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Cyprus

Record increase in price of villas in the north

Villas near Kyrenia

There has been a massive increase in the prices of villas in the north but not in the Nicosia area, where they have dropped off, Turkish Cypriot press reported on Friday.

New outlet Gunes reported a record increase of 11 per cent in villa prices during the period between June 2021 and June 2022.

According to the newspaper, the average price per square metre of villas sold in the north exceeded £950 sterling, setting a new record of over £1,000 per square metre.

Villa prices in June exceeded those of 2018, prior to the currency crisis with the Turkish lira.

While house prices had fallen to their lowest point in three years in the first half of 2021, they recovered in the second half and closed with an increase of 3.42 per cent.

According to the report, prices, which continued to rise this year, closed the March-June period with an increase of 4.68 per cent.

According to the housing market data created by the real estate sales website www.101evler.com in collaboration with Reidin Data Analytics, the prices of villas increased by 11.7 per cent in the period between June 2021 and June 2022, while the prices of 2018 were exceeded by 4.78 per cent.

A closer look at property values in different regions showed that in the second quarter of 2022, the largest proportional increase was 11.4 per cent in the Famagusta area, increasing the average price of villas per square metre from £681.72 to £759.34.

In the area of Kyrenia, the prices of villas increased by 6.35 per cent, while the average price per square metre increased from £1,041.82 to £1,108.

As in the first quarter, Nicosia was the only area where prices fell during the period. The average price of villas for sale in the divided capital fell by 4.43 per cent from £667.21 to £637.66 per square metre.

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