19.08.2022
University and college students in Paphos will have to pay higher rents for the upcoming academic year, according to several municipality and district officials, as the district struggles to meet rental housing needs.
In addition, the demand for rental property is expected to increase dramatically in the coming years due to the new university schools that are currently being established and the resulting increase in the number of students expected to arrive in Paphos.
Prices for student accommodation at Neapolis University have remained unchanged at 450 euros, while the cost of renting a room in one of the smaller hotels is estimated at about 550 euros, including services.
Maria Kunturi, who oversees student housing management at Neapolis University, told the Cyprus News Agency on Thursday that there are doubts about booking rooms at the university.
This was due to the Covid-19 pandemic and the uncertainty surrounding its development in the coming months, as well as the fact that classes were available online, making distance learning accessible to students.
Kunturi noted that the university provides student housing in three key blocks, one on campus and the other two in two local hotel units, Vasilika and Pafos Gardens.
She explained that the rent is 450 euros per month, including heating, air conditioning, weekly cleaning, running costs and utilities.
Meanwhile, CDA College Principal Karolina Kyprianou said college students from the Polis Chrysochous area, other villages in the Paphos area, and also from Greece are having difficulty finding a place to live.
“Unfortunately, the rent increase has limited their options,” Kyprianou said.
“The college is trying to find some small hotel complexes that are not particularly busy between October and May to accommodate some of their students,” she added.
The monthly fee for rooms in these units will be 550 euros, with all the above costs included in the price.
According to the president of the Paphos Chamber of Commerce, George Mays, the limited amount of property for rent is driving prices up, with rents increasing by around 30-50 percent.
Mais said Paphos is experiencing a general shortage of such property, especially apartments.
He explained this for a number of reasons. This includes hotel workers who rent out rooms and apartments in the city, as well as foreign visitors who come to Cyprus on long-term visits, while they continue to work remotely.
In addition, Mais said that in recent years a number of apartments have been bought by foreign buyers.
This results in either taking the property off the rental market or increasing the rent to offset the purchase price.
He explained that such investors are looking for a return of approximately 5-6%, which means that if an apartment is bought for 200,000 euros, the new owner will demand a monthly rent of 900 to 1,000 euros.
In addition, Mais explained, a number of apartments are currently in the process of renovation, but they may become available in the future after these works are completed.
Moreover, Mais mentioned that asylum seekers are currently being allocated low-quality rental properties.
At the same time, the director of the Paphos Chamber of Commerce, Marinos Stilianou, said that rental prices in Paphos are not as exorbitant as in Limassol and Nicosia.
He added that there has been an increase in demand for rental properties in Paphos, mainly from young couples or refugees who moved to Cyprus, especially after the war in Ukraine.
In addition, demand is on the rise even more from international firms that are trying to find housing for their staff.
“There has been some increase in rental prices compared to the previous two years,” Stilianou said.
“However, price increases are observed in all services, goods and sectors of the economy, so rents cannot be an exception or remain at the same level in 2021 and 2020,” he added.
Stylianou also mentioned that demand will increase even more when the Cyprus University of Technology (Tepak) opens its new School of Tourism and Hospitality Management in Paphos, which is expected to open in 2023.
“Despite the obligations and necessary conditions for the creation of additional student residences, of which Paphos municipality is also a part, it will not be possible to fully meet the demand of students,” said Stylianou.
“As Paphos continues to become a growing hub for higher education, it stands to reason that the demand for real estate could increase as students enter this market as well,” he concluded.
