Number of Homes for Sale in the Turkish Republic of Northern Cyprus (TRNC) Has Increased by Over 50%
The number of homes listed for sale in Northern Cyprus has risen significantly. The total number of properties available for purchase has now reached 24,680, with Kyrenia and Iskele leading the way in listings.
According to Halkın Sesi, as of September 18, 2024, the number of homes for sale in the TRNC has increased by 29.6% since December 2023. When compared to the same period last year, this marks a 53% increase, which translates to 8,470 more homes on the market.
As of late June, there were 23,594 properties for sale in the TRNC. By September, this figure had risen by 1,086, bringing the total to 24,680.
Currently, there are 7,626 villas and private homes and 17,054 apartments for sale across the TRNC.
However, experts point out that the actual number of available properties may be higher, as this data reflects only listings on real estate websites. Many construction companies and agencies prefer to sell properties through their own channels.
It is also noted that the real estate market in the TRNC has been negatively impacted in 2024 by economic challenges and the policies of the Greek Cypriot administration, including the detention of real estate agents and property owners in the northern part of the island.
Despite this, it is believed that the slowdown in sales has not affected ongoing projects. Foundations for new buildings continue to be laid across Northern Cyprus.
Experts highlight that the housing stock will gradually increase as new projects, currently in the planning stages, come to fruition.
According to the latest data, more than half of the homes for sale are located in Kyrenia, which accounts for 53% of the listings.
Iskele comes second, with a 21.4% share of the market. Thanks to new projects, this region is expected to become a leader in the number of homes for sale, surpassing Famagusta and Nicosia. The share of apartments for sale in Iskele has already reached 26%.
It has also been reported that Russians and Ukrainians are leading the way in property purchase inquiries in the TRNC.
Author
Born in 1984 in Russia, in the city of Yekaterinburg (Sverdlovsk region). Since 2023, he has been living in Northern Cyprus. Education: Ural State University (UrGU, now UrFU), Faculty of Journalism. Specialization – journalist (2007). Professional experience: From 2003 to 2023, he worked in…
