According to the MAPREX analytical system, 477 apartments and houses were sold on the primary real estate market of Northern Cyprus in November 2024. Since the beginning of 2024, the sales volume has significantly decreased - if in the first quarter of 2024, an average of about 820 units were sold per month, then in the third quarter of 2024, the sales volume fell to about 360 units per month, and in the fourth quarter, the sales volume is expected to be at the level of the third quarter. The decline in sales on the primary market was influenced by both the general cooling of demand and the new rules for the sale of real estate, which shifted the focus of buyers and sellers to the secondary market. The total share of sold units (sold out rate) on the primary real estate market of Northern Cyprus in November 2024 was 55%.
The structure of sales on the primary market is dominated by apartment sales - in November, 418 apartments and only 59 houses were sold. At the same time, if the volume of apartment sales fell more than 2 times compared to the beginning of 2024, then the volume of house sales remained consistently low throughout the year.
Apartment and house sales 2024, monthly, number of units sold
Note: The statistics also take into account with a minus sign units that returned from the number of sold units, for example, due to the fact that contributions for sold objects were not received. Such returns significantly affect the overall sales statistics.
In November 2024, the structure of house sales was dominated by sales of semi-detached houses (25 units) and villas (33 units), with 1 townhouse and no bungalows sold. In November 2024, the structure of apartment sales was dominated by sales of apartments (351 units), followed by lofts (46 units) and duplexes (14 units), with only 4 penthouses sold.
Sales of apartments and houses by month in 2024, number of units sold, broken down by type of houses (left) and apartments (right)
In the sales structure by number of rooms, more than 85% are sales of studios, 1+1 and 2+1 units. It should be noted that in November 2024, only 4 sales of units with 4 rooms or more were noted.
Sales of apartments and houses by number of rooms by month in 2024, number of units sold
Depending on the region, the sales volume fluctuates significantly depending on the month, so Iskele accounted for more than 35% of the total sales in Northern Cyprus in November 2024. At the same time, in October, the region of Kyrenia was in 1st place in terms of sales volume, and in July-August - Lefke. In Iskele, the main sales volume came from 2 districts: Yeni Erenköy and Long Beach. Below are the top 5 neighborhoods by sales volume in November 2024:
- Lapta – 90 sales
- Yeni Erenköy – 75 sales
- Long Beach – 54 sales (Caesar Resort 8, etc.)
- Gaziveren – 47 sales (Manhattan, Hollywood)
- Cengizköy – 40 sales, etc.
Sales of apartments and houses by region by month in 2024, number of units sold
*Lefke region also includes Cengizköy, Guzelyurt (40 sales)
The bulk of sales in November 2024 was driven primarily by sales in 3 complexes: Sea Breeze (Noyanlar), Manhattan (MMT) and Habitat (Evergreen Developments) – these 3 complexes accounted for more than 35% of the final sales (98 units out of 277)*.
TOP 10 complexes by number of net unit sales in November 2024:
|
Complex |
Developer |
Location |
Number of sales |
Sold out level |
|
Sea Breeze |
Noyanlar |
Long Beach, Iskele |
45 |
39% |
|
Manhattan |
MMT |
Gaziveren, Lefke |
29 |
74% |
|
Habitat |
Evergreen Developments |
Küçük Erenköy, Famagusta |
24 |
22% |
|
Hollywood |
MMT |
Gaziveren, Lefke |
18 |
32% |
|
Olea Cyprus |
Noyanlar |
Geçitkale, Famagusta |
10 |
50% |
|
Caesar Resort 8 |
Afik |
Long Beach, Iskele |
7 |
88% |
|
Dolce Vita |
Akol |
Ötüken, Iskele |
6 |
26% |
|
Edelweiss |
Sar Yap Inşaat |
Aygün, Iskele |
6 |
17% |
|
Caesar Breeze |
Afik |
Tatlisu, Famagusta |
5 |
75% |
|
Caesar Palm Jumeirah |
Afik |
Dipkarpaz, Iskele |
5 |
46% |
|
K-Island 3 |
Kensington |
Tatlisu, Famagusta |
5 |
17% |
|
Casa del Mare - 1 Etap |
Northernland |
Esentepe, Kyrenia |
5 |
5% |
*complexes that were added to the database in November are not included in the calculation and table
Forecast
At the moment, Maprex does not see any prerequisites for growth in sales of new buildings in Northern Cyprus. This is primarily due to the decrease in demand for new buildings from foreign buyers, including in connection with the new rules for the sale of real estate. Buyers' demand is shifting towards secondary real estate, the prices of which are falling. In addition, developers are not yet planning to reduce prices for real estate on the primary market, despite the fall in demand.
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.