Housing Boom in Northern Cyprus! Rapid Increase in Prices and Construction

After the changes in purchasing behavior following the pandemic, there has been an increased interest in Mediterranean regions from Northern European countries. Additionally, the invasion of Ukraine by Russia has accelerated the property acquisitions in warm and cost-effective areas such as Turkey and the Turkish Republic of Northern Cyprus (KKTC), with hundreds of thousands of Russians and Ukrainians participating.

Dara Altunyay, the CEO of The Best Invest, a platform bringing investors from Turkey, KKTC, Azerbaijan, the Netherlands, Germany, Belgium, Iran, and the Russian Federation together with construction firms, highlighted the growing interest of Turkish investors in making foreign investments, driven by the motivation to acquire rental income in foreign currency. Altunyay noted that 10,000 homes were sold in KKTC last year, amounting to a total real estate market value of 400 million pounds. In an environment where the normal depreciation period for a property is 18-20 years, Altunyay pointed out that in Northern Cyprus, this period has decreased to 10-12 years.

Altunyay stated that their company, which has been showing a 50% annual growth rate in 2023, plans to maintain this rate and elevate their investor network without experiencing any losses by 2024. He mentioned their goal to expand the sales network and open offices in Europe, West Africa, and the Middle East. In this context, he indicated their plans to be active in the region with the opening of new offices in Montenegro in the near future.