by Esther Howard
North Cyprus Real Estate Forecast in 2023 demonstrating positive outlook for property investors and owners. As the real estate market in North Cyprus continues to evolve after the COVID-19, it is crucial for property investors and enthusiasts to stay informed about the latest trends and forecasts.
With the year 2023 well underway, in this article Senilk Real Estate provides an overview of the North Cyprus real estate forecast for the remainder of the year. From property prices to investment opportunities, we will explore the factors shaping the local real estate market and shed light on what the future holds for those interested to buy property in the North Cyprus.
Properperty Market
With a population of around 400,000, North Cyprus property market has witnessed an unprecedented surge in prices over the past year, fueled by the increasing interest from Turkish citizens, including the United Kingdom, Russia, Germany, Ukraine and the Middle East. With prices soaring from £1,000 per square meter to £2,500 within a span of 12 months, the market is inching closer to Dubai’s property prices, where some of the cheapest properties can be purchased for £3,000 per square meter.
According to Real Capital Analytics, a global commercial real estate services and investment firm, predicts that as long as the demand continues to rise while land supply remains limited, North Cyprus property prices may rise same a Spain and Dubai in the coming years. In fact, some German investors have already dubbed North Cyprus the “new Mallorca” of the 2000s.
In 2022, North Cyprus sold approximately 5,800 properties to international buyers. While the number of properties sold may appear modest, it demonstrates a growing interest in this tranquil and picturesque region. The unique blend of stunning natural landscapes, favorable investment climate, and potential for long-term growth has piqued the curiosity of discerning buyers.
Rapid Price Escalation: The surge in North Cyprus property prices has been nothing short of remarkable. Over the past year, buyers from European countries have flocked to the region, driving up demand to unprecedented levels. As a result, property prices have more than doubled, leaving some industry experts and investors astounded. What was once an affordable market has transformed into a highly lucrative investment opportunity.
The influx of international buyers has played a significant role in this surge. North Cyprus offers a unique blend of Mediterranean beauty, favorable climate, and attractive investment potential, which has captured the attention of these foreign investors. With increasing political stability and improved international relations, North Cyprus has become an appealing destination for those seeking a second home, a retirement haven, or a promising investment opportunity.
While this boom presents lucrative opportunities, it also raises concerns about overpriced properties and ill-informed investments. To mitigate risks and ensure secure investments, it is crucial for buyers to work with the best and trusted local-based real estate agancy like Senilk Real Estate that possess in-depth knowledge of the Northern Cyprus market.
These real estate agencies can provide comprehensive knowledge of the local landscape, including property values, and market trends. In this article we also explore some of the factors that contributing to the influx of international buyers who escalated the soaring property prices in Northern Cyprus:
(1) Rapid Property Demand
After the lockdown, North Cyprus has experienced steady price growth in its real estate market. The island has generally been considered more affordable compared to many other Mediterranean destinations. Property prices and the cost of living can be lower than in other European countries, making it an attractive option for those seeking affordable real estate opportunities.
The demand for properties, particularly in prime locations such as Esentepe, Alsancak, Catalkoy, Bafra, Lapta, Iskele, Karpaz and other popular locations has been on the rise, contributing to price appreciation. In 2023, this trend is expected to continue, albeit at a more moderate pace. With an improving of Turkish Republic of Northern Cyprus economy, increased tourism, and ongoing development projects, property prices are projected to maintain a positive trajectory, making it an opportune time for investors and potential homeowners.
(2) Investment Opportunities
North Cyprus offers an array of investment opportunities for individuals seeking to diversify their portfolio or capitalize on the thriving real estate market. The government’s commitment to promoting foreign investment, coupled with favorable tax incentives and residency programs, makes North Cyprus an attractive destination for property investors. Whether it’s residential properties, commercial spaces, or land for development, the market presents options to suit various investment strategies and objectives.
(3) Infrastructure Development
Infrastructure development plays a pivotal role in driving the growth and attractiveness of a real estate market. In North Cyprus, several infrastructure projects are underway, including the expansion of airports, road networks, and healthcare facilities. These investments contribute to the overall enhancement of the region’s livability and accessibility, further boosting the appeal of North Cyprus as a real estate investment destination.
The tourism sector plays a significant role in North Cyprus’ real estate market. As a popular tourist destination, the region attracts a substantial number of visitors each year. The growth in tourism not only drives the demand for short-term rental properties but also creates opportunities for commercial investments such as hotels, resorts, and holiday homes. With ongoing efforts to promote North Cyprus as a year-round destination, the tourism sector is expected to continue flourishing, positively impacting the real estate market.
The emphasis on sustainable development and eco-friendly practices is gaining momentum in the real estate industry. North Cyprus is no exception, with developers increasingly incorporating sustainable design and energy-efficient features into their projects. The focus on eco-friendly initiatives aligns with global sustainability trends and enhances the market appeal of North Cyprus properties, attracting environmentally conscious buyers and investors.
We are committed to helping you find your ideal property and making your dream of owning real estate in Northern Cyprus a reality. Contact us today to discuss your property requirements, schedule viewings, or to learn more about our services.
