The statistical service of the European Union Eurostat conducted a new study about the price of renting real estate in the world capitals.
As it turned out, renting a house in Nicosia is profitable not only financially. In addition to the fact that the average cost of rental housing in the capital of Cyprus is one of the most competitive in the EU, the living area of apartments and houses in Cyprus is much larger than similar options in other countries.
The average rental rate for 1-bedroom apartments ranging from 60 m2 to 80 m2 in Nicosia is 620 euros. 2-bedroom apartments from 80 m2 to 100 m2 are rented for 780 euros, and 3-bedroom apartments (110 m2 to 130 m2) - 1050 euros.
Only Ankara has cheaper properties. In the capital of Türkiye, the average rate for 1-bedroom apartments from 60 m2 to 80 m2 is 175 euros, 2-bedroom apartments (80 m2 to 100 m2) - 220 euros, and 3-bedroom apartments (140 m2 to 160 m2) - 310 euros .
In third place was Budapest. Here, the average rate for 1-bedroom apartments from 40 m2 to 60 m2 is 685 euros, 2-bedroom apartments from 60 m2 to 80 m2 - 1015 euros, and 3-bedroom apartments from 110 m2 to 130 m2 - 1685 euros .
The top ten capitals of the world with the best prices for renting apartments also included: Riga, Valletta, Sofia, Athens, Rome, Brussels, Madrid.
It should be mentioned that Eurostat experts noted the rapid growth of rental rates in Nicosia. So, in 2022, the prices for renting apartments in the capital of Cyprus increased by an average of 11%.
Last year, apartment rentals grew the least in Paris (+0%), Rome (+1%), Copenhagen (+2%), Vienna (+4%), Luxembourg (+6%) and Athens (+9%) . On the contrary, the largest growth occurred in Ankara (+62%), Budapest (+28%), Madrid (+23%), Lisbon (+21%) and London (+18%).
The average rental rate for detached houses (190-220 m2) in Nicosia is 1800 euros, and duplexes (140-160 m2) - 1250 euros.
By the way, in this category, the capital of Cyprus was also in second 'cheapest' place.
Ankara again became the leader. The average rental rate here for detached houses is 805 euros, and duplexes - 480 euros. Rome is third. In the capital of Italy, the average rental rate for detached houses with an area of 190-220 m2 is 2 thousand euros, and duplexes with an area of 110-130 m2 - 1.4 thousand euros.
The top ten capitals of the world with the best prices for renting detached houses also included: Riga, Brussels, Athens, Berlin, Budapest, Sofia, Valletta. And duplexes: Riga, Brussels, Valletta, Athens, Berlin, Vienna, Madrid. The most expensive places to rent houses are in Dublin, Copenhagen, Luxembourg and Paris.
Last year, house rents rose the least in Vienna (+0%), Paris (+3%), Sofia, Luxembourg, Valletta and Copenhagen (+4%). On the contrary, the largest growth was recorded in Ankara (+118%), London (+21%), Madrid and Athens (+15%).
Detailed information about all projects in Nicosia can be obtained from the specialists of the No. 1 real estate agency in Cyprus DOM by phone +357 22 030670, or in person at: Archiepiskopou Makariou III 1, Lakatamia 2324, Nicosia, Cyprus.