According to the analytical system MAPREX, 170 apartments and houses were sold on the primary real estate market of Northern Cyprus in September 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, sales volumes fell to about 360 units per month. 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 September 2024 was 54%.
The structure of sales on the primary market is dominated by sales of apartments - in September, 150 apartments and only 20 houses were sold. At the same time, if the volume of apartment sales fell more than 2 times compared to August 2024, then the volume of house sales remained at the August level.
Sales of apartments and houses by month in 2024, number of units sold
Note: the statistics also take into account (with a minus sign) units that returned from the number of sold ones, for example, due to the fact that contributions for sold objects were not received, for example, in September 2024, 29 units in the Caesar Resort 8 (Afik) complex returned to sale. Such returns significantly affect the overall sales statistics.
The structure of house sales in September 2024 was dominated by sales of semi-detached houses (8 units) and villas (7 units), 4 townhouses and 1 bungalow were also sold. In the structure of apartment sales in September 2024, apartments prevailed (126 units), followed by lofts (21 units), in addition, only 2 penthouses and 1 duplex were sold.
Sales of apartments and houses by month in 2024, the number of units sold, by type of houses (left) and apartments (right)
Note: The negative figure for bungalow sales in July 2024 is due to the return of 10 units by buyers in the Strawberry project (Armador Construction).
In the structure of sales by the number of rooms, more than 64% are studio sales, another 17% are 1+1 unit sales, and 13.5% are 3+1 sales. It should be noted that in September 2024, record low sales of 2+1 units were recorded - only 5 sales, although in previous months their sales did not fall below 73 units.
Sales of apartments and houses by number of rooms by month in 2024, number of units sold
Depending on the region, the sales volume varies significantly depending on the month, so Iskele accounted for almost 80% of the total number of sales in Northern Cyprus according to the results of September 2024. At the same time, in July-August, the Lefke region was in 1st place in terms of sales volume, and in June 2024 - Kyrenia. In Iskele, the main sales volume came from 2 areas: Bafra and Long Beach. Below are the top 5 districts by sales volume in September 2024:
- Bafra - 65 sales (Hera)
- Long Beach - 44 sales (Ocean Life)
- Dipkarpaz - 17 sales (Caesar Palm Jumeirah, etc.)
- Esentepe - 13 sales (Casa del Mare - 1 Etap, etc.)
- Yeni Boğaziçi - 11 sales (Salamis Sea Palace, etc.) etc.
Sales of apartments and houses by region by month in 2024, number of units sold
The bulk of sales in September 2024 was provided primarily by sales in 2 complexes: Hera (DEM's Construction) and Ocean Life (Noyanlar) - these 2 complexes accounted for more than 64% of the total sales (109 units out of 170). A significant proportion of sales are driven by investors, such as the sale of Hera (DEM's Construction) in September 2024.
TOP 10 complexes by number of unit sales in September 2024:
|
Complex |
Developer |
Location |
Number of sales |
Sold out level |
|
Hera |
DEM's Construction |
Bafra, Iskele |
65 |
48% |
|
Ocean Life |
Noyanlar |
Long Beach, Iskele |
44 |
59% |
|
Caesar Palm Jumeirah |
Afik |
Dipkarpaz, Iskele |
13 |
44% |
|
Sea Breeze |
Noyanlar |
Long Beach, Iskele |
13 |
19% |
|
Dolce Vita |
Akol |
Ötüken, Iskele |
10 |
25% |
|
Caesar Breeze |
Afik |
Tatlisu, Famagusta |
8 |
74% |
|
Casa del Mare - 1 Etap |
Northernland |
Esentepe, Kyrenia |
6 |
3% |
|
Caesar Resort 9 |
Afik |
Long Beach, Iskele |
5 |
80% |
|
Grand Sapphire Blu |
Northernland |
Long Beach, Iskele |
5 |
33% |
|
Olea Cyprus |
Noyanlar |
Geçitkale, Famagusta |
5 |
53% |
|
Salamis Sea Palace |
Tremeseli Holding |
Yeni Boğaziçi, Famagusta |
5 |
36% |
Forecast
At the moment, Maprex does not see any preconditions 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. The demand of foreign buyers is shifting towards secondary real estate, the prices of which are falling. In addition, developers are not yet going 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.