Real estate market analysts have published statistical data on Northern Cyprus. According to the report, prices for local properties reached a maximum in the last five years (monitored since 2018). By the summer of 2023, the cost per square metre crossed the mark of £1,000 ($1,290).
In June 2023, the average price per square metre in the apartment segment amounted to £1,017 ($1,316), up 44% from June 2022. Relative to June 2020, the cost increased by 59.43%. In the villa sector, the average price is £1,364 ($1,765) per 1 m², up 42% from last June and up 58.3% from June 2020.
In addition to the average data for the country, the experts also noted the price dynamics in certain regions of Northern Cyprus. The city of Kyrenia (the Turkish name is Girne), the capital of the namesake district, demonstrated the highest growth in value. By June 2023, the average price per square metre here reached £1,294 ($1,674) in the apartment segment (+50% compared to June 2022) and £1,364 ($1,765) in the villa sector (+43% compared to June last year).
Kyrenia is the northernmost and smallest part of the TRNC. It is considered the main cultural and tourist hub of Northern Cyprus, which attracts investors and buyers. A distinctive feature of local real estate development is that there are no high-rise buildings. In Kyrenia, it is forbidden to build houses higher than five floors.
The lowest real estate prices were shown by North Nicosia (another name is Lefkoşa, the state’s capital). Here, the cost per square metre is £690 ($892) in the apartment segment and £889 ($1,150) in the villa sector. Compared to June 2022, prices increased by 33% and 42% respectively.