Limassol Leads Cyprus Rental Market with Record-High Prices

  • 3 weeks ago
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According to a recent report by Landbank Analytics, Limassol stands out as the most expensive district for rentals in Cyprus, with house rents averaging an unprecedented €4,492 per month. On the other end of the spectrum, the Famagusta district remains the most affordable, where apartment rentals average just €745 per month.

In Nicosia, the rental market is more balanced, with 917 apartments available, representing 28% of the national supply. The average rent for an apartment in the district is €1,017, making Nicosia the second most economical option after Famagusta. Among these apartments, two-bedroom units are the most common, with 416 available at an average of €996 per month. Three-bedroom apartments follow, with 271 units renting for €1,319 monthly, while one-bedroom apartments are priced at €674. The house rental market in Nicosia comprises 190 units, which account for 15% of the national total, with an average rent of €1,900. The most common options include three-bedroom houses, which rent for €1,335, and four-bedroom houses, priced at €2,094 per month.

Meanwhile, Limassol not only commands the highest prices but also boasts the largest supply of rental properties. The district offers 1,473 apartments, making up 45% of the total market. The average rent for apartments in Limassol is €2,742, with two-bedroom units being the most prevalent at €2,460 per month. Three-bedroom apartments follow closely, renting for €3,225, while one-bedroom units cost an average of €1,599. House rentals in Limassol follow a similar trend, with 546 properties available, representing 44% of the market. The average monthly rent for a house is an impressive €4,492. Three-bedroom houses are the most common, with rents averaging €2,773, while larger four-bedroom and five-bedroom homes are priced at €5,000 and €8,936, respectively.

In Larnaca, which ranks third in terms of apartment availability, there are 536 rental units on the market, accounting for 17% of the national supply. The average rent for apartments in this district is €1,120, with two-bedroom apartments being the most common at €1,114 per month. Larnaca’s house rental market offers 219 properties, with an average rent of €2,340. Among these, three-bedroom houses are the most prevalent, costing €1,977 per month.

Paphos offers fewer rental options, with 289 apartments available, representing 9% of the total market. The average apartment rent in the district is €1,193, with two-bedroom units being the most common, renting for €1,228 per month. House rentals in Paphos average €2,692, making it the second most expensive district for houses after Limassol.

Andreas Christophorides, CEO of Landbank Group, highlighted the significance of closely monitoring the rental market, noting that 3,257 apartments and 1,227 houses are currently available for rent across Cyprus. He revealed that the average rent for apartments nationwide is €1,803, while houses average €3,249 per month. Christophorides emphasized that Limassol’s notably higher rental rates heavily influence these national averages.

Source: Cyprus Mail

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