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New buildings in Northern Cyprus

The real estate market of Northern Cyprus over the past few years has begun to develop at a very confident and fast pace. All the most interesting things are happening here on the primary market, so it makes sense for lovers of everything new “on the spot” to turn their eyes to this part of the island.
Northern Cyprus is a state unrecognized by the world community that occupies about a third of the island. His real estate market has long been in the shadow, largely due to problems with legal status. However, in recent years, much has changed, and now many new buildings are being built here, attractive in terms of price and quality.

North Cyprus real estate attracts buyers, primarily due to its affordable prices, modern infrastructure, picturesque views, comfortable beaches, and high environmental performance. Most of the buyers of local housing consists of citizens of the CIS countries and Europe – Russia, Ukraine, Kazakhstan, the UK, Sweden, Norway and other countries. In recent years, buyers from Europe are becoming more and more, for example, compared to last year, their number doubled.

Today, Famagusta and Iskele are considered the most popular cities. They have a coast with wonderful sandy beaches, some of the best on the island. Last year, Famagusta recorded record sales growth of up to 40%.

Types of Real Estate in Northern Cyprus

In Northern Cyprus, the most attractive primary real estate market, which offers modern housing at reasonable prices. Unlike the secondary market, the probability of legal problems when buying new buildings is practically absent. Among the leading developers, one can distinguish such companies as Dovec, Northern Land, Noyanlar, Carrington.

Experts identify three main types of real estate, which are especially widespread in Northern Cyprus. The first option is about 10-storey apartment buildings with a modern design, which are mainly built in the center of large cities – Kyrenia, Famagusta and Nicosia.

Previously, new buildings in Famagusta represented only apartment complexes, in the past two years, developers have been building housing in the style of residences, apartments with pools, spa areas, reception and other services. The proximity to urban infrastructure and universities makes it easy to rent apartments in these complexes for long-term rent to students, whose parents often pay in advance for rent a year in advance.

The second option is resort complexes in the Iskele area (Long Beach and Boaz). They are distinguished by altitude from 2 to 12 floors, a modern design of buildings, a diverse infrastructure for recreation inside the complexes and proximity to the beaches. In these complexes, the apartments bring their owners a good weekly income as a resort property.

The third type refers to the resort complexes in the eastern part of Kyrenia – Esentepe, Bahceli and Tatlisu. Typically, these cities have low buildings with two-story buildings, since the buildings are surrounded by protected areas. It is these indicators that are decisive for those who want to buy real estate in a quiet place where the only possible sounds are birds singing and the sound of the surf.

Property Value

Now a new studio under construction in residential complexes 200-500 meters from the sea costs about 40,000 euros, that is, approximately 800 euros per sq.m. Similar studios, but already on the seashore, usually cost 57,000 euros. The cost of bungalows, townhouses and villas starts from 52,000 euros – the further the object is located from the city center and from the sea, the lower the price.

Most often, buyers make their choice in favor of residential complexes near the sea or near it, where a swimming pool, spa area, restaurant, kids club and shops are provided. Such services are offered both on the territory of high-rise buildings, and complexes of low-rise buildings. Although most often recently, customers prefer low-rise complexes with good infrastructure near the sea.

The third type refers to the resort complexes in the eastern part of Kyrenia – Esentepe, Bahceli and Tatlisu. Typically, these cities have low buildings with two-story buildings, since the buildings are surrounded by protected areas. It is these indicators that are decisive for those who want to buy real estate in a quiet place where the only possible sounds are birds singing and the sound of the surf.

The Legality of Buying a Home in Northern Cyprus
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The Republic of Northern Cyprus is recognized only by Turkey, but real estate transactions in Northern Cyprus are 100% legal and safe. Immediately after the acquisition, the new owner of the real estate registers his transaction with the tax department and the Land Committee. Thus, he 100% protects his rights to this property.

It is also important to know that there are no international bans on the purchase of real estate in Northern Cyprus. The issue of land previously owned by the Greek Cypriots is decided by the state commission.

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