North Cyprus price per m² index: how it is built and how to read it

What the index is, and what it is not

It is a dated, reproducible snapshot of asking prices for apartments and villas in ten area-and-type cells across Northern Cyprus. Its method, sources and data are published so that anyone can check them. A CSV of the table is available on the index page.

It is not:

• a transaction index (there is no public transaction index for Northern Cyprus);
• a valuation of any property;
• a forecast of where prices are going;
• a measure of rental yield or investment return.

How the data is collected

• Sources. Public listing-portal pages: HangiEv (prices in GBP) and Turk.Estate (prices in EUR). The exact pages are listed on the index page. A third portal, 101evler, could not be read on the collection date because of an access wall, so the current sample comes from two portals.
• Collection date. All listings in the current sample were read on 25 September 2026.
• Inclusion. A listing is used only if it shows both a price and a size in m².
• Exclusions. Listings of 20 m² or less are excluded, as are listings below the minimum price set out in our editorial policy. Land-only listings are excluded.
• Cells. Ten area-and-type cells: Kyrenia (Girne) town (apartments; villas), Bellapais (villas), Lapta & Alsancak (villas, pooled as one west-coast cell), Esentepe (apartments; villas), Tatlısu (villas), İskele / Long Beach (apartments), Famagusta (Gazimağusa) (apartments) and Nicosia (Lefkoşa, north) (apartments).

How each figure is calculated

1. Currency. Each price is converted to euros at a dated, indicative mid-market rate. For the current sample: GBP→EUR 1.17 and USD→EUR 0.92, as of 22 September 2026. That is three days before the collection date, so a move in sterling between those dates would shift GBP-priced listings slightly.
2. Price per m². The euro price is divided by the size stated in the listing.
3. Median. Within each area-and-type cell, listings are ranked by price per m² and the middle value is reported. A median is less affected by one extreme listing than an average.
4. Range. The 25th and 75th percentiles are reported. Half of the listings in the cell fall between them.
5. Context. Each cell also shows its sample size (n), its median asking price and its median size.
6. Flags. The index page marks cells with fewer than five listings as thin. In the current release no cell is thin: samples run from 9 to 18 listings, and every cell carries a small-sample note with its n.

A worked example: reading one cell

The current row for Kyrenia (Girne) town, villas reads: median €2,260 per m², range €1,870–€2,640, n=12, median price €470,000, median size 216 m², collected 25 September 2026.

Read it like this:

• Twelve villa listings in Kyrenia town showed both a price and a size on the collection date.
• Half of them asked between €1,870 and €2,640 per m². A quarter asked less and a quarter asked more.
• The middle listing asked about €2,260 per m².
• The typical listed villa in the cell asked about €470,000 and was described as about 216 m².

You might expect €470,000 ÷ 216 m² to give the median. It gives about €2,176, not €2,260. That is not an error. The median of the price-per-m² figures is a different statistic from the median price divided by the median size, because the most expensive villa is not necessarily the largest. Use the €/m² median to compare price levels, and the median price and size to picture the typical listing. Do not derive one from the other.

The caveats, in order of importance

1. Asking prices overstate achieved prices. Sellers ask more than they accept, by an amount that varies with the market and the property. No public source in Northern Cyprus measures that gap.
2. Sizes are not standardised. Agents state sizes as they choose. Villas may be quoted gross, including terraces and covered areas, and occasionally by plot. Apartments are more often net. This is why villas can show a lower €/m² than apartments in the same area. Compare within a type.
3. Small samples. With 9 to 18 listings per cell, one or two unusual listings can move the median. Read the range and n before the median.
4. Who lists on portals. Portal samples over-represent new-build and agency stock. Private resales and off-market property are under-represented, so the index says little about the very top of the market.
5. What is not captured. Title type, completion status, view, floor, plot size and service charges are not in the number, and each can move a price materially.
6. New builds include VAT and developer margin in their asking price. Our taxes guide notes that most resales between private individuals do not carry VAT. Mixing the two in one cell blurs the comparison.
7. Currency. For buyers who think in sterling, dollars or roubles, a change in exchange rates changes the figure without any change in the market.

How to test an asking price against the index

A worked method (Northea analysis), on the same basis as the index:

1. Convert the asking price to euros at a dated rate and write the rate down.
2. Ask the seller whether the stated size is gross or net, and whether it includes terraces. Divide only by a size you understand.
3. Find the matching area-and-type cell. A price inside the 25th–75th percentile range is within the middle half of what was asked on the collection date. A price outside it is not "wrong", but it needs a reason.
4. List the reasons that could justify the gap: title type, view, frontline position, plot size, condition, furniture, completion status.
5. Ask for evidence of each reason, and for comparable completed sales your advisor can document.
6. Record the date. A comparison against an older release is weaker.

The index is a first orientation and a sanity check. It does not replace a valuation, a title search or a review of comparable completed sales.

Refreshes, versions and corrections

• Cadence. Under NORTHEA's editorial policy, pricing and market data are refreshed monthly or quarterly, depending on how much new data is available.
• Versions. Each release carries its collection date and exchange-rate date. A citation should always include the collection date, because figures change between releases.
• Corrections. If you find a listing that was misread or a figure that does not reconcile with the CSV, write to support@northea.dev with the page address, the figure and, if possible, the listing. We check each report against the source. When a factual correction is made, the page's review date is updated and material corrections are noted on the page with the date of the change (corrections policy).

How to cite the index

The index page gives this form:

Northea, "Northea North Cyprus price per m² index (asking prices)", asking-price data collected on 25 September 2026, https://northea.dev/market-data/price-per-square-meter

When quoting a single figure, include the area, the property type, the sample size and the words "asking price". For example: "median asking price for Kyrenia town villas, €2,260 per m² (n=12, collected 25 September 2026)".