As the new school year starts, many students and their parents in Cyprus are faced with the difficult task of finding housing. Increased demand for a limited number of apartments near universities in both Nicosia and Limassol has caused a sharp increase in rental prices.
In some cases, the cost of housing has skyrocketed!
Traditionally, the leader in the list is Limassol.
It must be admitted that, in comparison with other cities on the island, the cost of renting here has always been much higher, and now it breaks all records. The problem is compounded by the fact that students cannot find a studio, or one-bedroom apartment for rent. Even 2-bedroom apartments in the area of the center where the Cyprus University of Technology is located, as well as in its surroundings, are presented in the real estate market in a limited number. Many people have no choice but to rent a 3-bedroom apartment, which hits their parents' wallet hard.
By the way, if long-term rent reaches up to 700 euros for a studio and up to 900 euros per month for a "one-room apartment", then for a 3-bedroom apartment you have to pay at least 930 euros.
It is noteworthy that students who do not use a private car prefer to overpay, but rent an apartment near the educational institution or in nearby areas. Those who have cars are forced to leave the city center and abandon the amenities associated with the proximity of their studies due to the financial side of the issue. By the way, this category of students will settle in Agios Athanasios, Polemidia and Agia Fyla, where renting apartments is much cheaper, and the road takes only 15-20 minutes to get to the university. In these regions, prices are 50-100 euros lower. For many students and their parents, 100 euros is a significant difference.
Finally, it should be noted that due to the high rental prices of real estate in Limassol, many students prefer to travel every day to study from other cities.
As for the coronavirus times, in 2020 there was a slight decrease in rental prices. But, due to increased demand this year, they returned to the same level as in 2019. If last year many students studied online, then in 2021 they returned to their universities.
The coronavirus pandemic and the fact that some of the citizens lost their jobs, and someone's income fell, forced them to look for more economical solutions, renting smaller options for living space. In turn, this has impacted the offerings for students in the new academic year, as the number of affordable options available has also diminished.
Rental prices are slightly lower in the capital of Cyprus.
So in the Makedonitis area (near the University of Nicosia) a new one-bedroom apartment can be found for 600 euros per month, two bedroom - for 800 euros, and three bedroom - up to 1000 euros.
For renting old apartments, their owners ask for 400, 550 and 700 euros per month. Factors such as the age of the building, the size and design of the apartment, and the presence / absence of furniture and appliances in it also largely determine the rental prices. The best way out is to enter your hometown and live with your parents.
However, this is not an option for students from Greece, whose numbers have grown 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.
If you are looking for a property in Cyprus, then contact DOM Real Estate. The website has a large selection of real estate objects - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.