In Cyprus, prices for rental real estate continue to rise. The main reason is the limited number of offers on the local market.
The other day the head of the Cyprus Association of Realtors Marinos Kineyirou commented on the situation.
In particular, he noted that we should not expect a fall in rental rates in the near future. Kineyirou said that most of all the current situation affects students and young families, who are not able to rent housing at inflated prices. The head of the Cyprus Association of Realtors mentioned that the final rental price depends on many factors: from the location of the apartment or house to the quality of the property. The spread of prices even for small meter apartments can reach 1.4 thousand euros.
According to Kineyirou, today the cheapest apartment that can be rented in Nicosia is offered for 475 euros. Its area is 32 m2. For apartments with a slightly larger meter (50 m2) already want 700 euros.
The price depends not only on the area and age of the property but also on its location and quality, - reminded Kineyirou.
Interestingly, the rental rates in Paphos and Larnaca are now comparable.
In the first case, an apartment of 45 m2 can be rented for 600 euros, 50 m2 - for 700 euros, and 58 m2 - for 900 euros. And in the second - prices range from 550 euros for 25 m2 to 800 euros for 50-55 m2. Kinegirou emphasized that for a long time renting in Paphos remained the most profitable among other cities in Cyprus, but in the last year many foreigners have moved here. This affected the availability of vacant units on the rental property market and gave impetus to an increase in the prices of the exhibited objects.
Paphos has seen an increase in rents. The main reason is that demand is high and supply is limited," said Kineyirou.
As for Limassol, the city traditionally has the most expensive rentals on the island. Prices for small apartments range from 1.2 thousand euros to 1.5 thousand euros. For example, 1.2 euros per month is asked for an apartment of 60 m2, and in another case 1.3 thousand euros for an apartment with a meter of 37 m2.
In Limassol, due to the great interest, prices are rapidly increasing for both long-term and short-term rentals, - said Kineyirou.
Finally, the cost of renting luxury apartments is much higher than the national average. Thus, in Nicosia to rent a luxury apartment of 52 m2 will have to pay 1.050 thousand euros, in Larnaca - 1.25 thousand euros, and in Limassol - 1.8 thousand euros.
There is no doubt that in 2024 rental prices in Cyprus will remain the same. Do not expect a sharp decline in rental rates. The worst off will be students and young couples who are on a tight budget," concluded Kineyirou.