Boom in Housing Market in the TRNC

According to Halkın Sesi, as of September 18, the number of properties for sale increased by 29.6% compared to the end of December 2023 and by 53% (8,470 properties) year-on-year. By the end of June, there were 23,594 properties listed for sale, which grew by 1,086 within two and a half months. Real estate experts highlight that these figures only represent listings on property websites, noting that many construction firms market their projects through their own channels. Ongoing and planned projects are expected to further inflate housing stocks.

Experts also pointed out that the Greek Cypriot administration’s aggressive policies targeting properties built on land owned by Greek Cypriots before 1974 have slowed sales but have not significantly impacted ongoing projects. New construction projects continue to be launched regularly across the TRNC. Additionally, they emphasized that domestic economic challenges, which have nearly halted local demand, are as critical as the Greek Cypriot policies in affecting the market.

Growth in İskele

The İskele region has seen a 10.5% increase in properties for sale in the past few years, with large-scale projects emerging prominently in the area. Data indicates that 53% of all properties for sale are in Kyrenia, while İskele, surpassing Nicosia and Famagusta, accounts for 21.4% of the market. In the apartment sector, İskele has captured 26% of the market.

As of September 18, across the TRNC's six districts, there were at least 7,626 villas and detached houses and 17,054 apartment units available for sale.