According to a recent study by Cyprus’ Ministry of the Interior, the island’s rental market has seen rapid growth, with prices reaching unprecedented levels across all property types, including both luxury and standard accommodations. The data, covering September 2024, highlights significant rent increases in urban areas and various suburbs.
Here’s a breakdown of average monthly rents by region:
- Nicosia: In the sought-after area of Engomi, a one-bedroom apartment averages €625, a two-bedroom is €900, and a three-bedroom goes for €1,045. Lower rates are available in surrounding areas, where the average is €575 for a one-bedroom, €850 for a two-bedroom, and €950 for a three-bedroom apartment.
- Limassol: The coastal city shows the highest rents in the Germasoya area. Here, a one-bedroom averages €1,200, a two-bedroom €1,500, and a three-bedroom €1,850. In nearby Agios Athanasios, prices are similarly high, with one-bedrooms at €1,000, two-bedrooms starting at €1,450, and three-bedrooms reaching €1,850. For more budget-friendly options, Pano Polemidia offers one-bedroom apartments for €650, two-bedrooms for €700, and three-bedrooms for €875.
- Paphos: This region is more affordable, with city center rents beginning at €450 for a one-bedroom, €650 for a two-bedroom, and €750 for a three-bedroom. In the suburb of Geroskipou, prices dip even further to €373, €600, and €675 for one-, two-, and three-bedroom units, respectively—almost half of Limassol’s rates.
- Larnaca: Average monthly rents in this area are €650 for a one-bedroom, €800 for a two-bedroom, and €1,000 for a three-bedroom. In the Aradippou district, rents are slightly more affordable, averaging €500, €675, and €800 for one-, two-, and three-bedroom apartments, respectively.
- Famagusta Region (Free Areas): In Ayia Napa and Paralimni, monthly rents start at €400 for one-bedroom units, €525 for two-bedrooms, and between €675 and €700 for three-bedroom apartments, making these areas some of the most affordable.
- Source: in-cyprus.philenews.com,