The spring of 2022 has unexpectedly introduced changes in the life of the whole world. The situation has not bypassed Northern Cyprus either. World wide inflation, rise in the prices of energy sources, food and building materials, devaluation of currencies. All this could not but affect the economy of a small island state.

In the TRNC, as in all other countries of the Western Hemisphere, everything has risen in price. Real estate prices are among the first ones in this list.

The prices for rental apartments have risen substantially. And the number of people who want to buy property in a warm and safe country has grown greatly. Just in few last months, investors and incomers have snapped up almost all of the finished and most appealing real estate at the stage close to completion. Today it is really hard finding something decent among ready-made apartments. Interesting options for purchase appear among new objects with a commissioning date only in 2024 or later. But even in this case, the best real estate options are sold out within a month after the start of construction and the start of sales. And all this is despite the fact that even at an early stage of entering the project, the stage of foundation excavation, real estate prices have increased a lot compared to the previous years.
Of course, real estate in Northern Cyprus continues to have the most attractive prices in the Mediterranean region, but it is no longer possible to buy an apartment for £36,000, as it was back in 2021.

Resort property

As things stand prices for new housing in the resort area start from £50,000. These are studios at a distance of about a kilometer from the sea. Other options that are closer to the sea, ca 500 meters, start from £55,000. Well, if you want a small apartment within 5 minutes walk from the beach, you will have to pay from £65,000-£70,000 and more.

Front sea view studios today start from £65,000. Larger apartments are naturally more expensive.

Real estate on the first coastline is always the most expensive one. That's a given. The minimum price for an apartment here starts from £80,000. These apartments are normally located in residential complexes right by the sea. In most cases, these are luxury projects with an equipped private beach, which can only be accessed from the complex, or by sea.

Urban real estate

Property in the city can be found from £55,000. There are practically no studios left for sale in Kyrenia.

There are available apartments with one and more bedrooms at a price of £65,000-70,000, and higher. And here we talk about just single standing houses away from closed residential complexes with full infrastructure. At this price you can pay for a 1+1 apartment in a single standing apartment building in the perimeter of Kyrenia-Alsancak-Karanaoglu-Lapta.
Right now, for example, you can buy 2+1 apartments in a finished project in Lapta. Prices start from £65,000. These apartments are being sold out very quickly, so if you are interested, do not delay the purchase.

Houses and villas

Houses in Northern Cyprus are quite affordable. If the purpose of the purchase is moving to Northern Cyprus, then it makes sense to buy a house in a village with good infrastructure at some distance from the sea.
As of today, the minimum prices for a townhouse in such a project start from £115,000.

• Detached houses with an area of 170 sq.m. are available for purchase starting from £190,000.
• Bungalows by the sea in luxury complexes with full infrastructure comes from £265,000.

If you consider the idea of buying a house not on the coast, but 1.5-2 km from the sea, you can find less expensive options:

• Bungalows start from £180,000 at off-plan;
• Villas start from £280,000;
• Luxury villas at a minimum distance from the sea start from £450,000

Prices according to the region

The most affordable apartments stay in Guzelyurt region: their cost is from 49,000 to £50,000.
Iskele/Long Beach studios cost from ca £52,000. At this price you can buy only a small-sized (28 sq.m.) studio here. Larger ones will cost from £55,000.

Please, note that Long Beach, despite rising prices, continues to be one of the most attractive regions for investment. Those who manage to buy real estate here this year can count on profitable investments.
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In fine, we’d like to remind you that the price of real estate in Northern Cyprus includes full fit-out, built-in furniture, doors, windows, electrical and sanitary equipment. So, after putting the facility into operation, you do not need to invest in preparing your home for living.