Russians, Iranians & Germans snap up property

North Cyprus real estate Russians

North Cyprus’s red-hot property market surged in the 3rd quarter of the year as investors piled in, with Russians among the top five buyers as Northern Cyprus benefits from an influx of wealth in the wake of Western sanctions.

The first half of 2022 saw residential real estate transaction volumes up 100 per cent with a 30 per cent rise in the value of resale houses sold.

According to purchase permit applications, there have been more than 3500 non-citizen international buyers until October 2022.

The top 5 buyers were from Russian speaking countries including Ukraine, Iran, Germany, the UK, Turkey and followed by other Europeans.

Iskele has been the most popular town among Iranians & Russians where Germans & British buyers preferred to purchase properties closer to Kyrenia town centre & some at Esentepe.

Russians were pouring money into North Cyprus properties, seeking a financial haven in the wake of Western sanctions on Moscow over its invasion of Ukraine.

Where Germans looking to escape from European political regulations, increasing inflation and high tax policies. Some of the Germans looking to move with their families thanks to good English schools, low crime rates and cheaper cost of living in Northern Cyprus compared to other European countries.

Some investors, they choosing to invest in the Northern Cyprus property market as a plan B because of the economic and political issues with growing tension between Russia and Ukraine.

Ever-growing demand, low supply and short resale houses promise property prices to increase at an all-time high in the Kyrenia region.