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Prices, dynamics and prospects for investments for the 4th quarter of 2023
Northern Cyprus continues to attract the attention of investors with its unique blend of history, nature and economic potential.
In the last quarter of 2023, analysts from 101evler and REIDIN identified interesting trends in the real estate market, confirming the fact that the region remains attractive to those looking for both long-term investments and lifestyle opportunities.
Price dynamics:
Housing prices in Northern Cyprus continue their upward growth.
During the last quarter of 2023 the following is observed:
- Increase in prices for villas by 10.76%
- Moderate increase in apartment prices – 4.33%
- Rental rates increased by an average of 2.64%
- Investment opportunities:
Analysts also highlighted the reduction in investment return period, which makes the market more attractive to potential investors. Now the average payback period is 16.2 years.
Average prices and dynamics in different areas:
Lefkosa (Nicosia):
- Apartments: £701 (-0.14%)
- Villas: £1,078 (+10.41%)
- Average rental cost: £4.5/sq.m. m (+5.32%)
- Average payback period: 13 years
Girne (Kyrenia):
- Apartments: £1,426 (+5.62%)
- Villas: £1,828 (+10.84%)
- Average rental cost: £7.11/sq.m. m (-0.67%)
- Average payback period: 16.7 years
Famagusta:
- Apartments: £1,018 (+9.96%)
- Villas: £1,366 (+11%)
- Average rental cost: £4.64/sq.m. m (+4.06%)
- Average payback period: 18.3 years
Iskele:
- Apartments: £1,826 (+3.09%)
These figures indicate the dynamic development of the real estate market in Northern Cyprus.
Demand for property in this region remains stable and investment in property in Northern Cyprus continues to be promising.
We remind you that obtaining a residence permit when purchasing real estate is available for any amount of investment, which makes this region even more attractive for foreign investors.
