Rising rents:
The cost of renting a home in Cyprus continues to rise. How much does a student or young family have to pay to rent a one-bedroom apartment? According to AlphaNews, prices range from €475 in Nicosia to €1900 in Paphos. Much depends on the quality of the housing and the city in which it is located.
Nicosia:
Reporters from the TV channel studied the local real estate market and found a one-bedroom apartment in Nicosia with an area of 32 square meters for €475. In another area of the capital, the rent for an apartment of 50 square meters was €700.
Factors affecting prices:
- The price always depends not only on the area and age of the property, but also on its location and quality,” said Marinos Kinegirou, Chairman of the Cyprus Real Estate Registration Council (SEK).
Paphos and Larnaca:
Rents for a small apartment in Paphos and Larnaca are comparable. In Paphos, an apartment of 45 square meters is rented for €600, 50 square meters for €700, and 58 square meters for €900. In Larnaca, prices for renting a small apartment range from €550 (25 square meters) to €800 (for 50 and 55 square meters).
Limassol:
The highest rents are in Limassol. Even for miniature apartments, owners often ask for four-digit sums. In one case, the rent for an apartment of 60 square meters was €1200, in another – €1300 (37 square meters), in the third – €1500 (55 square meters).
Reasons for high prices in Limassol:
- In Limassol, due to increased demand, prices are rapidly rising for both long-term rentals and short-term rentals for tourists,” said the head of SEK.
Luxury apartments:
In any city of the island, there is a category of luxury real estate, the prices for which are much higher than the average. For example, in Nicosia, they want €1050 for renting a luxury apartment of 52 square meters. In Larnaca, renting a luxury apartment of 50 square meters in the Mackenzie Beach area can cost €1250. In Limassol, it was possible to find an apartment of 63 square meters for €1800. The record holder was Paphos, where the price for renting a one-bedroom apartment of 70 square meters was €1900.
Future trends:
- Most likely, in 2024, prices for renting some residential properties will remain at the same level, and for others they will grow. There seems to be no decline,” said Marinos Kinegirou. – It is very difficult for students to rent property near their university, and this is understood in all cities.
