Comparing Cyprus rents, unit sizes

04.06.2022

Eurostat has recently published interesting statistics on housing rents in European capitals where rents in Cyprus are reasonable.

A similar table concerns the size of the units

From the above, it turns out that we are at a competitive level in terms of rent, and in terms of apartment size, we are more comfortable.

The rents mentioned here are in the capital cities only and do not include Limassol where rents are higher and other cities not mentioned such as Larnaca and Paphos where they are lower.

These rent tables should take into account utility bills, local taxes, etc., which are very high in many cases (eg in the UK), and income/cost of living comparisons.

In similar countries (Malta) the rent is much higher, which helps us to attract foreign companies.

Perhaps the competitive position of Cyprus in this sector is helped by the presence of statutory rent (which at the same time causes a lack of supply and other problems.

Of course, this legislation only helps individuals or companies in Cyprus and in the European Union).

In previous articles, I mentioned the introduction of 19% VAT on rental housing that is being built for rent.

The general situation is that, ideally, the rent should not exceed 25-30% of the total income of the tenant, and in the case of Cyprus, it is at the maximum limit that problems arise.

Especially for young couples, the situation is really difficult.

For this reason, the increase in building construction costs does not help, forcing the younger generation to resort to renting or even living with their parents.

Antonis Luazou Real Estate Appraiser, Real Estate Agent and Real Estate Consultant

Source and photo: www.financialmirror.com, Editor estateofcyprus.com