Real estate market in Northern Cyprus: current trends and forecasts
Northern Cyprus is a place that attracts more and more foreign investors. We propose to review the current state of the real estate market in this region in 2024 and the factors affecting pricing and the real estate market as a whole.
Overview of the current state of the real estate market in Northern Cyprus
Due to the consistently high demand for housing in Northern Cyprus, real estate prices are constantly rising. Investors from all over the world invest in apartments, cottages and villas in this part of the island.
This region attracts millions of tourists from different countries every year. Students come here, as in North Cyprus there are more than 15 educational institutions that issue international diplomas. Many families, young couples and retirees choose to vacation on the azure coast with its warm climate and friendly local population.
The world famous Forbes magazine mentioned Northern Cyprus as the best place in the world to invest in real estate on the coast. This has been a great advertisement for the state and has influenced pricing.
This region attracts millions of tourists from different countries every year. Students come here, as in North Cyprus there are more than 15 educational institutions that issue international diplomas. Many families, young couples and retirees choose to vacation on the azure coast with its warm climate and friendly local population.
The world famous Forbes magazine mentioned Northern Cyprus as the best place in the world to invest in real estate on the coast. This has been a great advertisement for the state and has influenced pricing.
Current trends in the real estate market
The real estate market in the northern part of the island has seen a remarkable revitalization and transformation over the past few years. Coastal properties and modern urban complexes are attracting local and foreign investors. Residential properties are being purchased here for personal use as well as rental.
Among the current trends affecting the demand and dynamics of real estate prices are:
Among the current trends affecting the demand and dynamics of real estate prices are:
- Increasing demand for real estate on the coast. Buyers who prefer a luxurious life in a quiet neighborhood seek to purchase properties in the coastal zone near the clean Mediterranean Sea and white sandy beaches. The most popular among investors are cottages and villas overlooking the sea and direct access to the coast. Such real estate attracts investors not only beautiful views, but also the opportunity to get a good profit from renting out housing.
- Active growth of investment in urban development. This aspect of the real estate market in North Cyprus is also actively developing. In large cities and small towns are actively building modern and high-tech residential properties and commercial buildings. The buildings are characterized by ultra-trendy design, the introduction of the latest technologies, close proximity to major infrastructure facilities. Buying apartments in North Cyprus attracts businessmen, families and young professionals. As more and more people choose to live in modern urban developments, the demand for strategically located and well designed properties is steadily increasing.
The real estate market in North Cyprus is constantly growing, providing investors with more and more lucrative offers.
Factors affecting the real estate market
According to analytics, there are several important factors influencing the real estate market in North Cyprus today.
Improved transportation accessibility and infrastructure expansion. In recent years, the region has seen significant improvements in transportation and infrastructural development. Public transportation is being improved, airports are being modernized, and new road networks are being built. These measures facilitate access to other parts of the island.
Improved infrastructure makes life easier for local residents and makes the region more attractive for investment in residential and commercial real estate. Foreign investors now see potential in areas of the island that were previously considered difficult to access.
Environmental initiatives. The world's attention is focused on environmental issues. Eco-projects and other initiatives are being actively implemented in the North Cyprus real estate market. Developers use eco-friendly materials in construction and finishing, use alternative energy sources. More and more projects are striving to obtain the so-called "green" certification in order to attract investors who prioritize environmental concerns.
Improved transportation accessibility and infrastructure expansion. In recent years, the region has seen significant improvements in transportation and infrastructural development. Public transportation is being improved, airports are being modernized, and new road networks are being built. These measures facilitate access to other parts of the island.
Improved infrastructure makes life easier for local residents and makes the region more attractive for investment in residential and commercial real estate. Foreign investors now see potential in areas of the island that were previously considered difficult to access.
Environmental initiatives. The world's attention is focused on environmental issues. Eco-projects and other initiatives are being actively implemented in the North Cyprus real estate market. Developers use eco-friendly materials in construction and finishing, use alternative energy sources. More and more projects are striving to obtain the so-called "green" certification in order to attract investors who prioritize environmental concerns.
Tips for buyers and investors
If you decide to invest in property in North Cyprus or buy a home for yourself, consider the following points:
- What kind of property you need. A small modern apartment, a cozy cottage or a luxury villa – choose according to your goals and budget.
- What the property will be used for. If you want to settle in Cyprus and enjoy privacy and a relaxed pace of life, a quiet neighborhood in a small town will do. Investing in real estate for profit implies buying properties on the coast, in picturesque locations or modern high-tech buildings.
- What characteristics the property should have. Cafes and stores within walking distance? The sea 100 meters away or compliance with environmental standards? Formulate your wishes before you start researching the market.
- Establish a budget. Understanding how much money you have will narrow down your property search and save you time.
And of course, investing or buying property in North Cyprus will be easier with the support of a team of professionals. Specialists of our real estate agency in North Cyprus are ready to help you at all stages of the purchase: from studying and evaluating offers on the market to preparing documents and signing the contract of sale.
GP Real Estate Agency has the largest database of properties under construction at a price lower than other companies. Contact us via the form on the website or any other convenient way for you and we will find the best real estate for purchase or investment.
GP Real Estate Agency has the largest database of properties under construction at a price lower than other companies. Contact us via the form on the website or any other convenient way for you and we will find the best real estate for purchase or investment.
