Famagusta - analysis of new residential buildings (houses and apartments) as of September 2024

Famagusta (Gazimağusa) is one of the six districts of the Republic of Cyprus, located in the eastern part of the island. In the north, east and south it borders with the Mediterranean Sea, in the west with the districts of Kyrenia, Nicosia and Larnaca. Also, part of the district in its southwestern part and along the Green Line is occupied by the British military base Dhekelia. The district is divided into three parts: Magusa, Akdogan and Geçitkale. The administrative center of the district is Famagusta. Area - 1979 km². Population - over 90 thousand people.

According to the analytical system MAPREX, Famagusta is the 2nd district in Northern Cyprus in terms of the number of units under construction and for sale (after Iskele). Famagusta's share is 19% of the total number of units under construction and 17% of the total number of units for sale. As of the beginning of September 2024, there are 6,373 housing units in the active construction phase, of which 1,741 are available for purchase (27%).

Map of the location of residential complexes in Famagusta, which are under construction and offer units for sale

Note: the size of the circle corresponds to the number of units for sale

There are 49 residential complexes under construction in the Famagusta area, which are being built by 21 developers. In 2024, sales started in 8 new complexes: Class 8, Dolce Mare, Hillside, K-Island 3, Panorama Homes, Phuket Health and Wellness - Phase 3, Rosedale Extended, Sakarya 3, Vita Nova, Vita Nova - Phase 2.

The largest developer by the number of units under construction is Cyprus Constructions (1,600 units), followed by Evergreen Developments (1,544 units) and Noyanlar (652 units). The largest complex under construction with the largest number of units is Habitat by Evergreen Developments (1,343 units in total, of which 274 have been sold, 391 are on sale).

TOP-10 developers by the number of units under construction:

1. Cyprus Constructions - 1,600 units
2. Evergreen Developments - 1,544 units
3. Noyanlar – 652 units
4. Doveç – 426 units
5. Akol – 261 units
6. Dörter Construction – 258 units
7. Afik – 253 units
8. Kensington – 211 units
9. Tremeseli Holding – 160 units
10. Rafael Construction – 156 units

Most of the units under construction will be delivered in 2026-2027 (about 80% of the total):

41% will be delivered in 2026 39% - in 2027 17% - in 2025 3% - in 2024

More than 90% of housing under construction in Famagusta are apartments (5909 units), 464 houses are under construction.

Number of units under construction by type/subtype, %

Almost 40% of the units under construction in Famagusta are 1+1, another quarter (25.8%) are studios, 23.7% are 2+1 housing.

Number of units under construction by number of rooms, %

More than half of the units under construction have a gross covered area of ​​50 to 100 sq. m, another 19% have up to 50 sq. m and from 100 to 150 sq. m, only 10% of the units have an area of ​​more than 150 sq. m.

Number of units under construction by gross covered area, sq. m

Almost 80% of all objects under construction are located in Küçük Erenköy and Tatlisu (a total of 5,062 units out of 6,373 are under construction here). The leaders in the number of units for sale are also Küçük Erenköy (668 units) and Long Tatlisu (631 units for sale).

As of the beginning of September 2024, the unit sell-out rate was 48%, but this figure varies significantly depending on the location:

• Küçük Erenköy: 38% (2,585 units under construction, 668 units on sale)
• Tatlisu: 57% (2,477 under construction, 631 units on sale)
• Geçitkale: 52% (652 under construction, 233 units on sale)
• Yeni Boğaziçi: 45% (520 under construction, 149 units on sale)

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

Price range

About 45% of all units available for purchase as of the beginning of September 2024 are in the price range from 100 to 200 thousand pounds, with a minimum cost of 39 thousand pounds (studios 22 sq. m. developer Rafael Construction in the Rafael's VIP Beach Club Resort complex) and a maximum of 2270 thousand pounds (villas 4 + 1 468 sq. m. developer Döveç in the Natulux complex).

Distribution of units by cost range, thousand pounds (GBP), %

Price dynamics

Over the past 8 months (since the beginning of 2024), the median price of houses in Famagusta fluctuated in the range from £399,000 in July to £550,000 in January and was £442,000 as of the end of August 2024. A decrease in the median price was recorded in June 2024 from £520,000 to £406,000, which is due to the release of a large number of houses (56 units in total) by the developer Tremeseli Holding in the Rosedale complexes priced from £330,000 to £490,000.

The median price of apartments in Famagusta fluctuated slightly in the range from £170,000 in August 2024 to £182,000 in April.

Median cost of units (apartments and houses) by month in 2024, thousands of pounds (GBP)

The cost of houses and apartments is primarily determined by the location of the complex, as well as the availability of infrastructure.

The most expensive complexes are located mainly in Küçük Erenköy - complexes of developers Cyprus Constructions, Tremeseli Holding, Carrington Group and others.

TOP 10 most expensive complexes in Famagusta, by median price per unit:

Developer	Residential complex	Median price, GBP	Location
Cyprus Constructions	Phuket Health and Wellness - Phase 3	1 388 750	Küçük Erenköy
Cyprus Constructions	Hawaii Homes	914 725	Tatlisu
Evergreen Developments	Aqua View	800 000	Küçük Erenköy
Carrington Group	Malibu	549 950	Tatlisu
Cyprus Constructions	Phuket Health and Wellness - Phase 1	525 000	Küçük Erenköy
Carrington Group	Atlantis	514 950	Küçük Erenköy
Uzun Group	Lotus Villas	430 000	Tuzla
Tremeseli Holding	Rosedale Villas	406 350	Yeni Boğaziçi
Halken İnşaat	Vita Nova	360 000	Tuzla
Tremeseli Holding	Rosedale Extended	339 250	Yeni Boğaziçi

The cheapest complexes are mainly located in Tatlisu, Çanakkale and Sakarya – complexes of developers Noyanlar, Erbatu, Halken İnşaat and others.

TOP 10 cheapest residential complexes in Famagusta, by median price per unit:

Developer	Residential complex	Median price, GBP	Location
Rafael Construction	Rafael's VIP Beach Club Resort	49 000	Tatlisu
Erbatu	Class 7	85 000	Çanakkale
Noyanlar	Olea Cyprus	94 000	Geçitkale
Erbatu	Sakarya 3	99 500	Sakarya
Homeland	Gold Residance	113 000	Karakol
Noyanlar	Angel Towers	117 000	Sakarya
Isatis	Hillside	133 000	Tatlisu
Halken İnşaat	Wisteria	138 400	Çanakkale
Halken İnşaat	Vita Nova - Phase 2	142 900	Tuzla
Erbatu	Class 8	145 900	Çanakkale

Sales Dynamics

In August 2024, 100 units were sold in Famagusta, primarily due to strong sales at Olea Cyprus (Noyanlar) and Dolce Mare (Akol).

Net Sales (Sales minus Returns) of Units by Month in 2024, Number of Units

Note: The negative sales figure in April is due to the return of a large number of units at Aloha Beach Resort – Phase 1 (Cyprus Constructions) and Olive Court (Dörter Construction) for various reasons. Excluding the 104 units that returned to sale, the number of unit sales in April was 95.

The Famagusta report can be downloaded for free here.

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.