Real Estate Market Trends in Northern Cyprus in 2024
Increased Demand for Residential Real Estate
Interest from Foreign Investors: Northern Cyprus attracts foreign buyers due to more affordable real estate prices compared to other Mediterranean regions and high profitability. Investors from Scandinavian countries, Germany, Russia, the UK, and Turkey show particularly high interest. The trend of rising real estate prices continues. The world-renowned magazine "FORBES" recommends investing in Northern Cyprus real estate. Secure your place now.
Second Home: Many buyers consider Northern Cyprus an ideal location for purchasing a second home or vacation spot due to its mild climate and beautiful beaches.
Infrastructure Development
Improved Transport Network: Gradually improving infrastructure, including roads and transport hubs, makes Northern Cyprus more accessible for tourists and new residents. The construction of the Northern Highway is nearing completion, and new roads are being planned.
Healthcare Investments: A new state hospital equipped with high technology and modern medical equipment has recently opened in Kyrenia. Hospitals and medical centers in Güzelyurt, Alsancak, Nicosia, Pamuklu, and Yüstel are planned to be completed by 2027.
Construction Investments: The number of new construction projects, including residential complexes, hotels, and commercial real estate, is increasing, contributing to the economic growth of Northern Cyprus. The new Gaziveren area in Güzelyurt is actively being developed.
Increase in Real Estate Prices
Steady Price Growth: Demand for real estate is growing, leading to a gradual increase in property prices, especially in popular tourist areas and cities.
Investment Appeal: Investors see the potential for rental income and capital appreciation in Northern Cyprus real estate.
Development of the Tourism Sector
Increase in Tourist Numbers: Northern Cyprus is becoming an increasingly popular tourist destination, leading to higher demand for short-term rentals and increased tourism business revenue.
New Hotel Complexes: The construction of new hotels and resorts attracts even more tourists, creating new opportunities for real estate investments.
These trends reflect changes in the Northern Cyprus real estate market and show its prospects for investors and buyers.
