Experts analysed the rental real estate market in Northern Cyprus and presented the average statistical data both for the republic and its individual regions.
In June 2023, the average price of a rental unit reached £5.41 ($7) per square metre. This is 49% higher than in June 2022. Over three years, the growth of rent amounted to 68%, and over the last three months, 8.69%.
The highest rent was recorded in Kyrenia at £6.96 ($9) per square metre. This is 53% higher than in June 2022. Compared to 2020, the rent growth was 67.27%, and the increase over the last three months was 9.34%.
Famagusta had the second highest rent at £4.17 ($5.4) per square metre. Here, the year-over-year growth was 49.19%. Over three months, the cost of rent increased by 11.42%, and over the past three years, by 84.18%. Although Famagusta is inferior to Kyrenia in terms of average figures, it can be seen that the growth dynamics here is the highest.
In third place is North Nicosia with a price per square metre of £4.12 ($5.33). This is 44.76% higher than in June 2022 and 62% higher than in June 2020. The increase since March amounted to 7.03%.
According to the report, 28.5% of the population of Northern Cyprus is under the age of 18. In second place (19%) are people aged 18 to 24. Residents from 25 to 34 years old ranked third (16.7%). This demographic composition is probably one of the main reasons for the high demand for rental housing.