Kyrenia is one of the most important tourism destinations of Northern Cyprus with its narrow Mediterranean streets, the magnificent Saint Hilarion castle and the ancient harbor. However, Kyrenia is not only an important destination for tourists but also for real estate investors. In this article, we will give you information about the prices of flats for sale in Kyrenia.
Home to many civilisations since ancient times, Kyrenia ranks first among the favourite Cypriot cities both for locals and foreign tourists. The city is also known with its high real estate value. Hence, Kyrenia has the great potential to provide high income to its investors. It is possible to find a flat for sale in Kyrenia, that is both within your budget and still has beautiful views of the sea and/or the forest.
Purchasing a Flat in Kyrenia for the Purposes of Living
Kyrenia, which is frequently visited by tourists, is also a place preferred by foreign visitors who settle in Cyprus. Many people from England, Russia and Scandinavian countries live in Kyrenia. Moreover, due to the advantage of easily obtaining a residence permit in Cyprus, foreigners choose to buy flats. Kyrenia stands out with its low cost of living (especially compared to other European cities), environmental cleanliness and wonderful bays. Purchasing real estate in Kyrenia will be the best step for those who want to spend every day of the year as if they were on vacation. Before moving on to the prices of flats for sale in Kyrenia, let’s consider why Kyrenia is a good option for real estate investment.
Buying a Flat in Kyrenia for Investment Purposes
Generally, Northern Cyprus stands out due to its low real estate prices compared to many other countries. In addition to the income the island earns from tourism and education sectors, the number of short- and long-term residents in Cyprus is quite high. Due to the high levels of demand for rental properties in Cyprus, those who invest in real estate in Cyprus generally buy houses for rental purposes.
Rental prices in Kyrenia are quite high compared to many other parts of Cyprus. Real estate sales and rental prices throughout Cyprus are mostly carried out in foreign currency. The use of foreign currency, which eliminates the risk of inflation, also provides convenience for foreign real estate investors who want to earn rental income.
Moreover, over 120 thousand university students study in Northern Cyprus, and more than a million of people visit Cyprus every year. This intensity, which increases demand for rental properties also shortens the real estate turnover time considerably. Those who invest in real estate in the TRNC recover their investment over an average of 8-12 years.
How much are the prices of flats for sale in Kyrenia?
In order to give the appropriate answer to this question the prices of flats for sale in Kyrenia, we need to seperate Kyrenia to different areas as the East, Central and the West Region.
- Eastern Region in Kyrenia: It includes Karakum, Doğanköy, Ozanköy, Beylerbeyi, Çatalköy and Arapköy regions.
- Kyrenia Central Region: Kyrenia Center consists of Upper Kyrenia regions.
- Western Region of Kyrenia: It includes Zeytinlik, Edremit, Karaoğlanoğlu, Alsancak, Lapta and Karşıyaka regions.
Prices of flats for sale in Kyrenia range between £65,000 and £110,000 in the Eastern Region. In the Western Region, the prices of flats for sale are between 60,000 and 70,000 pounds. The region with the highest real estate value in Kyrenia concerns the areas close to the centre. Here, the price of a standard flat is between £40,000 and £110,000, but the prices of luxury flats for sale range from £85,000 to £450,000.
The real estate prices above are average prices. If you want to find out the prices of flats for sale in other cities in the TRNC and compare them with Kyrenia, you can visit the Prices of Houses For Sale in Cyprus page.
Buying Affordable Housing in Kyrenia
It is possible to find affordable housing in Kyrenia. Real estate investors usually consider the option of buying a house off the plan. Buying a house off the plan provides 20%-30% more affordable prices than the normal sales prices and therefore this method is widely preferred.
If you want to buy an affordable flat for sale in Kyrenia, you can leave your information via the contact button at the bottom of the page and benefit from our free real estate consultancy service. If you want to invest in real estate or buy residential properties in Cyprus, you can also visit the Cyprus Real Estate Projects page.