The cost of renting accommodations in Cyprus continues to rise at a record pace. According to recent data from the Land Department, prices have increased by tens of percent in several cities and resort areas over the past six months.
Leaders in rental price increases
The biggest increases in rental rates were in:
- The Agios Athanasios area in Limassol. One-bedroom houses are offered at an average of €1,150; two-bedroom houses, at €1,550; and three-bedroom houses, at €2,250. For comparison, six months ago, similar options were priced at €1,000, €1,450, and €1,850, respectively.
- In Engomi, Nicosia, one-bedroom houses are offered at an average of €675; two-bedroom houses, at €1,000; and three-bedroom houses, at €1,250. Six months ago, rental rates in Engomi were below €500.
- In the Chloraka area of Paphos, one-bedroom houses are offered for an average of €600, two-bedroom houses for €750, and three-bedroom houses for €975. One-bedroom houses are offered for an average of €600, two-bedroom houses for €750, and three-bedroom houses for €975.
- In Larnaca, the average rental price is €750 for a one-bedroom house, €950 for a two-bedroom house, and €1,375 for a three-bedroom house.
- Ayia Napa and Paralimni have average prices ranging from €675 to €1,225, depending on the number of bedrooms.
What about apartments?
Prices have also risen over the past six months. In Engomi (Nicosia), a 50 m² one-bedroom apartment now rents for €625; a two-bedroom apartment rents for €900; and a three-bedroom apartment rents for €1,050.
In Limassol, in the Agios Athanasios and Agios Tychonas areas, a 100 m² three-bedroom apartment costs €1,850. One-bedroom apartments are rented for €1,000–1,100 and two-bedroom apartments for €1,450–1,500.
Unexpectedly, the Konia area in Paphos is more expensive than the city center. One-bedroom apartments in Konia cost €425, while in Paphos itself, they cost €450. Two-bedroom apartments rent for €700–€650, and three-bedroom apartments rent for €850–€750.
In Larnaca, the prices are as follows: €725 for a one-bedroom, €900 for a two-bedroom, and €1,150 for a three-bedroom. In Ayia Napa and Paralimni, rents are significantly cheaper, ranging from €450 to €750.
Reasons for price increases and prospect
According to the Ministry of the Interior, these rates apply to new or fully renovated, unfurnished houses and apartments intended for permanent residents of Cyprus. However, foreign tenants may pay even higher prices for similar properties.
Experts attribute the rise in rental rates to increased demand for housing near tourist areas, limited supply, and active development in the premium segment. The rental market situation remains tense, and many experts predict rental costs will continue rising until the end of the year.