The real estate market in North Cyprus is experiencing a great uptick in available properties.
As of September 18, the number of houses for sale has soared to at least 24,680, marking a 29.60% increase since December 2023 and a striking 53% rise (8,470 units) compared to the previous year. Recent data shows a rapid expansion of the housing inventory.
In just two and a half months since June, an additional 1,086 units entered the market. Real estate experts note that these figures, sourced from online property listings, likely underestimate the true scale of available housing. Many build-sell companies prefer to market directly through their own channels, suggesting the actual housing stock could be substantially larger.
The aggressive stance taken by the Greek Cypriot Administration of South Cyprus towards constructions on pre-1974 Greek Cypriot properties has led to a slowdown in housing sales. However, industry insiders claim this hasn’t significantly impacted ongoing projects.
Domestic demand has nearly halted due to economic difficulties, contributing as much to the market slowdown as the Greek Cypriot government’s policies. Despite challenges, new construction projects continue to break ground across North Cyprus.
The Iskele region stands out with its rapidly growing housing market:
– Kyrenia leads with 53% of houses for sale.
– Iskele has surpassed both Nicosia and Famagusta, now accounting for 21.4% of the market.
– Iskele’s share in the apartment market is particularly notable at 26%.
As of mid-September, the housing market comprises at least 7,626 villas and detached houses, alongside 17,054 apartments across six districts.
