09.05.2024
If you’re looking for a holiday home in Cyprus, you could be in for a shock as property sales and rental prices hit an eight-year high. This indicates that the real estate sector has recovered from COVID-19.
Prices for the sale and rental of apartments and holiday homes have reached their highest level since 2016, according to real estate experts. It should be noted that prices in Limassol have more than doubled.
Danos Company International Property Consultants and Valuers reports that property rentals in Cyprus have risen dramatically in price since 2016, with prices for holiday apartments increasing by 80% and prices for holiday homes by 60%. Prices for selling apartments increased by 40%, and for houses – by 20%.
Rent and sale prices for apartments and vacation homes rose steadily (monthly) from 2016 to 2019 before falling sharply in 2020 due to the coronavirus pandemic.
Kyriakos Kiliaris, director of marketing at Danos , noted that prices have started to rise again since 2022. This year they reached an all-time high.
Larnaca is the leader in terms of rental price growth for holiday homes: the amount has increased by 74% since 2016 and by 41% since 2019,” he said. “Interestingly, many holiday homes are also used as permanent residences.” Kiliaris said the current rental price for apartments and holiday homes ranges from 25 to 30 euros per square meter. In 2019 the cost was 18–22 euros. These rates depend on factors such as the age of the property, its location and type.
Paphos ranks second in terms of rising rental prices for holiday homes. The average rent has increased by 24.5% since 2019 and ranges from €25 to €30/ sq.m.
Limassol has the third highest rise in holiday home rental prices, although holiday homes in the coastal city remain the most expensive. Rental prices in Limassol have increased by 16.2% since 2019. Current rental prices range from €23 to €70/ sqm compared to €20–60 in 2019.
In Famagusta, where the popular resorts of Ayia Napa , Protaras and Paralimni are located , the cost of rental property is growing at the same rate as in Limassol . Rents for apartments and houses increased by 16% and range from 21 to 25 euros per square meter.
The cost of selling holiday homes in Limassol remains the most expensive. Prices exceed 4,000 euros per square meter. This is 20% more than in 2019. The sale price of holiday homes in Famagusta has increased by approximately 20% since 2019, averaging between €2,760 and €3,000/ sq.m . The sale price of houses and holiday apartments in Larnaca has increased by 7% since 2019. Prices range from €2300 to €2900/ sq.m. In Paphos, the cost of buying a holiday home has increased by around 15% since 2019, with prices averaging around €3,000/ sqm.
