KKTC: new center of investors' attention

The Turkish Republic of Cyprus (TRCP) offers local and foreign investors favorable investment conditions due to its strategic location and provides various investment incentives for direct investment.

EVA Gayrimenkul Değerleme in cooperation with North Cyprus Chartered Surveyors Limited has conducted a real estate survey in the north of Cyprus, which will be useful for both individual and corporate investors.

Investment opportunities due to rising real estate prices. EVA Gayrimenkul Değerleme has conducted a real estate analysis in the north of Cyprus in conjunction with North Cyprus Chartered Surveyors Limited.

With its small but rapidly growing economy and ever-increasing property prices, Cyprus represents an opportunity for investors in both the individual and corporate real estate sectors.

Prices for commercial plots in Lefkos range from £300,000 to £1,500,000 depending on the area. Prices for residential plots in the west of Lefkosa range from £75,000 to £180,000.

In Girne, prices for commercial plots range from £250,000 to £2,850,000 and sea front plots from £300,000 to £1,000,000. Prices for residential plots in Girne range from £60,000 to £280,000.

In Gazimagus, plot prices range from £30,000 to £400,000 and residential plots from £60,000 to £120,000.

In Iskeli, plot prices range from £30,000 to £60,000 and sea front plots from £150,000.

In Guzelyurt, plot prices are £30,000.

Kuzey Cyprus is attracting the attention of foreign investors. Kuzey Cyprus Turkish Republic has an active residential market for both local and foreign investors. Residential investments are the most lucrative as the rate of return is higher compared to other sectors. The price level of real estate in Cuse Cyprus also attracts the attention of foreign investors. Cuse Cyprus offers various investment incentives and provides a high quality of life for business and residence.

As EVA Gayrimenkul Değerleme's research has shown, residential apartments in KKTR are usually in the form of 3+1, 2+1 and 1+1. It is noted that luxury apartments were usually built in the last 3 years. A standard apartment is defined as an apartment older than 10 years, with an area of 75 to 130 square meters. The luxury villa has an area of more than 200 square meters, with a private pool, a large garden and more than 3 bedrooms. Standard villas usually do not have a pool and consist of structures of up to 200 square meters.

In Lefkosh, apartment prices range from £45,000 to £90,000. In Girne, the price of a luxury villa can be as high as £3 million. In Girne, prices for standard villas range from £120,000 to £350,000 and luxury villas from £450,000 to £1,500,000.

In Gazimagus, prices for standard villas range from £70,000 to £120,000 and luxury villas from £250,000 to £350,000.

In Iskel, prices for luxury villas range from £175,000 to £250,000 and prices for standard homes range from £85,000 to £95,000.

In Giuselurt, standard apartments cost between £40,000 and £65,000.

Average rents in KCTCT areas range from £250 to £2,000 per month depending on the area.

In the KCTR, the highest property yields are found in Iskell with a rate of 10.8%.