According to the MAPREX analytical system, at the beginning of December 2024, there were in the active phase of construction 747 villas[1], of which 272 are available for purchase (36%).
More than half (53%) of all properties under construction are in Kyrenia (395 villas are being built here). The leader in terms of the number of villas for sale is Esentepe, Kyrenia (31 villas for sale). There are no villa complexes under construction in the Lefke/Lefkoşa/Güzelyurt region.
Map of the location of residential complexes under construction and offering villas for sale
Note: The size of the circle corresponds to the number of units available for sale.
Under construction in Northern Cyprus 65 residential complexes in which villas are being built, from 32 developers. In 2024, sales of villas in 8 new complexes started: Casa di Pietra, Dolce Mare, Esentepe Exclusive, Esentepe Hills, Panorama Homes, Phuket Health and Wellness - Phase 3, Solea, Vavilia Serenity, Vita Nova, Vita Nova - Phase 2.
The largest developer in terms of the number of villas under construction is Afik (67 units), followed by Omağ Development (54 units) and Ardem (53 units).
TOP 10 developers by number of villas under construction:
- Afik – 67 units
- Omağ Development – 54 units
- Ardem – 53 units
- Ozyalchin Group – 47 units
- Northernland – 44 units
- Noyanlar – 41 units
- Döveç – 38 units
- Island Green Construction – 32 units
- Eurocoast Group – 30 units
- Uzun Group – 30 units
The largest complex under construction with the largest number of villas is Caesar Breeze by developer Afik (41 units in total, 27 of which have been sold, 9 are in reserve) and La Palazzo by developer Noyanlar (41 units in total, 17 of which have been sold, 14 are on sale).
Largest villa complexes under construction, number of units
About a third of the villas under construction will be completed in 2026:
- 33% will be delivered in 2026
- 32% – in 2024
- 25% – in 2025
- 10% – in 2027
Distribution of villas under construction by year of completion, % and units
More than half (50.3%) of the houses being built in Northern Cyprus have a 3+1 layout, another 31.6% are 4+1 villas, and 10.2% are 2+1 housing.
Number of villas under construction by number of rooms, %
The most common villas are those with an area (gross covered area) from 200 to 300 sq. m (almost half – 46%), followed by houses from 150 sq. m to 200 sq. m (18%) and from 300 to 400 sq. m (16%), only less than 10% (8.6%) of units have an area of less than 150 sq. m.
Distribution of villas under construction by gross area, sq. m, %
At the beginning of December 2024, the level of sale of villas compiled 50%, however this figure varies significantly depending on the location:
- Esentepe: 42% (73 units under construction, 31 unit for sale)
- Tatlisu: 44% (71 under construction, 19 units for sale)
- Küçük Erenköy: 41% (70 units under construction, 19 units for sale)
- Boğaz: 14% (22 under construction, 18 units for sale)
- Alsancak: 41% (32 under construction, 16 units for sale)
- Ozanköy: 47% (45 under construction, 16 units for sale)
Number of villas under construction, for sale and sell-out rate by region, number of units and %
Price range
Just under a quarter (22%) of all villas available for purchase at the beginning of December 2024 are in the price range of £1 million, with another 21% priced between £600,000 and £800,000. The minimum cost of a villa is £178,000 (such 4+1 villas with an area of 269 sq. m are offered for sale by Armador). Construction in the Locus-Edremit complex) and the maximum – 2.5 million pounds (3+1 villas with an area of 392 sq. m by the developer Cyprus Constructions in the Mykonos Homes complex).
Distribution of villas by price range, thousands of pounds, %
Price dynamics
Over the past 11 months (since the beginning of 2024), the median price of villas has increased from £430K in January to £649-650K in October-November. The growth of the median price is primarily due to a change in the supply structure - inexpensive villas are being bought up first, while almost no new projects are entering the market. Despite the low sales figures for villas throughout 2024, developers are not planning to reduce prices yet.
