The property investment market in Northern Cyprus continues to grow, rebounding from the COVID-19 pandemic crisis and global inflation spikes. Both domestic and foreign buyers are drawn to the real estate market, which is poised to maintain its strength in the foreseeable future.
Residential property prices in Northern Cyprus vary based on factors such as location, size, and amenities. Coastal and urban areas typically command properties with higher prices compared to rural areas. On average, the residential properties’ prices range from £45,000 to £500,000, encompassing apartments to luxury villas.
Similarly, commercial properties, including office spaces, retail units, and industrial properties, exhibit price variations depending on location and size. Prices can range from £100,000 to several million dollars, influenced by rental yield potential and demand.
Northern Cyprus’s average residential property price is around £1,450 per 1 m², making it one of Europe’s most affordable countries. For comparison, the average price of residential property in United Kingdom is stood at approximately £6,691 France is £5,462 per 1 m², in Italy — £4,271 per 1 m², in Portugal — £2,900 per 1 m².
This comparison highlights Northern Cyprus as one of Europe’s most affordable options for property investment, with significantly lower prices compared to the UK, France, Italy, and Portugal. Property owners can anticipate an average annual yield of 8.5% from renting out their properties.
Both commercial and residential real estate on the island are highly sought after by foreign renters, including tourists, students, and expatriate workers. Additionally, property resale promises profitability given the consistent growth of the Northern Cypriot real estate market over the past decade. However, it’s worth noting that while the average property price in Northern Cyprus has rebounded, prices have also experienced fluctuations, sometimes increasing by as much as 10% quarterly.


Northern Cyprus’s nationwide house prices rose by a whopping 18.5% in May 2023 from a year earlier, to an average of £704 per square meter, according to the recent report released. In just 8 months of 2023, property purchases by foreigners in Northern Cyprus rose by 15.4% to 20,104 units as compared to 6,735 units in the same period a year ago, based on figures released by TurkStat. This was the highest sales to foreign property buyers ever recorded.
In 2022, global economic challenges such as the Ukraine conflict, high inflation, and elevated energy costs and building material prices impacted the world economy. Consequently, property prices in 2024 surged, leading to an average price increase of 12% over the year. Indeed, the rise in property prices in Northern Cyprus could be attributed to various factors, including the disruption in shipping caused by events like the blockage of the Red Sea by Huothi and other related factors.
Such disruptions can significantly impact the transportation costs of construction materials such as cement, timber, iron, and metals, ultimately affecting the overall cost of construction projects. As a result, these increased costs could contribute to the upward pressure on property prices in the region.
Utility Costs
An average utility bill for property owners in Northern Cyprus ranges between £100 and £500 a month for a 90 m2 apartment. Electricity and water are the main expenses; there is no central heating due to the country’s Mediterranean long warmer summers with mild winters.
- Electricity in Northern Cyprus is around £0.50 per 1 kW. The price depends on which tariff a property owner pays: home, commercial, or industrial. Payments are made according to the electricity metre, and the bills are paid every two months.
- Water in Northern Cyprus is paid monthly using a fixed £8.7 per 1 m3. If water consumption exceeds 120 m3, the rate could increase too.
- Property maintenance, such as sweeping, outdoor electricity, and repairs, is also levied annually. It ranges between £50 and £190.
Best Places to Buy Property
The best places to buy property in North Cyprus depend on the intended use. Central and more populated areas like Kyrenia and Famagusta are the best places for people who want to live in a lively area or want to start earning profit through investments right away. Exploring the different towns in Northern Cyprus can provide valuable insights for property investors. Here are some key areas worth considering:
Kyrenia: Known for its beautiful harbor, historical landmarks, and status as one of the most favored cities in North Cyprus among tourists and investors, stands as a prime location for property investment. Boasting the prestigious Krenium golf course and stunning beaches, Kyrenia, alongside neighboring villages like Alsancak and Lapta, experiences significant demand for properties, thereby propelling prices upward. Moreover, there exists a substantial demand for rental properties, both short and long-term.
In 2024, the average property prices in Kyrenia range from approximately £150,000 to £500,000, solidifying its status as a highly desirable locale for both local and international buyers. Conversely, emerging urban centers and villages such as Esentepe, Tatlisu, and the serene enclaves of Bahceli and Kucuk Erenköy attract foreign tourists seeking short-term rentals. These areas represent some of the swiftest-growing regions in Northern Cyprus, characterized by robust demand for housing and promising returns on investment.