< North Cyprus

North Cyprus Population And The Effect On The Housing Market

The current permanent population of North Cyprus is estimated to be around 313,626 (as opposed to over 800,000 in The South).

Visitors and international property owners increase the annual population in the North by over 1.5 million (2017).

The permanent population has increased in the last 20 years as overseas people have seen that North Cyprus provides a safe, warm and low cost but high standard of living option. Many new international schools and universities have established to accommodate this substantial growing increase in new residents from abroad.

Such immigration reveals similar characteristics as existed in Spain in the last 30 years as Europeans emigrated for a life in Spain.

In North Cyprus in the early developing years (2000), substantial numbers of British people brought property and in time Scandinavians and other Central European people have been holidaying or purchasing.

Currently Vision Groups fastest growing demand is from Scandinavia and UK. Germany has been a new market place for Vision Group which is now bringing about 500 German visitors a year.

In the last 10 years we have seen huge demand and buyers from Iran, Russia, Ukraine and CIS states and now even from further afield such as China.

It should also be noted that in the last decade there was a large increase in demand from mainland Turkey.

Up until 2008/2009 it was rare to see mainland Turkish people and investors in North Cyprus. Even though Turkey is only 40 miles from Cyprus and with a huge population (80 million), they were not attracted to North Cyprus as they have their own beautiful sunshine and beach destinations in the Southern region of Turkey.

After the opening of the borders in North Cyprus and the clarification of title matters, North Cyprus began to see growing visitor numbers from Turkey.

In the last 8 years North Cyprus benefitted from huge Turkish companies investing heavily. This was followed by Mr and Mrs Turkey investing in second homes.

We saw the arrival of several new Merit Group hotels and other companies that have developed huge 5 star hotels such as Elexus, Kaya Artemis, Cratos, Rocks and many more.

Turkish investors began to buy bulk amounts of residential units. This new demand started to escalate and now hundreds of mainland Turkish people have brought. For the moment their focus is around central Kyrenia but will spread to areas outside the centre of Kyrenia.

The demand from Turkey has however dropped considerably since the collapse in value of the Turkish Lira. Property in North Cyprus is sold in British Sterling and so has increased in cost for mainland Turkish buyers who have to exchange their Turkish Lira. This demand will gather pace again when the Turkish Lira recovers over the years to come.