Median villa prices by month in 2024, thousands of pounds
Note: The sharp increase in the median price of villas at the beginning of 2024 is primarily due to the addition of a large number of new projects with high unit prices to the database.
The most expensive complexes are located mainly in Küçük Erenköy and Esentepe – complexes of developers Cyprus Constructions, Döveç, Omağ Development, Carrington Group and others.
TOP 10 most expensive complexes offering villas for sale, by median price per unit:
|
Developer |
Residential complex |
Median price, GBP |
Location |
|
Döveç |
Natulux |
2 270 000 |
Küçük Erenköy, Famagusta |
|
Cyprus Constructions |
Mykonos Homes |
2 175 000 |
Esentepe, Kyrenia |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 1 |
2 100 000 |
Küçük Erenköy, Famagusta |
|
Carrington Group |
Sea Magic Deluxe |
1 749 950 |
Esentepe, Kyrenia |
|
Emtan Construction |
Spectra |
1 474 500 |
Lapta, Kyrenia |
|
Northernland |
Casa Del Mare - Villas |
1 430 000 |
Esentepe, Kyrenia |
|
Omağ Development |
Bellapais Villas |
1 425 000 |
Bellapais, Kyrenia |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 3 |
1 388 750 |
Küçük Erenköy, Famagusta |
|
Kayim Development Group |
Aelita Garden Resort |
1 195 000 |
Esentepe, Kyrenia |
|
Omağ Development |
Sueno Villas |
1 065 000 |
Arapköy, Kyrenia |
The cheapest complexes are located mainly in Tuzla, Yeni Erenköy and Karaağaç – complexes of developers Island Green Construction, Rafael Construction, Halken İnşaat, Omağ Development and others.
TOP 10 cheapest residential complexes offering villas for sale, by median price per unit:
|
Developer |
Residential complex |
Median price, GBP |
Location |
|
Rafael Construction |
Da Vinci Mountainside |
243 000 |
Karaağaç, Kyrenia |
|
Island Green Construction |
Green & Blue - Stage 1 |
275 000 |
Yeni Erenköy, Iskele |
|
Island Green Construction |
Green & Blue - Stage 2 |
300 000 |
Yeni Erenköy, Iskele |
|
Halken İnşaat |
Vita Nova - Phase 2 |
323 500 |
Tuzla, Famagusta |
|
Halken İnşaat |
Vita Nova |
360 000 |
Tuzla, Famagusta |
|
Halken İnşaat |
Casa di Pietra |
365 000 |
Yeni Boğaziçi, Famagusta |
|
Omağ Development |
Mediterrenian Villas |
365 000 |
Alsancak, Kyrenia |
|
Noyanlar |
La Palazzo |
365 000 |
Kalecik, Iskele |
|
Uzun Group |
Lotus Villas |
366 000 |
Tuzla, Famagusta |
|
Omağ Development |
Vavilia Serenity |
370 000 |
Karşıyaka, Kyrenia |
Sales dynamics
In November 2024, the balance of villa sales (sales minus returns) was 33 units. Not including 23 units of the developer Eurocoast Group, added to the database in October, 10 villas were sold in October. Not including 18 units from the developer Aderans Construction, added to the database in October, only 3 villas were sold in October, which is the minimum sales figure for 2024.
Number of net sales (sales minus returns) of villas by month in 2024, number of units and distribution of villas by sales status, number of units
Note: high sales statistics in May-June are primarily due to the addition of a large number of new projects by developers to the database Özyalçın Group, Evergreen Developments and Rafael Construction.
The report on houses can be downloaded for free at the link.
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.
[1] Villa (villa, detached house) is a detached house with a plot of land. It usually has several bedrooms, a living room, a kitchen, a terrace, a garage and often a swimming pool. The number of floors of a villa can be up to three. Villas in Northern Cyprus are most often built in separate complexes, each of which there are all necessary communications.