What are the trends in the real estate market in Northern Cyprus over the past year and a half?

Overview of the real estate market in Northern Cyprus

What has happened in the real estate market of Northern Cyprus over the past year and a half? It can be confidently said that the market in the Turkish Republic of NorthernCyprus (TRNC) is showing noticeable growth. Every year, property prices increase within10-12%with the exception of a sharp rise in prices inin 2022Last year, the market was influenced by deferred demand resulting from the COVID-19 pandemic, as well as changes in the international political situation. These factors contributed to record highs in both the number of transactions and housing prices, which doubled compared to previous periods. However, this growth should not be viewed as a stable trend, but rather as a temporary phenomenon, as it is precisely10-12%- this is a more realistic and healthy figure for future investors to aim for.

Changes in apartment prices over the last two years

How have apartment prices changed over the past two years? Previously, before the pandemic began, studios in new residential complexes were available starting from45 to 50 thousand pounds...but last year similar properties from the same developers started at90 thousand. However, even now, for resort real estate on the Mediterranean, these rates are still considered quite moderate.

Prospects for price growth

What do you think, how long will this trend of rising prices continue? At the moment, there are no grounds to believe that this process may slow down or come to a halt. Firstly, the high demand for residential real estate is still present. It definitely contributes to the increase in prices, although currently they are still noticeably lower than in neighboring regions, such asSouthern CyprusorTurkeyMoreover, the territory of the TRSK has its limits, and the amount of attractive land for development is becoming increasingly limited, which also affects real estate prices.

Shortage of construction materials

Additionally, it is worth noting the shortage of building materials that are imported to the northern part of the island from Turkey. Priority shipments of materials are being sent to areas in Turkey affected by recent earthquakes, which is leading to an increase in prices for construction resources.

Minimum prices in the real estate market

What is the minimum price for starting to invest in the market? The starting cost of apartments that are under construction is60 thousand pounds. In this price segment you can also find offers on the secondary market. In most cases, these will be fully furnished apartments in complexes that have been constructed8-10 years ago.

Interests of foreign buyers

What type of real estate in Northern Cyprus do foreign buyers find most attractive? In recent years, there has been a growing interest among foreign citizens in purchasing properties that are still under construction. This is primarily due to the fact that such apartments are generally cheaper: the prices are lower at earlier stages. Additionally, developers offer a variety of flexible payment options, including financing or interest-free installments. As a result, more and more people interested in acquiring real estate are starting to pay attention to these enticing offers.

Conditions for buyers of real estate in northern Cyprus

On the northern coast of Cyprus, developers are creating optimal conditions for potential real estate buyers. Here, not only long-term contracts are offered, covering both the construction phase and post-sale, but also relatively low down payments, which do not exceed 35% of the total cost of the property.

At the same time, last year there were changes in consumer preferences: many began to choose long-term living, which in turn led to increased interest in ready-to-move-in apartments and properties in the secondary market.

What is attractive secondary housing?

What exactly is attractive secondary real estate in Northern Cyprus? Considering that this region has only existed for a little over 50 years, when I talk about secondary housing, I mean properties built no earlier than ten years ago. In most cases, these are well-constructed residential complexes with developed infrastructure.

I would not recommend purchasing a property built more than ten years ago, as living conditions can be frankly unsatisfactory due to the poor quality of construction.

Types of real estate in Northern Cyprus

When it comes to the types of properties that are most commonly available in Northern Cyprus, the majority of projects are focused on resort themes and are concentrated in areas such as Iskele, Famagusta, and Esentepe, the latter of which is located near Kyrenia.

Typically, these are hotel-type residential complexes that feature well-maintained gated areas and a well-developed infrastructure. From an investment perspective, such projects appear quite attractive.

Projects for permanent residence

Permanent residential projects are being realized with less activity, mainly in Kyrenia and surrounding areas such as Alsanjak and Lapta, as well as in Famagusta. These complexes are more privacy-oriented and are located in natural areas.

When comparing prices, under equal conditions (similar areas and views), resort properties usually cost more. This is due to the presence of a more developed infrastructure and a greater number of services provided for residents.

Legal status of real estate

For foreign buyers, the legal status of real estate in Northern Cyprus remains a problem. This issue became particularly relevant after the conflict in 1974, when a large portion of the land was owned by Greek Cypriots.

Nevertheless, the status of abandoned lands has been resolved thanks to compensation mechanisms. At this point, no one will be able to deprive you of your property, as all disputes are considered by the European Court of Human Rights.

