The prices of housing in Northern Cyprus have increased by 40% over the year. This is reported by the online publication EmlakKulisi. According to experts, the main reason for the rise in price was the small number of land allocated for construction.
Thus, the average prices in the TRNC start from 90 thousand Β£. The cost of one square meter varies from 2 to 4 thousand Β£. The minimum cost of rent in new buildings is 800 Β£ per month.
Analysts note that the greatest interest in real estate in Northern Cyprus are now showing Europeans, Turks, as well as investors from Asia and CIS countries. Only for 2022 in the TRNC was sold more than 10 thousand residential residences.
Meanwhile, the expert of The Best Invest specified that while real estate usually pays off on average in 18-20 years, in Northern Cyprus, taking into account the demand and specifics, this period has been reduced to 10-12 years.
