Property prices in Northern Cyprus over the last 5 years
North Cyprus, a shining jewel in the middle of the Mediterranean waters, has always been considered as an attractive destination for investment and residence. In recent years, we have seen a significant increase in property prices in Northern Cyprus, which has several reasons. In this article, we examine the price of apartments in North Cyprus, the price of property in North Cyprus and other properties during the last 5 years and analyze the trend of price changes.
Dramatic growth of property prices in Northern Cyprus: statistics and figures
A review of housing prices in Northern Cyprus in the last 5 years shows a significant growth in this area. So that house prices in Cyprus have increased between 30 and 50% on average. This price growth is observed in all types of properties, including apartments, villas, land, etc.
For example, the average price of an apartment in Northern Cyprus in 2019 was around €50,000, while this figure has risen to €75,000 in 2024. In the same way, land prices in Northern Cyprus have also grown significantly and have increased by an average of 40%.
Factors affecting the increase in property prices in North Cyprus
Several factors have contributed to the increase in property prices in Cyprus, including the following:
Increasing demand: The demand for buying property in North Cyprus has increased significantly in recent years. This is due to various factors, including the increase in the desire of foreign investors to invest in this region, the increase in the inflation rate in other countries, and the desire to migrate to Northern Cyprus.
Limited supply: The supply of land and real estate in North Cyprus is limited. This is due to the increase in demand as well as the lack of buildable land.
Political and economic stability: Northern Cyprus has high political and economic stability. This is an important factor in attracting foreign investors and increasing property prices in Cyprus.
EU membership: Northern Cyprus is currently negotiating for EU membership. Membership in the European Union can significantly affect property prices in Cyprus and lead to further increases.
Advantages of investing in Northern Cyprus real estate
Investing in North Cyprus real estate has many advantages, including the following:
High profitability: Property prices in North Cyprus are increasing and this is a good opportunity to invest and earn profit.
Capital security: Northern Cyprus has high political and economic stability, and this guarantees the security of your capital.
Acquiring residence: By purchasing a property in Northern Cyprus, you can obtain the residence of this country.
Tax exemptions: The government of Northern Cyprus offers several tax exemptions for foreign investors.
Access to amenities: Northern Cyprus has adequate amenities and educational facilities.
Favorable climate: Northern Cyprus has a Mediterranean climate and is sunny most of the year.
Detailed review of real estate prices in North Cyprus
In the previous section, we generally mentioned the growth of property prices in North Cyprus in the last 5 years. In this section, we will examine in more detail the price of apartments in North Cyprus, the price of houses in Cyprus, the price of agricultural land in North Cyprus and other properties.
Apartment price in North Cyprus:
As mentioned, apartment prices in Northern Cyprus have increased significantly in the last 5 years. So that in 2019, the average price of an apartment in North Cyprus was 50,000 euros, while this figure has increased to 75,000 euros in 2024. This price increase is observed in all regions of Northern Cyprus, but the price of apartments in Kyrenia and the price of apartments in Famagusta, as two popular tourist cities, have been higher than in other areas.
Factors affecting the price of apartments in North Cyprus:
Location: Apartments located in the central areas of cities or near the beach have a higher price.
Square footage: The larger the square footage of the apartment, the higher its price will be.
Amenities: Apartments with more amenities such as a swimming pool, gym, sauna, and jacuzzi have a higher price.
Construction quality: Apartments that are built with high-quality materials have a higher price.
Construction age: Newly built apartments usually have a higher price than old apartments.
House price in Cyprus:
House prices in Cyprus have also increased significantly in the last 5 years. So that in 2019, the average house price in Cyprus was 100,000 euros, while this figure has increased to 150,000 euros in 2024.
Factors affecting house prices in Cyprus:
Location: Houses located in the central areas of cities or near the beach have higher prices.
Size: The larger the size of the house, the higher the price.
Facilities: Houses with more amenities such as swimming pool, garden, garage, etc., have a higher price.
Construction quality: Houses that are built with high-quality materials have a higher price.
Construction age: Newly built houses usually have a higher price than old houses.
The price of agricultural land in North Cyprus:
The price of agricultural land in North Cyprus has also increased in the last 5 years. So that in 2019, the price of agricultural land in Northern Cyprus was on average 5000 euros per dunum, while this figure has increased to 7500 euros per dunum in 2024.
Factors influencing the price of agricultural land in North Cyprus:
Location: Lands located in fertile areas or near water sources have a higher price.
