Kyrenia Region Real Estate Market Overview in Northern Cyprus

A small fishing village has turned into a pearl of Northern Cyprus over several decades, with five-star hotels, casinos, yacht clubs, picturesque beaches and modern residential complexes; Read about the features of Kyrenia, infrastructure, investment potential and prospects of the real estate markets in our material.

Обзор рынка недвижимости региона Кирения на Северном Кипре

Kyrenia is located in the center of the northern coast of the island of Cyprus. The city is part of the Turkish Republic of Northern Cyprus, a state that, due to political contradictions, has been recognized only by Turkey since 1983. Despite the unrecognized international status, there are representative offices of Great Britain, Germany, Italy and other countries in Northern Cyprus. Real estate transactions here are completely legal and recognized by the jurisdictions of other countries. Over the past 20 years, foreigners from different parts of the world have often chosen Kyrenia to buy real estate. This resort pearl attracts buyers with its wonderful climate, clean sea, developed tourist infrastructure and affordable prices for residential properties.

Features of the region

Kyrenia stretches between a majestic mountain range and the Mediterranean coast. In terms of infrastructure and level of service, it may well compete with famous European resorts. Clean, neat, green streets, picturesque coves, cozy cafes immerse the guests of Kyrenia in the atmosphere of a small coastal European town with a touch of oriental flavor. In the traditions and architecture of the region, one can see a cultural mix of Turkish, Greek and English influences, since Cyprus has long been a colony of Great Britain.

If you compare Kyrenia with other regions of Northern Cyprus, it is a quieter and more peaceful place than, for example, Iskele or student Famagusta. At the same time, the tourist and urban infrastructure is much better developed here. New educational institutions, hotels are constantly opening in the city, there is a large selection of shops and restaurants, and real estate prices are still significantly lower than for similar facilities in other Mediterranean countries.

Private and municipal beaches are located along the coastline of the city: Escape, Denise Kesey, Camelot, Acapulco, Kervansaray, Alsancak, Alagadi – a wild beach where sea turtles come to lay their offspring every year.

Обзор рынка недвижимости региона Кирения на Северном Кипре

Another highlight of Kyrenia is the mountains, which are not found in other regions of Northern Cyprus. The proximity of the mountains and the coastline affects the development – low-rise construction prevails here.

There are several military bases and military facilities in the center of Kyrenia, near which foreigners are prohibited from purchasing real estate.

Residential complexes that are being built in the city itself, as a rule, do not include cafes and shops, since the necessary facilities are already around. As a maximum, there is one swimming pool and a small playground per residential complex. Things are different in the suburbs. Suburban residential complexes include bars, restaurants, swimming pools, SPA centers, gyms. In fact, they are not exactly complexes, but independent resort villages.

The undoubted advantage of the city is its compactness. Most of the facilities necessary for life are within walking distance. To work or study in the center, you do not need to spend a lot of time walking along the picturesque old harbor. The road to the city center from any area takes no more than 20 minutes. To resolve administrative issues, it is also not necessary to go to the center, since each district has its own municipality.

Who is interested in real estate in Kyrenia?

Kyrenia is a promising region where the buyer always has a choice between an active urban life and a quiet suburb. The demand for Kyrenia real estate from foreigners is quite high, especially among Europeans. Russian-speaking buyers are also active in this direction. Europeans and immigrants from the CIS countries come here both for recreation and for permanent residence.

Buyers of real estate in Kyrenia can be divided into two main groups.

  • The first and most numerous are investors who purchase apartments for resale or rental. For example, the center of Kyrenia is interesting for short- and long-term rentals. And suburbs such as Alsancak, Karshiyaka, Esentepe are more interesting to investors planning to resell. These areas are quite popular among Europeans – they are quiet, calm, safe, and yet the city center is only a 10-minute drive away.
  • The second group consists of families with children interested in a good education and seeking to settle in Northern Cyprus for permanent residence. There are private schools and prestigious universities in the city, whose diplomas are recognized all over the world. In addition to the prospect of a prestigious education, such buyers are attracted by the beautiful nature, mild climate and developed infrastructure of the region.

