According to the analytical system MAPREX, as of the end of August 2024, the median price of apartments in the primary real estate market of Northern Cyprus (developer prices) was £171,000, and houses - £435,000 per unit. Over the period from March 2024, prices per unit fluctuated slightly and remained at the same level.
The median price per square meter in new buildings at the end of August 2024 was £2250 for apartments and £2149 for houses. In August, compared to July 2024, a decrease was recorded - by 2.6% and 1.4%, respectively. If we consider the dynamics since the beginning of 2024, the price per square meter of apartments slowly increased from January to July, and the price per square meter of houses was at the same level from February to July. Despite weak house sales in recent months, developers are showing no signs of cutting prices just yet.
Median monthly prices for flats and houses in 2024, thousand GBP per unit (left) and GBP per sq. m (right)
The cost of houses and apartments is primarily determined by the type, location of the complex, and the class of the property.
Prices vary significantly depending on the area - the highest median price of properties as of August 2024 is in Kyrenia (£260,000 per unit or £2,685 per sq. m), and the lowest is in Lefke (£115,000 per unit or £2,106 per sq. m).
Median price of properties by area and month in 2024, thousand GBP per unit (left) and GBP per sq. m (right)
Prices also vary significantly by region, with the highest prices per property in Esentepe and Tatlisu among the top 10 regions, and the highest prices per square meter in Bafra (home to the Hera complex, which sells 32 square meter studios for £165,000-£190,000 per unit, or over £5,000 per square meter).
- Long Beach – £176,000 per unit / £2,219 per sq. m
- Gaziveren – £115,000 per unit / £2,094 per sq. m
- Esentepe – £247,000 per unit / £2,880 per sq. m
- Küçük Erenköy – £176,000 per unit / £2,117 per sq. m
- Tatlisu – £212,000 per unit / £2,625 per sq. m, etc.
Prices for new properties in the top 10 regions by number of units on sale, median price per unit and per sq. m, GBP
Depending on the number of bedrooms, the median price as of the end of August 2024 ranges from £126,000 for studios to £750,000 for 4+1 houses and apartments (the analysis includes the main layouts - studios, 1+1, 2+1, 3+1 and 4+1). The median price of 1+1 properties is £166,000, 2+1 - £240,000, 3+1 - £350,000.
The median price per square meter as of the end of August 2024 ranges from £2,000 for 3+1 properties to £2,551 for 4+1 properties and £2,538 for studios. The median price per square meter of 1+1 and 2+1 properties is approximately the same and is £2,202 and £2,165 respectively.
Median property prices by number of rooms and months 2024, thousand GBP per unit (left) and GBP per sq. m (right)
Depending on the apartment type, the median property price as of the end of August 2024 ranges from £167,500 for apartments to £388,000 for penthouses. The median price per sq m for duplexes is £170,000, and for lofts - £192,000.
The median price per sq m as of the end of August 2024 ranges from £1,729 for duplexes to £2,367 for penthouses. The median prices per sq m for apartments and lofts are £2,290 and £2,147 respectively.
There were no significant price fluctuations by apartment type over the period from March 2024.
Median apartment prices by type and month in 2024, thousand GBP per unit (left) and GBP per sq. m (right)
Depending on the types of houses, the median property price as of the end of August 2024 ranges from £115,000 for a bungalow to £564,000 for a villa. The median price per square metre for townhouses and villas is slightly higher than the price per square metre for a semi-detached house, at £349,000 and £374,000 respectively.
The median price per square metre as of the end of August 2024 ranges from £2,136 for a semi-detached house to £2,429 for a bungalow. The median price per square metre for townhouses and semi-detached houses is approximately the same, at £2,174 and £2,161 respectively.
There were no significant price fluctuations by house type over the period from May 2024.
Median house prices by type and month in 2024, thousand GBP per unit (left) and GBP per sq. m (right)
Note: The sharp drop in the median price of a bungalow in April-May 2024 is due to the entry of 50 bungalows from the developer Armador Construction - the Strawberry complex at a median price of only £95,000 and 32 bungalows from the developer Rafael Construction - the Da Vinci Mountainside complex at a median price of £115,000. Until April, the largest number of bungalows from Cyprus Constructions were presented on the market in the Aloha Beach Resort - Phase 2 complex at a price of £970,000 per unit.
The most expensive complexes by median price of the object are located mainly on the North Coast - in Küçük Erenköy, Çatalköy, etc. - complexes of developers Omağ Development, Cyprus Constructions, Northernland and others.
TOP 10 most expensive complexes offering houses for sale, by median price per unit:
|
Developer |
Residential complex |
Median price per unit, GBP |
Price change, % m/m |
Location |
|
Noyanlar |
Solmaris |
2 000 000 |
0% |
Boğaz |
|
Northernland |
Casa Del Mare - Villas |
1 430 000 |
0% |
Esentepe |
|
Omağ Development |
Bellapais Villas |
1 425 000 |
0% |
Bellapais |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 3 |
1 388 750 |
0% |
Küçük Erenköy |
|
Omağ Development |
Sueno Villas |
1 065 000 |
0% |
Arapköy |
|
Northernland |
Catalkoy Villas |
934 000 |
0% |
Çatalköy |
|
Cyprus Constructions |
Hawaii Homes |
914 725 |
0% |
Tatlisu |
|
Evergreen Developments |
Aqua View |
800 000 |
0% |
Küçük Erenköy |
|
Capiton Construction |
La Plage |
799 000 |
0% |
Çatalköy |
|
Armador construction |
Locus-Edremit |
774 900 |
0% |
Karaoğlanoğlu |
The most expensive complexes by median price per sq. m are also located mainly on the northern coast - in Küçük Erenköy, Esentepe and Tatlisu - complexes of developers Cyprus Constructions, DEM's Construction, Noyanlar, Northernland and others.
