Properties in Cyprus

Properties in Turkish Cyprus

The real estate market in Turkish Cyprus, officially the Turkish Republic of Northern Cyprus, offers a captivating variety across its 3,335 square kilometers. This diversity provides abundant investment opportunities in apartments, offices, and commercial properties. The region boasts a solid infrastructure with promising growth, making real estate investments highly appealing for long-term returns.

Infrastructure in Turkish Cyprus

Turkish Cyprus enjoys an excellent road network, ensuring easy access across its cities, towns, and villages. This accessibility is supported by affordable “dolmuş” minibusses for daily commutes and tourism, along with numerous 24/7 taxi services.

Public infrastructure is well-developed, including reliable water and electricity networks, high-speed internet, and an increasing reliance on renewable energy sources for homes, government institutions, tourist facilities, and shopping centers.

The region is home to high-quality educational institutions covering all academic stages, from public to private schools. While most schools, such as Doğan Ahmet School, The French Cypriot School, and Falcon School, are concentrated in Nicosia, other areas also host notable institutions like the English School of Kyrenia, the Karpas Vocational High School, and Kanakali Secondary School in Famagusta.

Renowned universities, including Eastern Mediterranean University, Ada Kent University, and Western Cyprus University, are primarily located in Famagusta.

Healthcare services are excellent, with well-equipped hospitals like the Elite Research and Surgery Hospital in Nicosia, Kyrenia Private Hospital, and Famagusta Medical Hospital, offering comprehensive medical specialties.

Apartment Prices in Turkish Cyprus

Apartments in Northern Cyprus cater to all tastes with a range of modern and traditional designs. Options include studio apartments, spacious three-bedroom flats, and luxurious villas. Many coastal apartments provide access to beaches and facilities like swimming pools and gyms.

Below are some of the most attractive areas in Turkish Cyprus that promise excellent investment returns for buying or renting apartments:

1. Kyrenia (Girne)
   Kyrenia, a coastal tourist city with stunning landscapes and beautiful beaches, features apartments with sea views near major tourist attractions. It is ideal for short-term rental investments during holiday seasons.
• Esentepe in eastern Kyrenia is one of the fastest-growing areas, drawing foreign investors to buy vacation homes.
• Alagadi offers a variety of villas in different sizes, while Chelsea Village, a project 40 minutes from the sea, provides modern villas in a serene environment, perfect for peaceful living or vacations.
2. Famagusta (Gazimağusa)
   Home to several universities, Famagusta attracts both students and investors. Its most desirable apartments are located near universities and service facilities at competitive prices. These properties are suitable for long-term living or renting to students.
• Luxury residential complexes like Uzun 29 in the city center offer proximity to key attractions, markets, and universities like the Eastern Mediterranean University. These apartments boast premium finishes, modern furnishings, and amenities such as surveillance cameras.
3. Iskele
   An emerging investment hotspot near the sea, Iskele attracts tourists and residents alike with reasonably priced apartments featuring modern designs. New real estate projects in this area also offer recreational facilities.
• Long Beach, a prominent residential project, overlooks lush greenery and citrus orchards. Designed with eco-friendly principles, the project provides a comfortable living experience and is just a 550-meter walk to the sea. Apartments here offer stunning views of both the blue waters and green landscapes, promising gradual value appreciation.
4. Nicosia (Lefkoşa)
   Nicosia, or Lefkoşa, is the island's administrative capital and an economic and commercial hub. The most sought-after apartments are centrally located, close to government services and businesses.
5. Karpaz Peninsula
   This tranquil and natural region in the northeastern part of the island is renowned for its pristine beauty. It is perfect for those seeking to live away from the hustle and bustle of cities. The area features many private villas ideal for relaxation and solitude.

Property Prices

• Studio apartments start at approximately $60,000.
• Larger, luxury apartments near prime locations can reach $250,000.
• Villas can cost $400,000 or more, depending on size and features.

Offices and Commercial Properties in Turkish Cyprus

Office Spaces in Turkish Cyprus

Office properties are primarily concentrated in urban centers like Nicosia, the administrative and commercial capital and a densely populated business hub. These offices, located near government institutions and corporate headquarters, are ideal for large companies and service-oriented businesses, such as law firms and consultancy offices.

In Kyrenia, many offices boast sea views and proximity to hotels, making them perfect for businesses targeting tourists. On the other hand, offices in Famagusta are strategically located near educational institutions, particularly the university, making them well-suited for businesses catering to students, such as educational centers and training institutes.

Office prices in Turkish Cyprus range from $80,000 to $200,000, depending on the location and building quality.

Retail Properties in Turkish Cyprus

Commercial properties are typically found in bustling urban and tourist areas, known for their vibrant markets, ensuring high foot traffic and profitable business opportunities.

The best places to purchase retail properties include:

• Nicosia: Retail spaces along main roads are ideal for restaurants, cafes, and shops.
• Kyrenia: The most sought-after retail properties are near shopping areas, dining establishments, and tourist facilities by the sea and inland.
• Famagusta: The top commercial properties are close to the university and port.
• Iskele: Located near Famagusta, Iskele offers excellent opportunities for businesses in commercial complexes or near beaches.
• Karpaz Peninsula: Retail spaces in this area are well-suited for traditional restaurants or stores selling handcrafted goods, attracting visitors in this tourist-heavy region.

Retail property prices start at $100,000 and can exceed $500,000 in prime tourist locations.

With diverse opportunities in both office and retail spaces, Turkish Cyprus presents a profitable landscape for investors and entrepreneurs seeking to establish or expand their businesses.