Investment opportunities

It should not be forgotten that for all new buildings that are currently being built and offered for sale, the legal status has already been established. Speaking about investments in Northern Cyprus, it can be confidently stated that it is not only due to the desire to save their funds, but also with the intention to increase them.

Two main strategies for investing are highlighted:

• Resale of the propertyas its value increases.
• Renting out real estateafter construction is complete.

Ultimately, Northern Cyprus presents an interesting opportunity for those seeking both long-term housing and profitable investments in the real estate market.

Investment opportunities and immigration issues in Northern Cyprus

The discussion of investment prospects, immigration issues, and real estate acquisition in Northern Cyprus deserves a closer look, as these topics generate significant interest among foreign citizens. If you are looking for the necessary information about the process of acquiring real estate and potential additional costs, our Telegram resource could be extremely helpful for you.

Purchase of real estate by foreigners

According to the local legislation of Northern Cyprus, foreigners are allowed to purchase multiple properties. However, the title of ownership can only be registered for one of them. This rule applies to both the title itself and the sales contract.

If you want to own more than one property, there is an option:

• to issue them in the name of your loved ones;
• to seek help from a trust company.

Such a company can represent your interests and manage an unlimited number of titles. To do this, a contract is concluded that confirms the transfer of rights to manage your property to the specified company, including ours. At the same time, the buyer remains the legal owner, and all tax obligations remain with them.

Why obtain a title for real estate?

When should you consider obtaining a title for real estate? It makes sense if you:

• you intend to live in a particular apartment or house for a long period of time;
• Do you want to obtain a temporary residence permit (TRP)?

If your goal is to sell the property later, then formal title registration is not required, and many buyers prefer to avoid registering the contract to not increase their tax liabilities.

Current situation in the real estate market

At the moment, the real estate market in North Cyprus shows stable prices, which are denoted in pounds sterling. However, buyers can pay in several currencies such as Euros, US Dollars and Turkish Lira. Funds are transferred directly to the construction company's account and it is possible to pay via SWIFT systems from bank accounts that are not subject to sanctions. In addition, we can also offer qualified payment procedures using cryptocurrencies or through our company's trusted representatives.

Opening a bank account

If you plan to open a bank account in Northern Cyprus, you need to know what documents you will need. You will need:

• foreign passport;
• purchase and sale agreement
• address certificate from the local elder.

Typically, the account opening process doesn't take much time, and you can receive a response within a few days. You will be able to open an account in currencies such as Turkish lira, British pounds, dollars, or euros—all of which are widely used in Cyprus.

Legalization in Northern Cyprus

It is also worth considering the issue of legalization in Northern Cyprus. To obtain the relevant status it is desirable to own real estate, but the price parameters and location of the object are not critical. An alternative option may be a long-term lease - it is sufficient that the lease term is at least six months.

Please note that translating the title into your name for the purpose of obtaining a temporary residence permit is not mandatory. You can obtain a residence permit based on a registered lease agreement, but you will need to provide a certificate of no criminal record.

Conclusion

Thus, the process of acquiring real estate in Northern Cyprus and obtaining temporary residency requires a careful approach and thorough study. With our assistance, you will be able to significantly reduce the time and properly organize all stages of this process.

To obtain a residence permit in this country, it is necessary to contact the Ministry of Internal Affairs and submit an application for permission from the government authorities. This step is mandatory and requires the applicant to prepare a specific list of documents.

Necessary documents

All the necessary paperwork must be submitted to the migration police department, and the applicant's personal presence is mandatory. This package includes documents such as:

• Foreign passport
• Certificate of no criminal record
• Registered contract of sale
• Address reference from the local elder.
• Bank statementconfirming the availability of funds sufficient for living in the country (from $6,000 to $7,000 per person).

The wait for obtaining the status can take about two months. Initially, the residence permit is granted for one calendar year, with the possibility of extending it for one or two years depending on the grounds for obtaining such status.

Registration of title deeds

As for the title deed (certificate of ownership), this process can take a considerable amount of time and requires proper document preparation.

Description of the complex

The complex is located in a picturesque area, just a few steps from the coast, and offers its residents a private beach. It boasts stunning views of the sea and mountain ranges, creating an atmosphere of unforgettable beauty. The quality of construction is top-notch, and the well-developed infrastructure makes this place ideal for comfortable living and relaxation.

Villa in Esentepe

Investments 616,200 €- This is a magnificent villa in Esentepe, Cyprus, with a total area of 220 m², which allows for obtaining second citizenship upon purchase. Online viewings and the possibility of remote transactions are available. The modern four-bedroom villa is located on the first line from the sea, in a picturesque area west of Kyrenia, allowing its residents to enjoy unique panoramic views.

