Real Estate in Northern Cyprus: Prices for the 2nd Quarter of 2023
Real estate in Northern Cyprus remains a sought-after investment, attracting both local residents and foreign buyers. Analysts from the 101evler real estate portal have presented data on prices for apartments, villas, and rentals in different regions of the country, based on the results of the second quarter of 2023.
According to the presented data, the average prices for apartments in Northern Cyprus range from £1700 to £2200 per square meter. At the same time, villa prices start at £2000. However, it is worth noting that there is a wide range of prices. On the secondary market, one can find properties in need of renovation at much lower prices.
Rental rates in Northern Cyprus have also seen an increase in 2023. According to analysts, rental rates are increasing on average by 7-12% each quarter.
Interestingly, the average payback period for real estate in Northern Cyprus is 15.9 years. This means that an investor will need approximately that amount of time to recoup the amount spent on purchasing the property through rental income from long-term rentals.
Analysts have also provided data on prices in different regions of Northern Cyprus. In Nicosia, the average price per square meter for an apartment is £681, in Kyrenia – £1277, in Famagusta – £838, and in Iskele – £1591. As for villas, the average price in Nicosia is £877, in Kyrenia – £1580, and in Famagusta – £1101.
Let’s also examine the data on rental rates in Northern Cyprus. According to the presented data, the average rental rate per square meter per month is £5.28. In Nicosia, the rate is £4.07, in Kyrenia – £6.8, and in Famagusta – £4.2.
For convenience, all the data with the results for the second quarter of 2023 has been published in the tables below.
Price table for apartments in Northern Cyprus, 2nd quarter 2023:
| District | Price per sq.m (£) | Quarter change (%) |
|---|---|---|
| Average indicator for the country | 1004 | +10.2 |
| Nicosia | 681 | +8.9 |
| Girne | 1277 | +10.3 |
| Famagusta | 838 | +11.6 |
| Iskele | 1591 | +11.2 |
Price table for villas in Northern Cyprus, 2nd quarter 2023:
| District | Price per sq.m (£) | Quarter change (%) |
|---|---|---|
| Average indicator for the country | 1346 | +8.7 |
| Nicosia | 877 | +3.6 |
| Girne | 1580 | +10.2 |
| Famagusta | 1101 | +11.4 |
Price table for rentals in Northern Cyprus, 2nd quarter 2023:
| District | Rental cost per sq.m (£/month) | Quarter change (%) |
|---|---|---|
| Average indicator for the country | 5.28 | +8.7 |
| Nicosia | 4.07 | +7.3 |
| Girne | 6.8 | +9.3 |
| Famagusta | 4.2 | +11.4 |
Based on the provided data, it can be concluded that the real estate market in Northern Cyprus continues to develop and grow. Apartments and villas remain in demand, and rental rates are also increasing. However, it should be noted that there can be a significant price range, especially when purchasing properties requiring renovation. The average payback period for housing is at the level of 15.9 years, which can be an important factor for potential investors.
