TRNC Rental House Prices - Average House Rents in Cyprus
In recent years, the Turkish Republic of Northern Cyprus has become one of the top destinations for those looking to invest in real estate. One of the main reasons real estate investors choose Northern Cyprus is the opportunity to generate rental income in foreign currency. Property prices in the TRNC—both for rent and for sale—are primarily evaluated in foreign currency, specifically the British Pound. So, what are the average rental prices for those looking to rent a home or generate rental income in Cyprus?
TRNC Rental Property Prices
The types of homes and residential properties available for rent in Cyprus include apartments, villas, and standalone houses. TRNC rental property prices vary depending on the property’s location (the city it is in or its specific location within the city), square footage, number of rooms, whether it is furnished or unfurnished, or other amenities it offers (pool, reception, parking, etc.).
Based on these varying characteristics, the average monthly rental prices in Northern Cyprus are as follows:
- Apartment Rents: £200–£1,000
- Villa Rents: £500–£1,750
- Detached House Rents: £450–£1,000
Rental Levels by City
Rental prices in Cyprus vary by city. The highest rents are found in the cities of Kyrenia, Nicosia, Famagusta, Iskele, Güzelyurt, and Lefke, in that order. For example, while 3-bedroom apartments in Kyrenia rent for an average of £350–£750, apartments with the same features rent for £300–£700 in Famagusta and £150–£300 in Lefke.
Of course, there has also been a corresponding increase in home prices in line with the rise in rent levels.
TRNC Rental Property Prices: Is Buying a Wise Move?
Purchasing a home in the TRNC for rental purposes is a highly sensible investment. The primary reasons for this include the short real estate depreciation period (10–12 years), the opportunity to generate rental income in foreign currency, and the prospect of high returns from purchasing residential property in Cyprus in the near future.
Who Rents Homes in the TRNC?
Additionally, Northern Cyprus is a country that stands out for its education and tourism sectors. As a result, it has a large population of tourists and students. Since tourists and students have a more limited time to spend on the island, they are the groups that prefer rental homes the most. In addition, a significant portion of the TRNC’s local population also prefers rental homes.
In short, rental homes in Cyprus are preferred by a broad audience consisting of tourists, students, and the local population.