North Cyprus Real Estate Price Analyse 2023-2024

North Cyprus is getting high demand from international investors. In this blog, we will explain the forecast for the 2023-2024 period in the North Cyprus property market. In addition, we will see the reasons and outcomes of this high demand. You may also find suggestions for investing in properties in North Cyprus.

How are Property Prices in North Cyprus in Comparison with European Countries?

houses and villas right next to the seaNorth Cyprus property prices are increasing. While there are many reasons behind it, the most important one is high demand. North Cyprus is getting high demand from investors all over the world.

The demand for North Cyprus property investment actually boomed after Forbes mentioned the country. Forbes mentioned North Cyprus as the best place for beachfront investment. It became a wonderful advertisement for North Cyprus.

Also, North Cyprus has a combination of features ideal for living and investment. It offers one of the most tranquil Mediterranean lifestyles. In addition, the cost of living in North Cyprus is lower than in many countries.

Now, let’s have a look at the comparison of property prices between North Cyprus and European countries. We will start with apartment prices per sqm.

Average Apartment Prices Per Sqm
Country2021 January2021 July2022 January2022 July2023 January2023 July3 Year Change
Germany5.483 €5.487 €6.618 €6.000 €4.980 €4.221 €%-23.02
Spain1.692 €1.607 €1.629 €1.693 €1.783 €1.867 €%10.34
UK11.150 £10.930 £7.965 £7.054 £7.724 £10.415 £%-6.59
Belgium4.673 €4.835 €4.294 €4.884 €4.812 €4.348 €%-6.95
Croatia2.971 €2.085 €2.198 €2.370 €2.493 €3.024 €%1.78
North Cyprus599 £616 £633 £697 £826 £1.004 £%67.61

These apartment prices per sqm for the last 3 years. As the table shows, Cyprus is one of the best areas for investment. A stable increase is making it suitable for investment with high potential. In three years, property prices in North Cyprus are increased by more than %65.

Average House Prices Per Sqm
Country2021 January2021 July2022 January2022 July2023 January2023 July3 Year Change
Germany4.319 €4.345 €3.328 €2.857 €2.809 €2.928 €%32.21
Spain1.363 €1.376 €1.419 €1.456 €1.492 €1.512 €%10.93
UK5.893 £5.535 £4.382 £6.033 £6.734 £8.330 £%41.35
Belgium3.726 €3.611 €1.651 €3.673 €3.430 €3.740 €%0.38
Croatia2.562 €1.686 €1.799 €2.006 €2.115 €2.500 €%-2.42
North Cyprus834 £853 £907 £1.036 £1.112 £1.350 £%61.87

The second table shows that property prices in North Cyprus are increased by more than %60 only in 3 years. Most countries suffered unstable real estate prices. While the main reason is inflation, the pandemic also affected real estate prices worldwide.

Real estate prices are decreased in many EU countries. North Cyprus shows a stable increase with the development. Also, property prices are more ideal than any other country in Europe.

Real Estate Price Predictions of North Cyprus in 2024

Photo magnifying glass on charts paperObviously, real estate prices in North Cyprus are expected to rise also in 2024. In five years, real estate prices do not seem to decrease in the country. New real estate developments are contributing enough supply to the market.

Foreigners are expected to join more in the real estate market of North Cyprus. The main demand is coming from European investors. But, Near Eastern and Asian investors are also started to inspect the opportunities.

Currently, England and Germany are the top countries racing for properties in Cyprus. Foreign investors are generally looking for a second house or investment. It will continue in the following years.

What Are the Advantages of Investment in North Cyprus?

The biggest advantage of investment in Cyprus is benefiting from the increasing prices. Your investment will have a stable price increase. Also, you will have wide options to select your investment property. In addition, generally, the rental income in North Cyprus is on a GBP basis. So, your investment will not be affected by inflation.

Furthermore, North Cyprus has an ideal location. It is located in the center of the Mediterranean. So, your investment will be easily reachable from Europe, the Middle East, and Africa. If this is not enough, we have more. North Cyprus is the heaven of higher education. Each year, North Cyprus hosts more than 100.000 students from more than 100 different countries.

North Cyprus is a famous tourist area. It is home to prestigious hotels, golf courses, and many more facilities. It means you will already have an advertisement for your property. Also, despite tourism popularity, North Cyprus is one of the top 5 European countries with the lowest crime rate.

Amenities are important when it comes to real estate investment. North Cyprus has a developing structure. While there are many facilities, new ones are already being constructed.

Lastly, there are many property tax advantages in North Cyprus. The country allows welcomes foreigners for investment with its advantageous tax regimes. It clearly is more beneficial to invest in North Cyprus, in comparison to any other similar European country.

Explained with Example: Returns of Your Investment in New Build Property in North Cyprus

villa with poolThe new build property investment in North Cyprus is clearly one of the most popular choices. You may choose from thousands of new projects in the all cities of North Cyprus. It means you will be enjoying the advantage from the very first step.

The newly built properties are always offered with some additional advantages. The most popular is the rental income guarantee. You may get a rental income guarantee from the construction company. So, you will don’t have to worry about your investment’s stability.

Also, you may benefit from flexible payment plans. Off-plan and newly built properties are generally on sale with flexible payment options. You may use a mortgage if you want. You may get installments directly from the construction company.

And a last tip, you will more likely have lesser down payment requirements than in the other countries.

The average property investment return time in North Cyprus is about 15 years. But, you should take note that it is valid if your property’s price is stable at one point. But as we mentioned earlier, your property value is expected to increase in the short-term and mid-term.

Furthermore, you will have an increased property price in the long term. You may expand your investment or sell it for a good return at some point.

As in every country, you should get professional advice while investing abroad. As the real estate market grows, there may be scams that can be faced. Contact Antalya Homes to meet with local professionals. Our team will provide you with market information, investment tips, and more.

Do You Have More Questions? ASK AN EXPERT
Created: 04.08.2023, 15.00Updated: 05.09.2023, 14.01
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