The convenient location just a few minutes from the city center provides access to all the necessary services and amenities for a comfortable life.

Luxurious villa in Kyrenia

Investments 934,797 €- This is a luxurious villa with an area of 345 m², located in the very center of Kyrenia, with the possibility of obtaining a residence permit. Online viewings and remote transactions are available. This elite five-room villa is surrounded by a picturesque garden and situated among olive groves on the mountainside, allowing for stunning panoramic views of the sea and mountains.

A quiet environment contributes to a peaceful life, while proximity to the central areas of the city ensures easy access to all necessary services and amenities.

New villa in Famagusta

Investments 876,372 €- a new villa in Famagusta of 277 m² with five rooms and the possibility of obtaining a residence permit. It is located in a residential complex of a well-known developer in the Esentepe region, on a hillside and offers impressive views of the Kyrenia Mountains and the Mediterranean Sea.

The complex is located in close proximity to the beach and a well-maintained promenade, with all the necessary infrastructure for a comfortable stay nearby. The landscaped area makes this place even cozier.

Apartments in Kyrenia

Investments 273,311 €- A 90m² apartment in Kyrenia, perfect for a comfortable stay. Karsiyaka is considered one of the furthest villages from Kyrenia in the north of Cyprus, with the town only 20-30 minutes away.

• The perfect place for those seeking peace and solitude away from the hustle and bustle of the city.
• The complex is designed in a modern style and offers stunning views of the mountains and the sea.
• Each penthouse has its own rooftop terrace where you can enjoy an evening relaxation under the stars.

A masterpiece of architecture in Kyrenia

Investments 654,241 €- This is a true architectural masterpiece, a luxurious villa in a stunning and tranquil complex in Kyrenia, covering an area of 193 m². All the necessary infrastructure for a full life and relaxation is located in close proximity.

• The villa is equipped with its own pool and a well-maintained terrace with landscaping.
• Creates the perfect atmosphere for a weekend getaway.
• Panoramic views of the sea and mountain ranges provide unforgettable moments.

This apartment will suit those looking for a comfortable retreat away from the hustle and bustle of the city.

Investing in real estate in Cyprus

Investing using borrowed funds opens up wonderful opportunities for acquiring real estate, and this is becoming increasingly relevant in Cyprus. For example, three-room apartments are available for sale in the very center of Famagusta, with an area of 80 square meters. This residential complex stands out for its convenient location in a quiet area, away from the city noise, yet in close proximity to all necessary infrastructure, including the City Mall shopping center. It is the perfect option for those looking for a cozy place that combines comfort and tranquility.

The construction has been carried out to a high standard using only quality finishing materials, while the modern architectural design emphasizes the elegance of the living space.

Modern apartments in Kyrenia

Another attractive offer is the latest apartments in Kyrenia. These apartments are located in a residential complex covering 65 square meters and delight with charming views of the mountains and the sea.

For penthouse owners, there are spacious rooftop terraces that are equipped:

• with built-in backlighting;
• electrical outlets;
• pergolas;
• shells.

The entire complex is also equipped with a central generator that ensures uninterrupted power supply. Among the amenities for residents are various infrastructure facilities, such as:

• pool;
• restaurant;
• gym
• hammam
• areas for sunbathing and relaxation.

Apartments in Esentepe

Apartments with an area of 37 square meters are for sale on the coast near Esentepe, offering the opportunity to enjoy a luxurious life by the sea. This project is considered one of the most attractive, as it provides stunning landscapes and magnificent mountain views next to the seaside.

Living in Esentepe offers a unique opportunity to enjoy harmony with nature and a high level of comfort. The complex combines modern elegance with stylish design, providing its residents with an exceptional quality of life.

Luxurious villa in Iskele

In Iskele, there is a luxurious four-bedroom villa for sale, covering an area of 200 square meters, which embodies the ideal home in a picturesque natural setting. The villa is situated on a 400 square meter plot of land and is located one kilometer from the sea.

This area is known for its beautiful landscapes and developed infrastructure, making it a wonderful place to live and relax. The architecture of the villa emphasizes style and quality, highlighting the uniqueness of the property.

Residential project in Karşıyaka

Kyrenia offers an attractive project in the Karşıyaka area, where a new residential complex is planned to be built with an area of 60 square meters. The apartments will feature spacious terraces that provide stunning views of the mountains and the sea.

This complex will also be equipped with a central generator and an air conditioning system, ensuring a comfortable climate in any season. It will include:

• restaurant;
• a modern spa salon with a sauna and a hammam;
• well-equipped gym.

