Панель управления
Language: ru en
Currency:
Call Me Back
Property in North Cyprus
Choose your dream house
Sale Rent
Sale Rent

New property boom in North Cyprus


North Cyprus  market is ready for a new property boom

The new property boom in Northern Cyprus strongly reminds of Annan Plan times, as the statistics shows 25% increase in property sales in recent months. According to the official representatives of real estate agencies in TRNC, millions of pounds are invested in TRNC property by buyers from England, Scandinavia, and Russia.
Progress in the negotiation process as well as new property laws introduced by government, such as decrease of property tax, allowing foreign nationals to own up to 3 properties – had a positive effect on the increased property demand from foreigners.
The sales increased specifically in regions of Kyrenia (Girne), Famagusta, and Bogaz. Construction Contractors’ Union chairman Faik Dagasti said: “There are serious signs of property boom on the horizon, similar to what was experienced during the Annan Plan period”.
Between 2009 and 2012 the property sales have fallen significantly in Northern Cyprus, however recently the figures increased at least by 60% for each month. With average value of property between 100,000 and 120,000 GBP for a property, millions of pounds are being poured into the sector.

1705
01.03.2014

Share on social networks:

Other news


05.02.2025

Decline in the Northern Cyprus Real Estate Market: Challenges and Future Prospects

The real estate market in Northern Cyprus is experiencing a decline in activity: the number of new projects is decreasing, and some have been completely frozen. According to data obtained from reliable sources, several contractors are facing difficulties in paying employees' wages, leading to mass layoffs in the construction sector.
03.02.2025

TRNC Minister of Public Works and Transport Erhan Arıklı Responds to "Palestinization of Cyprus" Claims

The idea of the "Palestinization" of Cyprus (derived from the word "Palestine") is used in a propagandistic context, implying that the situation in Northern Cyprus is allegedly following the scenario of Palestine. This expression suggests that foreigners (in this case, Israelis) are massively purchasing land and real estate, which could lead to changes in the region's demographic composition and the weakening of the local population's position.
25.01.2025

FOREIGN WORKERS IN THE TRNC NOW REQUIRED TO KNOW TURKISH

A new "Vocational Training Cooperation Protocol" has been introduced in Northern Cyprus, jointly developed by the Ministry of Labor and Social Security and the Ministry of National Education. The protocol establishes new criteria for the qualifications, skills, and experience required of foreign workers entering the TRNC. One of the key changes is that foreign workers will now be required to present an A2-level Turkish language proficiency certificate.
22.01.2025

The TRNC Council of Ministers Approves Amendments to Residence Permit and Visa Regulations: What You Need to Know

On January 21, 2025, the Council of Ministers of the Turkish Republic of Northern Cyprus (TRNC) approved significant amendments to the Regulation on Residence Permits and Visas. These changes will have a substantial impact on the process of obtaining and renewing residence permits for foreigners residing in Northern Cyprus.