Despite the construction boom, Cyprus is experiencing an increasing shortage of flats and houses for rent every year.
One of the main reasons for this is the growth of the island's population. Demand is outstripping supply, making rental prices in Cyprus "unaffordable" for the average family, and even more so for the average student.
As the new academic year approaches, many students in Cyprus are facing the difficult task of finding accommodation. This is mainly due to the increased demand for a limited number of apartments near the universities in Nicosia and Limassol, as well as a sharp rise in rental prices. And there are not enough dorms to go around.
According to the latest data from the Association of Property Valuers of Cyprus, Limassol remains the record-holder for the cost of housing for non first-year students.
Currently, a one-bedroom apartment near the local universities costs a student an average of 1100 euros, while a two-bedroom apartment costs 1900 euros. The situation is slightly better in Nicosia. In the capital, flats close to universities are rented at more democratic prices.
For example, the average cost of renting a one-bedroom apartment in Aglantzia is 650 euros, and in Egomi and Strovolos - 750 euros. Prices for two-bedroom apartments in the same areas range from 900 to 1100 euros. In Paphos, studio apartments start from €700, while the average price for a two-bedroom apartment is around €1,000. Finally, rents in Larnaca range from 600 to 800 euros, depending on the area and neighbourhood.
The association stressed that more and more students are choosing not to rent accommodation near universities, but to stay with their parents and commute to their studies. There are few opportunities for students to rent accommodation, as prices are high and there is not enough time to earn enough to pay for accommodation.