Rental prices across Cyprus are soaring to new heights, placing significant pressure on household budgets and triggering concerns over a deepening housing affordability crisis. New data from the Department of Lands & Surveys reveals a rapid escalation in just six months, with the city of Limassol emerging as the most expensive rental market on the island.
A Tale of Two Markets: Limassol vs. Other Cities
The latest figures highlight a stark disparity in rental costs between Limassol and other major urban centers. A three-bedroom house in Limassol’s prime districts now commands an average rent of €2,300 per month.
This figure is substantially higher than the rates for comparable properties in other cities:
- Larnaca: €1,375
- Nicosia (Engomi district): €1,250
- Paphos (Chlorakas district): €975
The Ministry of Interior has noted that these prices relate to newly signed contracts or fully renovated, unfurnished properties intended for Cypriot residents, suggesting that foreign tenants may face even higher costs.
A Closer Look at Limassol’s Hotspots
The data reveals particularly steep price increases in Limassol’s high-demand neighborhoods. In Germasogeia, the average rent for a three-bedroom house has leaped from €1,850 to €2,300 in just six months. In the nearby Ayios Tychonas area, a one-bedroom house now rents for €1,250 per month.
Apartment rents in the city show similar growth, with one-bedroom flats in districts like Ayios Athanasios and Ayios Tychonas now commanding between €1,000 and €1,100 per month.
The Broader Impact and Affordability Crisis
The soaring rents are intensifying the public debate on housing affordability and inequality across Cyprus. The Ministry of Interior has acknowledged that rental rates in some areas have reached levels that many households can no longer afford.
As these housing pressures continue to mount, the new data underscores the growing calls for government-backed solutions to address the escalating crisis.
Source: Cyprus property news