Main Buyers: Turkish Cypriots Abroad and Foreign Nationals

High-end villas in the occupied northern part of Cyprus—especially in the areas of Kyrenia and Trikomo—are being listed for extraordinary prices, with some properties reaching up to £6 million or roughly 300 million Turkish Lira, based on current exchange rates.

According to reports from the Cyprus Government Press Office, the Turkish-Cypriot newspaper Kıbrıs quoted Hüseyin Sandeki, a board member of the so-called “Real Estate Agents Union,” who said that standalone houses in the north can fetch up to £5 million, depending on their location and land size. These top-tier prices are typically associated with spacious villas built on large plots that offer scenic sea views.

The highest real estate values are being recorded in Kyrenia—particularly in Agios Epiktitos, Bellapais, Temblos, and Karavas. According to Sandeki, Kyrenia, Trikomo, and Nicosia have the largest selection of available villas right now. Kyrenia’s high prices are mainly driven by its panoramic views, desirable location, and status as a tourist hotspot.

He also noted that areas like Bellapais, Agios Epiktitos, and Trimithi cater mainly to wealthier buyers, while Trikomo is emerging with new residential developments designed as modern communities. Nicosia, though in demand due to its central location, offers fewer detached homes compared to other regions.

As for who’s buying these properties, Sandeki said most buyers are Turkish Cypriots living overseas or foreigners drawn to the area for various reasons. He highlighted that Turkish Cypriots in the UK show strong interest, and there’s also growing demand from Russians and Ukrainians, likely influenced by instability in their home countries. Additionally, buyers from Northern Europe—including Finland and Norway—are attracted to the region’s more favorable climate.

Sandeki concluded by saying that these luxury homes are well out of reach for most locals, given their extremely high prices.