New project in Tatlysu

It is important to mention a new residential project in Tatlisu, which is just half an hour's drive from the center of Kyrenia and offers 80 square meters of comfortable apartments. This property is an excellent option for those who value convenience and high-quality construction.

The infrastructure of the area fully meets modern standards, providing access to all necessary services. Thus, Cyprus continues to be one of the most desirable destinations for foreign investors looking for attractive opportunities in the real estate market.

Comfortable accommodation by the sea

Just a few minutes from the offered accommodation, there are only a few steps to a small supermarket, as well as a magnificent sandy beach called Kaplica, which can be reached in just 10 minutes. The complex offers a range of leisure facilities, including a large communal pool, an indoor swimming pool, and a specially equipped room for yoga and meditation classes.

An interesting offer in Famagusta

We have an interesting offer — apartments in Famagusta, located in Cyprus, priced at294,461 eurosTheir total area is37 square metersand they consist oftwo roomsUnderstanding customer needs includes the ability to obtain a residence permit upon purchase. These apartments are available for viewing online, and remote transactions with simultaneous document processing are possible.

Features of the apartment

• This two-room apartment is located on the first floor and includes8 m² of terrace.
• There is a roof with an area of36 square metersand the mezzanine on25 square meters.
• Personal swimming pool size11 m².

All these features make the property ideal for both permanent living and renting out. This elegant complex, surrounded by nature, will attract those seeking tranquility and relaxation in a picturesque corner of Northern Cyprus.

Studios in a luxury complex

Studios are also available in this luxurious complex, with an area of46 square metersat the price186,959 eurosThe presence of a separate garden with an area of12 square metersIt adds extra appeal to this real estate property. The complex is being built in Iskele, in close proximity to the outstanding Long Beach, making it accessible to people from all over the island. The area is equipped with all the necessary infrastructure to ensure a comfortable lifestyle.

Quality and atmosphere

The quality of construction and finishing meets the most modern standards and is of high class. This housing will be an excellent choice for those who seek comfort and tranquility.

Additional suggestions

There are also opportunities to explore other offers, including a two-bedroom loft apartment with an area of61 m²at the price185,323 euroslocated in the picturesque coastal village of Boaz, which is just25 kilometersfrom Famagusta.

Boaz: the perfect place for relaxation

Boaz is famous for its fishing restaurants and beautiful beaches, making it the perfect place for those seeking an authentic Cypriot holiday.

Apartments in Kyrenia

In the Kyrenia area, in Bahceli, apartments are being offered with an area of80 square metersat the price274,596 eurosThese comfortable apartments are located near the modern Korineum golf club, making them particularly appealing to golf enthusiasts. Their proximity to the beach and promenade adds to their attractiveness for those who enjoy spending time outdoors by the water. The area's infrastructure is well-developed and ensures a comfortable living experience.

Housing offers in Iskel

In Iskele, an idyllic town located in the northeast of the island, apartments are offered with a total area of48 square metersat the price98,621 eurosIstanbul is famous for its picturesque beaches and rich history, as well as its unique architecture. This city offers excellent conditions for beach holidays and water sports, and is known for its historical monuments, making it particularly attractive to both tourists and locals.

In summary, I would like to note that the real estate market in Northern Cyprus is in a phase of active growth and offers numerous opportunities for investors. Over the past year and a half, we have seen a significant increase in prices and interest from foreigners, which indicates the attractiveness of this region. Given the existing demand, limited supply, and rising prices for construction materials, it can be confidently said that positive trends will continue for a long time.

Despite the strong performance in 2022, it is important to focus on realistic numbers, such as price growth in the10–12%This number reflects a stable situation in the market and allows for well-founded forecasts for future investments. Apartments that were much cheaper before the pandemic have now become more expensive, but even considering this, their prices remain affordable compared to other regions of the Mediterranean.

Market prospects

It should not be forgotten that North Cyprus, as a relatively young territory, offers its buyers unique opportunities. Despite concerns about the legal status of properties, legislative changes have made this area more reliable and safe for investors. As a potential investor, you can not only save your money, but also count on its growth due to the upward trend in the market.

Key points

• The increase in real estate prices is10–12%.
• Interest from foreign buyers continues to grow.
• Limited supply contributes to higher prices.
• Legislative changes provide reliable legal protection.

Conclusion

In conclusion, I want to emphasize that the opportunities offered by the real estate market in Northern Cyprus are worth considering. Whether it's resort housing or properties for permanent residence, everyone can find a suitable option for themselves. A sensible approach and thorough market research will be key factors for successful investments. I hope this study helps you better understand the rapidly changing market dynamics and make an informed choice.