Many residents of Limassol complain that their income is not enough to pay for adequate rent.
And this is not surprising. Even for tiny apartments, owners often ask for four-digit sums.
Due to increased demand, prices are skyrocketing for both long-term rentals and short-term rentals for tourists. The mass transfer of international companies to the island and the influx of refugees is adding fuel to the fire. Today, to rent a profitable option in a good neighborhood must try - to make a double deposit, payment for several months, and in some cases, to pass the casting among interested tenants.
It is worth noting that the final cost of rent depends on many factors: starting with the location of the apartment or house, ending with the quality of the property. At the same time, in Limassol, traditionally, the most expensive rent on the island. Prices for small apartments in this city of Cyprus range from 1.2 thousand euros to 1.5 thousand euros. For example, 1.2 euros per month ask for an apartment of 60 m2, in another case 1.3 thousand euros for an apartment with a meter size of 37 m2. If we talk about the cost of renting luxury apartments, it is much higher than the national average.
This situation does not suit many residents of Limassol. Therefore, they decided to hold a protest action on Saturday, April 27. Local activists are expected to gather at 17:00 in the square in front of the district administration building on Anexartisias Street.
We cannot expect landlords who rent us crumbling studios for 800 euros to suddenly take care of us and lower our rent. Landlords only look after their own interests. Therefore, we want to call on the Cypriot government to take control of prices in the real estate rental market," the activists said.
Among the main reasons why property rental prices are rising in Cyprus are:
- Some of the apartments and houses, whose owners used to rent them out on a long-term basis, have ended up in the short-term rental segment.
- Young families often do not have enough money for a down payment when buying a home, so they are forced to rent it.
- Mass relocation of employees of foreign companies, who receive high salaries and bonuses by the standards of Cyprus and can afford to rent quality housing in prestigious areas near the sea.
- Lack of activity in the market of construction of budget housing.
- Increase in the number of students who rent apartments.