According to the MAPREX analytical system, 372 properties (347 apartments and 25 houses) were sold on the primary real estate market of Northern Cyprus in December 2024, the net sales balance (sales minus returns) was 135 units. During 2024, the sales volume has significantly decreased - if in the first quarter of 2024, an average of about 900 units were sold per month, then in the third quarter of 2024, sales volumes fell to about 484 units per month, and in the fourth quarter - to 478 units on average per month.
Sales of apartments and houses in 2024, by month, number of sales
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 December 2024 was 52%.
The structure of sales on the primary market is dominated by sales of apartments - 347 apartments and 25 houses were sold in December. The "net sales balance" indicator (sales minus returns) rather than the volume of sales reflects the state of the market much more accurately. Thus, the net sales balance of apartments amounted to only 114 units, and houses - only 21 units (more than 200 units returned to sale in December 2024, mainly due to non-payment of contributions by buyers). At the same time, if net sales of apartments fell more than 7 times compared to the beginning of 2024, then the net sales balance of houses remained stably low throughout the year.
Balance of net sales of apartments and houses in 2024, by month, number of units sold minus returns
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.
The net sales balance structure of houses in December 2024 was dominated by semi-detached houses (+8 units) and villas (+11 units). The net sales balance structure of apartments in December 2024 was dominated by apartments (+106 units), followed by penthouses (+8 units).
Balance of net sales of apartments and houses by month in 2024, number of units sold, broken down by type of houses (left) and apartments (right)
Note: The negative figure for bungalows in July 2024 is due to buyers returning 10 units in the Strawberry project (Armador Construction).
In the sales structure by number of rooms throughout the year, more than 85% are sales of studios, 1+1 and 2+1 units. It should be noted that in December 2024, a record low balance of net sales of studios, 1+1 and 2+1 units was noted.
Balance of net sales of apartments and houses by number of rooms by month in 2024, number of units sold
Depending on the region, the volume of net sales varies significantly by month, so Iskele accounted for almost half of the total sales in Northern Cyprus by the end of 2024, while in December Iskele showed a negative sales balance (mainly due to the large number of unit returns due to non-payments in Afik projects). At the same time, in October, the region of Kyrenia was in 1st place in terms of net sales, in November and September - Iskele, and in July-August - Lefke. Below are the top districts by net sales in December 2024:
- Gaziveren – +90 units (mostly Aphrodite Wellness and Aphrodite Aqua)
- Geçitkale – +30 units (Olea Cyprus)
- Tatlisu – +14 units (mostly The Blue and K-Island 3)
- Girne Merkez – +9 units
- Bahçeli – +8 units
At the same time, in regions such as Kalecik and Long Beach (Iskele) achieved a negative sales balance of -32 and -29 units respectively, mainly due to the return of unpaid units to sale in the Caesar complexes of the developer Afik.
Balance of net sales of apartments and houses by region by month in 2024, number of units sold
Lefke region also includes Cengizköy, Guzelyurt
The bulk of sales in December 2024 was provided primarily by sales in 5 complexes: Aphrodite Wellness (Evergreen Developments), Ocean Life (Noyanlar), Aphrodite Aqua (Evergreen Developments), Olea Cyprus (Noyanlar) and Grand Sapphire Blu (Northernland) – these complexes accounted for about half of the final sales.
More than 200 units went back on sale in December 2024 due to non-payment by buyers, the vast majority of which were in the complexes of the developer Afik.
TOP complexes by positive and negative balance of net unit sales in December 2024:
|
Complex |
Developer |
Location |
Net Sales Balance* |
Sales rate (sold out level) |
|
Aphrodite Wellness |
Evergreen Developments |
Gaziveren, Lefke |
55 |
72% |
|
Ocean Life |
Noyanlar |
Long Beach, Iskele |
37 |
62% |
|
Aphrodite Aqua |
Evergreen Developments |
Gaziveren, Lefke |
34 |
45% |
|
Olea Cyprus |
Noyanlar |
Geçitkale, Famagusta |
30 |
55% |
|
Grand Sapphire Blu |
Northernland |
Long Beach, Iskele |
27 |
34% |
|
The Blue |
Emperia Developments |
Tatlisu, Famagusta |
10 |
56% |
|
La Casalia |
Döveç |
Küçük Erenköy, Famagusta |
7 |
45% |
|
Los Angeles |
MMT |
Gaziveren, Lefke |
7 |
17% |
|
Aquamarine Nuance |
Aderans Construction |
Bahçeli, Kyrenia |
6 |
55% |
|
Four Seasons Life 3 |
Four Vision Development |
Boğaz, Iskele |
6 |
49% |
|
K-Island 3 |
Kensington |
Tatlisu, Famagusta |
6 |
25% |
|
|
|
|
|
|
|
La Joya |
DND Homes |
Boğaz, Iskele |
-6 |
75% |
|
Querencia |
Döveç |
Long Beach, Iskele |
-6 |
87% |
|
Caesar Resort 4 |
Afik |
Long Beach, Iskele |
-8 |
94% |
|
Caesar Breeze |
Afik |
Tatlisu, Famagusta |
-10 |
72% |
|
Caesar Resort 7 |
Afik |
Long Beach, Iskele |
-11 |
72% |
|
Caesar Resort 6 |
Afik |
Long Beach, Iskele |
-15 |
87% |
|
Caesar Blue |
Afik |
Kalecik, Iskele |
-36 |
66% |
|
Caesar Resort 8 |
Afik |
Long Beach, Iskele |
-59 |
83% |
Forecast
At the moment, Maprex still 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.