RENTING A ONE-BEDROOM APARTMENT IN CYPRUS IN EARLY 2024: FROM 475 EUROS IN NICOSIA TO 1900 EUROS IN PAPHOS

Rental prices for housing in Cyprus are steadily increasing. How much does it cost for a student or a young family to rent a one-bedroom apartment? According to AlphaNews, prices range from 475 euros in Nicosia to 1900 euros in Paphos. Much depends on the quality of the housing and the city where it is located.

Rental rates for small apartments in Paphos and Larnaca are comparable. In Paphos, an apartment of 45 sq. m rents for 600 euros, 50 sq. m for 700 euros, and 58 sq. m for 900 euros. In Larnaca, rental prices for small apartments vary from 550 euros (25 sq. m) to 800 euros (for 50 and 55 sq. m).

“There has been a rise in rental prices in Paphos. The main reason is high demand and a limited number of rental properties,” explained Marinos Kinegiru.

The highest rental prices are in Limassol. Even for small apartments, owners often ask for four-digit sums. In one case, an apartment of 60 sq. m was rented for 1200 euros, another for 1300 euros (37 sq. m), and yet another for 1500 euros (55 sq. m).

“In Limassol, due to increased demand, prices are rapidly rising for both long-term housing rentals and short-term rentals for tourists,” said the head of SEK.

In every city on the island, there is a category of luxury real estate with prices significantly higher than the average. For example, in Nicosia, renting a luxury apartment of 52 sq. m costs 1050 euros. In Larnaca, renting a luxury apartment of 50 sq. m in the Makenzie Beach area can cost 1250 euros. In Limassol, a 63 sq. m apartment was found for 1800 euros. The record holder is Paphos, where the rental price for a one-bedroom apartment of 70 sq. m reached 1900 euros.

“Most likely, in 2024, rental prices for some residential properties will remain at the current level, while for others, they will increase. There doesn't seem to be any decrease in sight,” said Marinos Kinegiru. “It is very difficult for students to rent property close to their university, and this is understood in all cities.”