Are house prices increasing in North Cyprus?
It seems like globally there is an all time high hyperinflation ,but when we look closely at the numbers from “trusted” institutions the numbers do not show it as bad as we feel or affected even though the worldwide economy faces greater costs during the time spent recuperating from the effects of Covid lockdowns.
According to statista Global inflation is only gone up 3-4%. In the USA people are starting to measuring the inflation but looking at price increases of McDonald’s and hot dogs. According to media fast food prices are looking to be at up-to 30 % increase only in USA where energy and most of the product prices are far more cheaper than other G-20 countries.
At the point when we say hyperinflation we as a whole recollect the economic crisis of the early 20s where downturn untouched high and a rise of more than 24%.
As much as anything else, inflation has affected the property prices in Northern Cyprus too. Main reason is not only the high cost of materials and labour but also due to a lack of new developments and resale market supply which has pushed the prices up to around 10% already in 2021 and seems likely it will continue to rise at most locations in North Cyprus property market during 2022.
According to 101evler.com platform property prices have risen over 7.38 % for apartments and 1.08% from villa sales in North Cyprus.
But I must say that these numbers do not give complete accurate data because they only started doing data analysis for the last two years.
When we check the prices on the real estate market its not difficult to see that resale property market has been shrinking from an all time high in Kyrenia region North Cyprus. It’s difficult to find resale houses for sale below 200,000 GBP from directly by owners with full title deeds anymore.
On the other hand new property developments in North Cyprus prices start from 225,000 GBP with a smaller plot size and when you calculate the maths, new modern houses comes out at about 1500 GBP per square meter but when you check the data from 101evler.com platform they are still on average of 996 GBP.
Apartment prices in Kyrenia centre are 1000-1500 GBP per square meter.
Apartment prices out site Kyrenia centre are from 1200-2000 GBP per square meter.
Private villa prices starts from 1500-2000 per square meter between Karsiyaka and Catalkoy.
Aanswer is yes property prices in Northern Cyprus are rising more than ever.
Kyrenia property prices have risen faster than any other region in Northern Cyprus.
North Cyprus Real Estate Market & Property Prices
North Cyprus real estate market has never been so promising for investors or foreign buyers. Cyprus alone is an island and has limited number of development plots to develop residential properties.
Northern Cyprus is smaller than South Cyprus but has more demand from foreign buyers than ever before.
After the global pandemic of covid Northern Cyprus properties has become more famous and popular for over seas investors and expats. Thanks to beautiful weather, low crime and easy access from all over the world. The Island will always be a popular location for holiday makers and investors.
The Market is based on demand and supply and the property market prices will continue to rise.
The falls in the Turkish lira will affect property prices in North Cyprus market?
Answer is No.
In Northern Cyprus Property prices are based on GBP not on Turkish Lira so we can’t say it has any effects with the falling Turkish Lira but it does affect the low end domestic buyers market.
We don’t believe prices will ever get affected by the fall of Turkish lira as much as we have interest from overseas buyers.
One of the other reason for the rise in the cost per square meter in North Cyprus is the rise in the cost of land. Before starting the construction of a residential complex, developers are looking for cheap plots for building properties. Every year there are fewer and fewer such plots available.
The lack of land is especially felt in densely populated cities and regions like Kyrenia and Nicosia. In cities such as Kyrenia and areas such as Bellapais, Ozankoy, Catalkoy, Alsancak and Lapta, land for building purposes is becoming more and more difficult to find, and if there is one, owners are asking very high prices for it, where it affects the cost of the house. Accordingly, with the rise in prices for land plots, the price tag for real estate also will continue to rises.
How is the real estate market in Cyprus?
Unlikely like North Cyprus real estate market. The real estate market in Cyprus having some up and downs since the covid.
Before the pandemic, high demand from overseas buyers to Cyprus real estate market recuperation as of late, prevalently from non-EU purchasers. In 2019, property deals in Cyprus rose
by 12.2% to 10,366 units from a year earlier, the biggest sales total since 2008. It followed rises of 5.8% in 2018, 23.7% in 2017, 42.6% in 2016, 9.4% in 2015 and 20.2% in 2014.
However after the lock down of covid with restriction traveling property market shrinks up to %24.
For those who are looking to invest for high return or rental yields Kyrenia region is the place they should be considering. Places like Esentepe, Lefke, Gaziveren or Iskele are mostly catered for overseas investors not for domestic ones and they are far from our Universities and Tourism hot spots, these areas are not recommended for high return investment.
This property is ready with Title deed for transfer.