NUMBEO, the world's largest database on the cost and quality of living, has published a new comparison of house prices in Cypriot cities.
The most expensive city for both renting and buying property in the island state was Limassol. The average cost of renting a one-bedroom apartment in the centre of Limassol is 1,351 euros. This is almost twice as much as in Nicosia, where the average price for similar options is €648. On the other hand, in Limassol and earn more than the residents of the capital. The average net monthly salary here is 2,376 euros, compared to 1,435 euros in Nicosia.
As for the price of buying a home, it is also much lower in the capital than in Limassol - apartments in the city centre cost an average of €2,587 per square metre. In Limassol, similar apartments cost from 3 580 euros per 1 m2.
Interestingly, Limassol even beats the capital of Greece - Athens. For comparison, the average cost of a 1 m2 apartment in the centre of Athens is 3 130 euros, and the cost of renting a one-bedroom apartment is 582 euros.
As for other Cypriot cities, prices in Larnaca and Paphos remain moderate: the cost of an apartment in central areas is 2 966 euros and 2 915 euros for 1 m2 respectively. In Paralimni, however, there is an unusual trend: suburban properties (€3,000 per 1 m2) are more expensive in this Cypriot resort than those in the city centre (€2,500).
To be fair, Limassol is still a long way from housing prices in some EU countries. Recall that the leader in the European list is Paris, where the cost of an apartment in the city centre is 12,132 euros per 1 m2. It is followed by Frankfurt, where the average price is 7,732 euros per 1 m2.