Landbank Analytics, the Cyprus housing market analysis company, has conducted a new study to find out the average rental prices of properties in Cypriot cities.
According to the report, the average rental price for apartments on the island is estimated at €1,803 per month and for houses at €3,249 per month. At the same time, prices vary considerably across the five cities of Cyprus.
In particular, the highest rents in the country are traditionally found in Limassol. The average rent for an apartment in this Cypriot city is 2,742 euros per month. The most sought after by tenants are 2-bedroom apartments, for which they ask around 2,460 euros per month. The average rent for a 1-bedroom apartment in Limassol is 1,599 euros and 3,225 euros for a 3-bedroom apartment.
House rents in Limassol are even higher, averaging €4,492 per month. Three-bedroom houses are the most affordable for renters, with an average rental price of €2,773 per month. Four-bedroom houses are also commonly rented in the city, with an average price of €5,000. Five-bedroom houses are less common on the rental market and cost a considerable €8,936 per month.
Interestingly, the cheapest apartments, with an average rent of just €745 per month, are in the free neighbourhoods of Famagusta. This is followed by Nicosia, where you can rent an apartment for an average of €1,017 per month. It should be noted that tenants in the Cypriot capital are most interested in 2-bedroom apartments, which cost an average of €996, followed by 3-bedroom apartments at €1,319 per month and 1-bedroom apartments with an average rent of €674.
There are also currently 190 houses for rent in Nicosia with an average cost of €1,900 per month. The most sought-after properties in the capital are three-bedroom houses, which rent for an average of €1,335, and four-bedroom houses, which rent for €2,094 per month.
In Larnaca, on the other hand, there are currently 536 apartments available for rent at an average price of €1,120 per month. Most of them have two bedrooms and the average rent is €1,114 per month. There are also 219 houses available for rent in the region, with an average rent of €2,340 per month.
Finally, Paphos offers 289 apartments with an average rent of €1,193 per month. 2-bedroom apartments are the most common, with an average cost of €1,228. House rents in Paphos average €2,692 per month, making it the second most expensive city for house rentals after Limassol.
There are currently 3,257 apartments and 1,227 houses for rent in Cyprus. Andreas Christoforides, CEO of Landbank Group, said that the high prices in Limassol have a significant impact on the overall property rental market in Cyprus.