The city development (zoning) plan which controls property construction in Kyrenia and Çatalköy and the intense demand from abroad, has pushed real estate prices in Kyrenia through the roof.
According to Turkish Cypriot daily ‘Havadis’ the implementation of the city development (zoning) plan in Kyrenia and Çatalköy, the increase of investment demands from abroad, the land shortage and the increased value of the pound sterling against the lira are the reasons that real estate prices in Kyrenia have been increased.
For example, two bedroom apartments now cost an average of £75,000 up from £45,000 and the price of a plot, which used to cost £100,000 now it costs £300,000-400,000.
The newspaper emphasises that the price increases have not affected the interest of overseas investors who are still keeping their eye firmly on Kyrenia. Despite the increase of real estate prices, real estate agents have found that real estate prices in North Cyprus are cheaper than Turkey.
While estate agents and property owners are satisfied with the price increase, the citizens suffer. Not only can the residents of Kyrenia no longer afford to buy a house, they cannot afford to pay the rent due to the increase of the pound sterling.