The exodus of Greek students from Cyprus could be the reason for the fall in house prices seen in recent years.
This opinion was expressed on Monday 24th June by Stefanos Stefanou, consultant at Danos International Consultants and Property Valuers.
According to Stefanou, this scenario is particularly likely if international universities come to Greece to open branches, as the local government has recently given the green light.
The Greek government's decision to allow international private universities to open branches in the country could lead to a large proportion of the estimated 20,000 Greek students wishing to continue their studies in their home country. At this stage, it is difficult to see how much impact this will have on the Cypriot property market, particularly on the rental sector in areas close to the universities. However, it may well lead to a reduction in the prices of such properties. Over the past five years, apartment prices across Cyprus have risen by an average of 35 per cent compared to the pre-Kovidian period. This growth has been fuelled, among other things, by increased demand from students," Stefanou said.
It should be noted that the most popular properties for students are in Nicosia, where the largest number of educational institutions in the country are concentrated.
Some of the most sought after neighbourhoods, which are close to universities, are Engomi, Aglanja, Strovolos and Pallouriotissa. Average rents for student halls of residence and studios now range from €500 to €600, one-bedroom apartments from €550 to €700 and two-bedroom apartments from €700.
The second most expensive Cypriot city is Paphos, where several new universities have opened in recent years. As a result, demand for student accommodation has risen, as have prices. The most popular areas for students in Paphos are Universal and Agios Theodoros. The cost of renting student halls of residence and studios within them ranges from 400 to 500 euros. One-room apartments can be found for 500-600 euros, and two-room apartments cost at least 600 euros.
Finally, in Limassol, students tend to look for accommodation near the Cyprus University of Technology. Rents for student halls of residence and studios start at 500 euros and up. One-bedroom apartments start at €650 and two-bedroom apartments at €800.