A Observation of Northern Cyprus: Muscovites Coming to the Neighborhood

While debates over housing and land sales continue in the Turkish Republic of Northern Cyprus (KKTC), investors are pressing ahead with purchases. It is estimated that approximately £1.5 billion in property investments have been made in the country after the pandemic.

According to a report by Hamide Hangül from Dünya, Dara Altunyay, the CEO of The Best Invest, a real estate consultancy firm based in Turkey with an office in KKTC, stated that property value appreciation in KKTC has doubled in the two-year period from project initiation to delivery.

Altunyay mentioned that there are around 100 companies in Cyprus, and only 8-10 of them have nearly 50 construction projects. He stated, "Only 8-10 companies have nearly 50 construction projects. We can say there are hundreds of projects."

Russians in the Neighborhood

Altunyay mentioned that not only foreigners but also Turkish citizens are showing interest in property investment in KKTC. He stated, "Buyers are found from both the East and the West. There are Muscovites coming to the neighborhood. You wait in line at the sales office. A project with 2,450 apartments will launch on the 20th of this month. There are currently 6,000 requests. It will end that night, and the sales will close. Currently, there is a lot of demand from countries like the Czech Republic, Hungary, Bulgaria, and Poland. There is demand from Russian-speaking countries, Scandinavians, Sweden, Norway, Denmark, and Belgium.

Altunyay noted that the İskele region has received over £500 million in foreign real estate investment since 2021, and they estimate a total investment of £1.5 billion on the island.

Rent for a £90,000 Apartment is £900

Altunyay mentioned that, upon the request of homebuyers, the projects open their residences to tourism. He said, "A £90,000 apartment has a rental yield between £850 and £900.