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02.11.2023

Five questions about real estate in Northern Cyprus

Northern Cyprus continues to attract investors, and the excitement around the republic's real estate does not subside. Answers to popular questions.
 
- What has been happening in the Northern Cyprus market in the last few years?
 
The annual increase in real estate prices is approximately 10-12%, except 2022. Last year, prices almost doubled (but this is rather an exception, due to pent-up demand due to Covid and geopolitics).
 
- How long will prices rise?
 
There is no reason to assume that growth will stop soon. There are objective reasons for this: the territory is limited, demand is high (and prices are relatively low).
 
- What is the minimum threshold for entering the market?
 
The starting price for apartments under construction is £60 thousand. In this budget you can find offers on the secondary market (fully furnished, built no later than ten years ago).
 
- An interesting secondary market in Northern Cyprus - what is it?
 
Projects that are no more than ten years old. These are high-quality residential complexes with their own infrastructure and are quite liquid.
 
- Which property will be more expensive - a resort or for permanent residence (all other things being equal)?
  
Resort. Because a diverse infrastructure has been built on its territory and a greater number of services are offered to guests.

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