Despite the construction boom, every year Cyprus is experiencing an increasing housing shortage.
One of the main reasons is the growing population of the island. Demand exceeds supply, as a result of which rental prices in Cyprus have become "unaffordable" for the average family, and even more so for ordinary students.
As the new academic year approaches, many students in Cyprus face the difficult task of finding accommodation.
This is primarily due to the increased demand for a limited number of apartments near the universities of Nicosia and Limassol, as well as a sharp rise in rental prices.
It is worth noting that last year, due to the coronavirus pandemic, the demand for such housing fell, so prices were much lower than the market average. In addition, new dormitories provided good competition to owners who rent out housing to students. By the way, renting rooms in student dormitories costs an average of 480-550 euros per month, including the cost of electricity, water, internet and television.
However, this year, if the new lockdown does not happen, then the influx of students to the island will increase, which means that prices will go up.
According to experts, the rent for apartments located near higher education institutions is already growing.
For old apartments, owners ask from 450 to 750 euros. Factors such as the age of the building, the size and design of the apartment, as well as the presence / absence of furniture and appliances in it, largely determine the rental prices.
For example, for a 50 m2 furnished apartment near the University of Nicosia, they ask for 450 euros. A 70 m2 two-room apartment in the same area is rented for 550 euros per month, a 75 m2 two-bedroom apartment in Pallouriotissa near the Frederick University is 580 euros, a 110 m2 three-room apartment near the European University is 750 euros, and an apartment with 2 bedrooms and furniture in the same area is 680 euros, a three-room apartment in Makedonitissa (near the University of Nicosia) is 750 euros, a 65 m2 one-bedroom apartment in Engomi - 700 euros, a 80 m2 apartment in Aglandjia - 600 euros.
By the way, the best way out for local students in this situation is to enter their hometown and live with their parents.
However, this is not an option for students from Greece, who have been growing in Cyprus in recent years. Many are looking for apartments in Strovolos, Lakatamia, Anthoupoli and Agios Dometios, where prices are lower. Some parents think about buying an apartment for their son or daughter, considering it a wiser investment.
One possible solution to the problem would be to introduce tax breaks for property owners who rent out housing to students, as well as an increase in student rental allowance. Today one can only dream of universities being able to fully cover the needs of students in affordable housing, since this is a huge financial burden for many families.
The problem has been repeatedly voiced to the Ministry of Education, but so far they only shrug their shoulders and refer to the dependence of supply on demand.
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