Urban infrastructure

Kyrenia has a fairly well-developed social, educational and medical infrastructure. There are private and municipal kindergartens, 6 private schools in the region, including Doga School, The English School of Kyrenia, Girne American College, several universities – British University of Nicosia, Girne American University, Final International University. Private schools and universities teach in Turkish and English.

The region is doing well with medicine. There is a university hospital, a maternity hospital, an ophthalmological hospital, dental clinics, several private hospitals and laboratories equipped with the most modern equipment. Russian-speaking doctors and nurses work in many clinics.

Since Kyrenia, like the whole of Northern Cyprus, is actively developing, new social facilities – schools, hospitals, kindergartens, will eventually become even more, since there is demand for them.

Things are not going so smoothly with public transport in the city. You can move around comfortably either by taxi or by car, which, if necessary, can be rented. Minibuses (dolmushi) travel around the city, but they cannot be called comfortable transport.  They move only along one or two central streets, and if necessary, they will have to walk or take a taxi to get into any alley. There is left–hand traffic in the city – the legacy of the protectorate of England is affected.

The nearest airport is Ercan Airport, 40 kilometers from Kyrenia. It accepts flights from Antalya, Istanbul, Izmir, Ankara and other Turkish cities. Special buses and taxis run from the airport to Kyrenia.

Recreation and entertainment

Kyrenia is one of the most attractive resort towns in Northern Cyprus, so the tourist infrastructure is well developed here. There are many comfortable hotels, cafes, bars, and nightclubs in the city. Catering outlets offer Chinese, Mexican, Russian, Uzbek, European, and, of course, Oriental cuisine. New shops and restaurants are regularly opening along the central city road.

Обзор рынка недвижимости региона Кирения на Северном Кипре

In Kyrenia, everyone will find something to do. Outdoor enthusiasts can enjoy tennis, sailing, go-karting, golf, paragliding, bowling, horseback riding, and wine tasting at a local winery. The geography of the region is conducive to surfing, diving, and yachting. Some hotels in Kyrenia are equipped with their own marinas.

The proximity of the mountains and the beautiful nature will delight fans of hiking and trekking. Tourists and residents of the city enjoy spending time in spas, swimming pools, casinos, water parks, picnic areas.

Lovers of architectural gems and cultural attractions will not be bored either. The history of Kyrenia going back centuries has left a rich legacy to descendants. There are many interesting historical and cultural sites in the vicinity of the city: Bellapais Abbey, medieval castles of Buffavento, Cantara, St. Hilarion, ancient fortresses, shipwreck museum.

There is a football school, a youth sports center, and numerous clubs for children in Kyrenia, from dancing and drawing to martial arts and swimming. The city has municipal parks, playgrounds, and zoos.

Russian-speaking visitors will also not feel deprived of cultural leisure. Various quizzes and master classes are held for them, there is a Russian cinema in the city, a theater stage where Russian-language productions take place.

All year round, Kyrenia is visited by tourists and gambling enthusiasts from neighboring countries who take advantage of the opportunity to legally play at local casinos.

What does the real estate market offer to buyers?

Not so long ago, it was difficult to find a building higher than 5 floors in Kyrenia. High-rise projects are also being built in the city, but in some areas the construction of high-rise buildings is still prohibited. In such places, you can only find detached villas and well-maintained low-rise complexes.

The city center is almost completely built up, so at the moment only secondary stock is being sold there. The disadvantage of the central part of the city is that it is noisier there, the air is less clean, and there are not so many beautiful views, since the horizon is closed by houses. The suburb, for the most part, consists of new buildings.

In Kyrenia, you can find both primary real estate with interest-free installments, and ready-made housing with full furniture and taxes paid.

Property prices in the city start from 80,000 pounds. For this money, you can buy a house in the old fund – from 10 years old and older. House prices no older than 5 years start from 110,000- 120,000 pounds. Among the new buildings there are now several projects where the cost of 1+1 apartments starts from 160,000 – 180,000 pounds.

In the suburbs, apartments in projects under construction can be purchased from 109,000 pounds. These will be complexes with good internal infrastructure, close to the sea.

Обзор рынка недвижимости региона Кирения на Северном Кипре

The cost of villas and bungalows starts on average from 250,000 pounds. At the construction stage, such facilities can be purchased cheaper – from 190,000 pounds.

