Newsroom
Ultra-luxury villas in the occupied areas of Cyprus are being snapped up for eye-watering prices, with some homes going for as much as £6 million (or over 300 million Turkish lira), particularly in sought-after locations like Kyrenia and Trikomo.
According to Kipris news, quoting the head of the so-called "real estate association" in the north, Hussein Sadeghi, prices for high-end detached homes vary depending on the size of the land and the view, and the most expensive ones come with a panoramic look at the sea.
Instead, the bulk of the buyers are Turkish Cypriots living abroad, especially in the UK, along with Russians, Ukrainians, and northern Europeans from countries like Finland and Norway.
“The highest demand and steepest prices are in Kyrenia, especially in Agios Epiktitos, Bellapais, Karavas, and Templos,” said Sadeghi, adding that these areas are geared towards the wealthy elite. Trikomo, he noted, is booming with new developments, while Nicosia has fewer standalone homes but remains attractive due to its central location.
Who's buying?
It’s not the locals. Sadeghi admitted that most Turkish Cypriots can't afford the soaring prices. Instead, the bulk of the buyers are Turkish Cypriots living abroad, especially in the UK, along with Russians, Ukrainians, and northern Europeans from countries like Finland and Norway. Many are drawn by the climate, the view, or political instability back home.
Despite the influx of interest, the booming high-end market is also deepening the divide between wealthy foreign investors and local residents priced out of their own communities.