Type of use: Lands that can be converted into residential or commercial land have a higher price.
Deed Status: Lands with Shesdang Title Deeds are priced higher.
Access to facilities: Lands that have access to amenities such as water, electricity, gas and roads have a higher price.
Other properties:
In addition to apartments, houses and agricultural land, other properties such as villas, shops, offices, etc. are also sold in North Cyprus. The price of these properties has also increased significantly in the last 5 years.
Future prospects of the North Cyprus real estate market
Considering the rising trend of property prices in North Cyprus in the last 5 years, it is expected that this trend will continue in the coming years. Factors such as increased demand for property purchase, limited supply, political and economic stability and possible membership in the European Union can further increase property prices in Cyprus.
In this situation, investing in North Cyprus real estate can be a good opportunity to make a profit.
However, before investing in this market, you should pay attention to the following points:
Do your research: Before buying any property, be sure to do your research and find out what the real estate prices in North Cyprus are in your desired area.
Get help from a reputable real estate agent: To buy a property in North Cyprus, be sure to get help from a reputable real estate agent. An experienced real estate agent can help you find the right property and go through the buying process correctly.
Consider side costs: In addition to the price of the property, you should also consider side costs such as taxes, attorney’s fees, etc.
Familiarize yourself with the laws and regulations of Northern Cyprus: Before investing in Northern Cyprus, be sure to familiarize yourself with the laws and regulations related to buying property in this country.
Kargar Consulting and Investment Company: Your companion on the investment path in North Cyprus
Kargar Consulting and Investment Company, with more than 14 years of experience in the field of investment and property purchase in North Cyprus, is ready to provide you with consulting and support services in this field. Using our most experienced experts and lawyers, we help you to buy the best property at the most suitable price.
last word
Property prices in Northern Cyprus have increased dramatically in the last 5 years. This is due to several factors, including increased demand, limited supply, political and economic stability, and possible membership in the European Union.
Considering the rising trend of property prices in Cyprus, it is expected that this trend will continue in the coming years.
Investing in North Cyprus real estate can be a good opportunity to make a profit.
However, before investing in this market, you should pay attention to the following points:
Do the necessary research.
Get help from a reputable real estate agent.
Consider the additional costs.
Familiarize yourself with the rules and regulations of Northern Cyprus.
Kargar Consulting and Investment Company, with more than 14 years of experience in the field of investment and property purchase in North Cyprus, is ready to provide you with consulting and support services in this field.
Contact us and make your investment in North Cyprus with peace of mind.
Frequently asked questions about property prices in Northern Cyprus
- Will housing prices in North Cyprus increase in the coming years?
Considering the upward trend of property prices in Cyprus in the last 5 years, as well as factors such as increased demand, limited supply and possible membership in the European Union, it is expected that housing prices in Northern Cyprus will increase in the coming years.
- When is the best time to invest in North Cyprus real estate?
There is no fixed time to invest in North Cyprus property. However, due to the upward trend in prices, the sooner you invest, the more you will profit.
- What type of property in North Cyprus is most suitable for investment?
It depends on your investment goals. If you are looking to make a profit in the short term, apartments in North Cyprus and houses in Cyprus in tourist areas are good options.
But if you are looking for a long-term investment, agricultural land in North Cyprus or a villa in Cyprus can be good options.
- What documents do I need to buy a property in North Cyprus?
To buy a property in Northern Cyprus, you need a passport, visa (if needed), a certificate of no criminal record and financial documents such as financial means.
- What are the side costs of buying a property in North Cyprus?
Additional costs of buying a property in North Cyprus include taxes, attorney’s fees, registration fees, etc. These costs are usually between 5 and 10 percent of the property price.
- Can I get the residence of this country by buying a property in North Cyprus?
Yes, by buying a property in Northern Cyprus, provided that your property is worth more than 300,000 euros, you can obtain the residence of this country.
- What is the best way to transfer money to North Cyprus to buy property?
There are different ways to transfer money to Northern Cyprus.
You can transfer money through exchange, bank transfer or using intermediary companies.
- Is learning Turkish necessary to live in Northern Cyprus?
No, learning Turkish is not necessary to live in Northern Cyprus.
English is widely spoken in this country and you can easily live with this language.
- What is the weather like in Northern Cyprus?
Northern Cyprus has a Mediterranean climate, with hot and dry summers and mild and wet winters.
- What tourist attractions are there in North Cyprus?
North Cyprus has many tourist attractions, including castles, cemeteries, beautiful beaches, etc.
