Housing Crisis Looms in Northern Cyprus as Rents Spiral Out of Control
The housing crisis in Northern Cyprus is deepening amid the continued depreciation of the Turkish Lira and the sharp rise of foreign exchange rates, particularly the British Pound.
According to a report by Halkın Sesi, rent prices have surged to unprecedented levels, pushing adequate housing out of reach for many residents.
As the value of 1 British Pound approaches 50 TL, landlords are increasingly raising rents based on the pound, adding further pressure on tenants whose incomes remain in Turkish Lira. Over the past year, rental prices have reportedly increased between 50% and 100%, making it nearly impossible for many to afford adequate shelter.
Current data shows the average rental price per square metre in Nicosia has climbed to £5.58. In Kyrenia, the monthly rent for a 75-square-metre apartment averages £640, while in Famagusta, similar apartments are being let for around £410 per month.
This drastic rise in rental costs, set against stagnant or shrinking local incomes, is forcing many to the brink. Thousands of residents now face the harsh reality of being unable to secure what should be a basic human right: access to safe and affordable housing. For these individuals, housing is no longer a necessity—they are instead burdened by a financial weight that grows heavier by the day.
As the lira continues to fall and rent prices climb in foreign currency terms, the housing situation in Northern Cyprus appears poised to reach critical levels unless urgent measures are taken.
Source: Halkın Sesi
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