Rental prices across Cyprus have increased significantly, affecting not only the elite areas but also previously affordable areas. In response, the Ministry of Interior has launched a program aimed at stabilizing the rental market and supporting the local population. Using data from the Land Department covering the period up to September 1, 2024, benchmarks for affordable rents will be set. The main objective of the program is to ease the financial burden on Cypriots and other permanent residents of the country.
Under this initiative, property owners will be able to receive up to 35,000 euros for renovations, provided that they agree to rent out renovated properties for at least four years at a rate of 70% of the market rate. In this way, the state hopes to make renting residential property more affordable for citizens, while also supporting the owners themselves in covering part of the costs of improving their residential properties.
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Average rental prices for properties by region in Cyprus
Nicosia
In Engomi, one-bedroom apartments rent for an average of €625 per month, two-bedroom apartments for €900, and three-bedroom apartments for €1,045. In central Nicosia, prices are slightly lower: a one-bedroom apartment will cost an average of €575, a two-bedroom apartment for €850, and a three-bedroom apartment for €950.
Limassol
Rents in Limassol remain among the highest on the island. In Germasogeia, rent for a one-bedroom apartment is around €1,200 per month, for a two-bedroom apartment €1,500, and for a three-bedroom apartment €1,850. In Agios Athanasios, average prices are also high: €1,000 for a one-bedroom apartment, €1,450 for a two-bedroom apartment, and €1,850 for a three-bedroom apartment. In the Pano Polemidia area, rents are slightly lower, with options available for €650 for a one-bedroom apartment, €700 for a two-bedroom apartment, and €875 for a three-bedroom apartment, making this area a more budget-friendly option.
Pathos
The rental market in Paphos is considered more affordable. In the central part of the city, the average rent for a one-bedroom apartment is €450, a two-bedroom apartment is €650, and a three-bedroom apartment is €750. In Geroskipou, the rent is even lower: one-bedroom apartments are rented for €373, two-bedroom apartments for €600, and three-bedroom apartments for €675, which is about half the cost of renting a similar property in Limassol.
Larnaca
In the center of Larnaca, rent for a one-room apartment is about 650 euros, a two-room apartment is 800 euros, and a three-room apartment is 1,000 euros. In the nearby area of Aradippou, prices are more moderate: one-room apartments will cost 500 euros, two-room apartments are 675 euros, and three-room apartments are 800 euros per month.
Famagusta
Famagusta offers the most affordable rental prices on the island. In Ayia Napa, a one-bedroom apartment costs an average of €400, a two-bedroom apartment costs €525, and a three-bedroom apartment costs €675. In Paralimni, the average rates are similar: €400 for a one-bedroom apartment, €525 for a two-bedroom apartment, and €700 for a three-bedroom apartment.
These rental prices apply exclusively to new or recently renovated unfurnished apartments.