TOP 10 most expensive complexes offering houses for sale by median price per sq. m:
|
Developer |
Residential complex |
Median price per sq. m, GBP |
Price change, % m/m |
Location |
|
Cyprus Constructions |
Aloha Beach Resort - Phase 2 |
6 157 |
0% |
Tatlisu |
|
DEM's Construction |
Hera |
5 469 |
0% |
Bafra |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 1 |
5 296 |
+1% |
Küçük Erenköy |
|
Noyanlar |
Solmaris |
4 963 |
0% |
Boğaz |
|
Northernland |
Casa Del Mare - Villas |
4 783 |
0% |
Esentepe |
|
Carrington Group |
Malibu |
4 545 |
0% |
Tatlisu |
|
Cyprus Constructions |
Phuket Health and Wellness - Phase 3 |
4 469 |
0% |
Küçük Erenköy |
|
Cyprus Constructions |
Hawaii Homes |
4 110 |
0% |
Tatlisu |
|
Cyprus Constructions |
Pearl Island |
4 069 |
0% |
Esentepe |
|
The Cove-Baştaşlar Construction |
Sunny Hill Village |
3 974 |
0% |
Esentepe |
The cheapest complexes by median price of the object are located mainly in Gaziveren – complexes of developers MMT, Evergreen Developments and others.
TOP 10 cheapest residential complexes offering houses for sale by median price per unit:
|
Developer |
Residential complex |
Median price per unit, GBP |
Price change, % m/m |
Location |
|
Rafael Construction |
Rafael's VIP Beach Club Resort |
49 000 |
0% |
Tatlisu |
|
Erbatu |
Class 7 |
85 000 |
0% |
Çanakkale |
|
Homeland |
Velocity |
93 000 |
0% |
Long Beach |
|
MMT |
Los Angeles |
93 500 |
+1% |
Gaziveren |
|
Noyanlar |
Olea Cyprus |
94 000 |
-18%* |
Geçitkale |
|
Armador construction |
Strawberry |
94 500 |
0% |
Dipkarpaz |
|
Erbatu |
Sakarya 3 |
99 500 |
0% |
Sakarya |
|
MMT |
Hollywood |
108 000 |
0% |
Gaziveren |
|
DND Homes |
La Joya Perla - Phase 1 |
109 900 |
0% |
Bahçeler |
|
Evergreen Developments |
Aphrodite Aqua |
111 014 |
-2% |
Gaziveren |
*the decrease in the median price is due to a change in the structure of units on sale, and not a real price reduction/discount
The cheapest complexes by median price per sq. m are located mainly in Famagusta or near the city - Çanakkale, Karakol, Tuzla - complexes of developers Cebargos, Erbatu, Halken İnşaat and others.
TOP 10 cheapest residential complexes offering houses for sale by median price per sq. m:
|
Developer |
Residential complex |
Median price per sq. m, GBP |
Price change, % m/m |
Location |
|
Cebargos |
Volna Blue |
965 |
0% |
Long Beach |
|
Erbatu |
Class 7 |
1 000 |
0% |
Çanakkale |
|
Noyanlar |
Olea Cyprus |
1 073 |
1% |
Geçitkale |
|
Halken İnşaat |
Vita Nova - Phase 2 |
1 117 |
4% |
Tuzla |
|
Halken İnşaat |
Wisteria |
1 186 |
0% |
Çanakkale |
|
Rafael Construction |
Da Vinci Mountainside |
1 186 |
0% |
Karaağaç |
|
Cebargos |
Volna Life |
1 200 |
-10%* |
Long Beach |
|
Erbatu |
Class 8 |
1 216 |
0% |
Çanakkale |
|
Halken İnşaat |
Vita Nova |
1 319 |
0% |
Tuzla |
|
Homeland |
Gold Residance |
1 394 |
0% |
Karakol |
*price reduction is due to the fact that only 3 units are left for sale
Forecast
At the moment, Maprex does not see any signs of a decrease in property prices from developers. According to some experts (for example, the head of DOM-INFO LCAA, Vadim Yukhnevich), developers will not reduce property prices even despite the drop in demand.
At the same time, a significant decrease in property prices is already observed in the secondary market due to various factors, including new property sales rules. According to experts (for example, Cenap Turgut), the new property sales rules in Northern Cyprus may lead to buyers selling excess property over the next two years, as about 1,000 properties were purchased outside the one property rule, mainly in the Iskele, Esentepe and Tatlisu areas. Due to the increase in supply in these regions, a drop in prices on the secondary market is expected.
On the other hand, property prices in the Kyrenia region are likely to continue to grow slowly or remain stable. Limited new developments in this area and the new rules will not fit all properties with the current rules. Properties must have title deeds, and new projects without title deeds can only be sold until 2025. This will create a shortage in the eastern and western parts of Kyrenia, such as Çatalköy, Bellapais in the east and Lapta, Alsancak, Karşıyaka in the west, which will lead to an increase in prices.
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.