (44.4%) are studios, 4.5% are 2+1 units and only 0.2% (6 units) are 3+1 units.

Number of units under construction by number of rooms, %

More than half (58.5%) of the units under construction have an area (gross covered area) from 50 to 100 sq. m, another 36% - up to 50 sq. m, less than 5% of units have an area of more than 100 sq. m.

Number of units under construction by total area, sq. m

Almost all (91%) of the properties under construction are located in Gaziveren (a total of 2 514 units out of 2 761 are under construction here). 247 units are under construction in Cengizköy.

At the beginning of December 2024, the level of unit sales in Lefke was composed 43%, however this figure varies significantly depending on the location:

• Gaziveren: 38% (2 514 units under construction, 1 094 units for sale)
• Cengizköy: 16% (247 under construction, 201 units for sale)

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

Price range

Almost ¾ (74.5%) of all units available for purchase at the beginning of December 2024 are in the price range of £1 000 to £2 000, with another 15.8% in the price range up to £1 000. Minimum cost​​​ makes up £71 875 (studios of 50-55 sq. m. by developer MMT in the Los Angeles complex), and the maximum is £450K (3+1 penthouse of 151 sq. m by developer Evergreen Developments in the complex Aphrodite Wellness).

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

Price dynamics

Over the past 11 months (since February 2024), the median price of apartments in Lefke has fluctuated between £107 000 in March and £129 000 in November. The sharp rise in the median price in November 2024 is due to the addition to the database of the Park Rest Resort complex by developer Elite Sinerji, and not by real price increases.

Median price of units (apartments and houses) in Lefke by month in 2024, thousands of pounds

The cost of apartments is primarily determined by the location of the complex, as well as the availability of infrastructure. The most expensive complex in Lefke by the median price of a unit is the Park Rest Resort complex by developer Elite Sinerji. The least expensive complex is the Los Angeles complex by developer MMT.

Median unit prices (in pounds sterling) in the complexes Lefke region:

Developer	Residential complex	Median cost, pounds	Location
MMT	Los Angeles	106 375	Gaziveren
Evergreen Developments	Aphrodite Aqua	121 600	Gaziveren
Fenercioglu	Coastal Heaven - Stage 1	122 000	Gaziveren
MMT	Hollywood	124 200	Gaziveren
Evergreen Developments	Aphrodite Wellness	139 050	Gaziveren
MMT	Manhattan	141 680	Gaziveren
Elite Sinerji	Park Rest Resort	169 943	Cengizköy

Sales dynamics

In November 2024, Lefke net sales balance (sales minus returns) amounted to 87 housing units, which was primarily due to high sales of apartments in the MMT Hollywood complexes and Manhattan – sales of 18 and 29 units respectively, as well as the inclusion in the database of the complex Park Rest Resort by developer Elite Sinerji (by the date of contribution, a total of 40 units had been sold).

Number of net sales (sales minus returns) of units in Lefke by month in 2024 (left) and distribution of units by status (right)

Note: Strong sales in July were driven by the sale of 179 units to investors in the Hollywood complex by developer MMT, and in August by the addition to the database of the complex Coastal Heaven – Stage 1 by developer Fenercioğlu (which had sold 130 units by August).

 

Lefke report can be downloaded free of charge here.

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