According to the analytical system MAPREX, studios (1+0) are the 2nd most popular type of housing in Northern Cyprus by number of bedrooms (after 1+1). Their share is 31% of the total number of units under construction. As of the beginning of September 2024, 10,387 studio units are in the active construction phase, of which 2,395 are available for purchase (23%), including 1 house. More than half of the studios under construction have an area (gross covered area) of up to 50 sq. m, another 37% - from 50 to 75 sq. m, only 11% of units have an area of more than 75 sq. m.
Number of units under construction by gross area, sq. m
Studios are presented in 86 residential complexes, which are being built by 33 developers. In 2024, sales started in 16 new complexes: Aphrodite Aqua, Arcadia, Bosphorus, Caesar Palm Jumeirah, Delonix, Dolce Mare, Esentepe Exclusive, Hillside, Hollywood, K-Island 3, La Joya Perla - Phase 2, Los Angeles, Manhattan, Panorama Homes, Rosedale Extended.
The largest developer by the number of studios under construction is Afik (1,934 units), followed by Cyprus Constructions (1,098 units) and Northernland (1,008 units). The largest complex under construction with the largest number of studios is Ocean Life by developer Noyanlar (624 units (studios) in total, of which 309 are sold, 153 are on sale).
TOP-10 developers by the number of units (studios) under construction:
Most of the units (studios) under construction will be delivered in 2026-2027 (about 2/3 of the total):
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Almost 60% of all projects under construction are in Iskele (a total of 6,180 studios are being built here), of which more than half are in Long Beach (3,450 units). The leaders in terms of the number of studios for sale are Gaziveren, Lefke (564 units) and Long Beach, Iskele (553 units for sale).
Note: The size of the circle corresponds to the number of studios on sale
As of the beginning of September 2024, the studios were sold out at 63%, but this rate varies significantly depending on the location:
- Long Beach: 74% (3,450 units under construction, 553 units on sale)
- Esentepe: 51% (1,265 under construction, 206 units on sale)
- Gaziveren: 41% (1,110 under construction, 564 units on sale)
- Tatlısu: 59% (935 under construction, 187 units on sale)
- Küçük Erenköy: 59% (674 under construction, 53 units on sale)
The number of studios under construction, on sale and the sold out rate by region, number of units and %
Price range
74.5% of all studios available for purchase at the beginning of September 2024 are in the price range from 100 to 200 thousand pounds, with a minimum cost of 39 thousand pounds (22 sq. m studios by developer Rafael Construction in the Rafael's VIP Beach Club Resort complex) and a maximum of 269 thousand pounds (63 sq. m studio by developer Northernland in the Casa del Mare - 2 Etap complex).
Distribution of studios by cost range, thousands of GBP, %
Price dynamics
Over the past 8 months (since the beginning of 2024), the median cost of Studios fluctuated in the range from 138 thousand pounds at the beginning of the year to 121 thousand pounds in May-June and as of the end of August 2024 was 127 thousand pounds. A decrease in the median price was recorded in March 2024 from £138,000 to £125,000, which is due to the emergence of a significant number of units at a lower price in remote areas such as Gaziveren (for example, a large number of units from the developer MMT, the Hollywood, Los Angeles, Manhattan complexes, the median price of which is £86-116 thousand) appeared on sale.
Median cost of studios (apartments and houses) by month in 2024, thousands of GBP
The median cost of studio houses was unchanged and amounted to £49 thousand (such units are offered for sale by Rafael Construction in the Rafael's VIP Beach Club Resort complex - studios in 2-storey townhouses Boutique Hotel).
Photo: Rafael Construction, Rafael's VIP Beach Club Resort - Boutique Hotel
The cost of apartments is primarily determined by the location of the complex, as well as the availability of infrastructure.
The most expensive complexes are located mainly on the northern coast of the island - in Esentepe and Tatlisu.
Note: the size of the circle corresponds to the number of studios for sale
TOP 10 most expensive complexes in which you can buy Studios, by median price per unit:
| Developer | Residential complex | Cost of a studio, GBP | Location |
|
Kensington |
K-Island 1 |
254 000 |
Tatlisu |
|
Northernland |
Casa del Mare - 2 Etap |
246 900 |
Esentepe |
|
Kayim Development Group |
Skyland Esentepe |
240 000 |
Esentepe |
|
Döveç |
La Casalia |
216 000 |
Küçük Erenköy |
|
Uzun Group |
Felucca |
186 000 |
Long Beach |
|
DEM's Construction |
Hera |
183 000 |
Bafra |
|
Fenercioğlu |
Aqua Garden |
175 500 |
Bahçeli |
|
Cyprus Constructions |
Bahamas Homes 2 |
175 000 |
Esentepe |
|
Cyprus Constructions |
Hawaii Homes |
175 000 |
Tatlisu |
|
Cyprus Constructions |
Pearl Island |
174 950 |
Esentepe |
The cheapest complexes are located mainly in Gaziveren and on the coast of Famagusta Bay (Mağusa Körfezi) on the south-eastern coast of the island.
Note: The size of the circle corresponds to the number of studios for sale
TOP 10 cheapest residential complexes where you can buy Studios, by median price per unit:
|
Developer |
Residential complex |
Cost of a studio, GBP |
Location |
|
Rafael Construction |
Rafael's VIP Beach Club Resort |
49 000 |
Tatlısu |
|
Evergreen Developments |
Aphrodite Aqua |
83 570 |
Gaziveren |
|
Fenercioğlu |
Coastal Heaven - Stage 1 |
85 000 |
Gaziveren |
|
MMT |
Los Angeles |
85 800 |
Gaziveren |
|
Noyanlar |
Elysian Ayfilon |
87 500 |
Dipkarpaz |
|
Homeland |
Velocity |
89 900 |
Long Beach |
|
Evergreen Developments |
Aphrodite Wellness |
90 300 |
Gaziveren |
|
Tremeseli Holding |
Rosedale Extended |
92 000 |
Yeni Boğaziçi |
|
Capiton Construction |
CC Towers Iskele |
94 757 |
Tuzluca |
|
DND Homes |
La Joya Perla - Phase 2 |
94 900 |
Bahçeler |
Sales Dynamics
68 studio units were sold in August 2024, the lowest monthly figure since April since the beginning of 2024.
Number of net sales (sales minus returns) of studios by month in 2024, number of units
Note: The negative sales figure in April is due to the return to sale of a large number of units in the Ocean Life (Noyanlar), Sky Deluxia Life (Uzun) and Phuket Health&Wellness - Phase 2 (Cyprus Constructions) complexes due to various reasons. Excluding the 129 units that returned to the market, the number of studio sales in April was 114.
The studio report can be downloaded for free here.
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.