Regardless of the purpose of the purchase, the most profitable option is to purchase real estate at the project stage. Prices for such apartments start from 60,000-65,000 pounds.

It should be understood that with the start of construction, prices rise, and continue to rise until the end of construction, which is greatly facilitated by inflation. Of course, there is always a certain risk when buying a home “at the pencil stage”. Despite the fact that real estate developers are controlled by the state, no one is immune from natural disasters, aggravation of the political situation and other similar surprises.

Promising areas and interesting projects

The most attractive areas for investing in real estate are Alsancak, Lapta, Karshiyaka, Chatalkoi and Esentepe. This is due to their proximity to the city center and the availability of infrastructure for comfortable living and recreation. Beautiful modern complexes are being built in these areas. Moreover, high-rise buildings are prohibited here, buildings do not exceed three floors, so all projects are very cozy and calm.

Bakhcheli, a suburban village with beautiful nature, picturesque coves and sandy beaches, can also be distinguished among the promising areas in terms of investment. A world-class yacht complex is planned to be built here in the near future. According to the developer’s idea, it will be a complex with marinas, five-star hotels, restaurants and pubs, retail outlets and sports fields. Such a neighborhood increases the investment attractiveness of the region.

In addition, it is in Bakhcheli that the construction of eco-resorts, which are gaining popularity, is actively developing, the structure of which includes yoga centers, anti-aging centers, aquaponic farms.

One of the notable interesting projects on the market is a large-scale residential complex in the prestigious Karshiyaka district. It is characterized by thoughtful layouts: a loft with access to the garden or studios with a private roof terrace. The project will be of interest to buyers who would like to buy real estate for permanent residence or for rental. This is a comfortable location with a well-developed, well-thought-out infrastructure, one of the most frequent schools is located nearby. In addition to stunning views of the sea and mountains, residents of the complex will be able to use all the services provided, including a SPA, a restaurant with sea views, a marina, a beach club, cafes and bars near the pools. Prices for studio apartments with a terrace here start from 109,000 pounds.

The Esentepe district is also developing dynamically where, in addition to the usual complexes, eco-resorts and entire autonomous villages are also being built. There are original projects in the style of such famous world resorts as the Bahamas or the Maldives. Prices for apartments in such projects start from 160,000 pounds.

Buyers who are looking for vacation and/or rental properties may pay attention to residential complexes close to Bakhcheli, Esentepe, Tatlys. However, in Kyrenia, almost any real estate will be in demand for rent. Before starting construction, developers carefully explore the areas. Their goal is to find a place for development so that the property is guaranteed to increase in price and not be empty when trying to rent. 

Investment potential

Real estate in the region, especially under construction, has high potential. Residential complexes are built on average for 2-3 years. Closer to the completion of construction, their price, according to the most conservative calculations, increases by 30%. Investing funds in this case looks quite profitable, since no bank will offer such a percentage on a deposit in a foreign currency.

Since Kyrenia is a popular resort where tourists travel all year round, buying a house for rent is definitely a profitable investment. Short–term rentals are popular among vacationers, casino enthusiasts, and poker players – international tournaments on this game are held in Kyrenia. Long-term rentals are used by tourism workers, as well as students who do not want to live in dormitories.

For subsequent resale or rental, facilities in the immediate vicinity of beaches, restaurants and casinos are more suitable. If we are talking about real estate for permanent residence, then it is preferable to choose properties located in quiet areas closer to the mountains, offering stunning views of the Mediterranean Sea.

Real estate in the suburbs is also a promising investment. As long as there is free land there, it is actively being built up by large projects. And all of them are located in close proximity to the sea and urban infrastructure.

The purchase of real estate in Kyrenia can be confidently recommended to families wishing to move to Northern Cyprus for permanent residence and novice investors. Moreover, potential buyers should hurry up, since Kyrenia is a small city, and free land tends to run out. This means that projects located in close proximity to the sea will only increase in price. The annual increase in real estate prices is on average 12-15%, and this trend continues.

Thank you for the help in preparing the material from our experts in Northern Cyprus:

Arkady Osipyan, Head of Sales at Leverage Investments

Anastasia Kezik, Marketing Director of Alanya Property Sales

Svetlana Kalashnikova, Deputy Head of Sales Department of Liga Real Estate

Photos used:


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