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A growing number of Bulgarians are turning their eyes toward the Turkish Republic of Northern Cyprus (TRNC) in search of affordable property with real estate prices reportedly five times lower than in the island's southern part. The trend has sparked controversy following recent warnings from Greek media outlets, which label such sales as illegal under European law.
According to a report by the Bulgarian daily Telegraph, there has been a visible boom in online listings for apartments, houses, and villas in the TRNC.
Prices for a two-bedroom apartment reportedly start at €100,000 (over $114,600) while luxury penthouses can reach up to €3M. In stark contrast, similar properties in the Greek Cyprus, the internationally recognized southern part of the island, are said to cost at least €10 million.
The growing trend has stirred controversy, particularly in Greece and Greek Cyprus. Greek media outlets have issued warnings, branding Turkish Cyprus real estate sales as illegal under European Union law, which does not recognize the authority of the TRNC.
One Greek news source recently described the Turkish Cyprus property market as a “scam,” warning potential investors of possible risks tied to ownership claims and the lack of international recognition of the territory. Although the TRNC is governed separately with its own institutions, it is recognized only by Türkiye.
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