Limassol , one of the largest cities in Cyprus, is experiencing a real crisis in the residential property sector. Over the past five years, rental and purchase prices of residential properties here have increased significantly, doubling and in some cases tripling. This rapid increase in property prices has been a boon for residential property owners, but has created serious problems for many local residents.
According to research by Paris Demetriades of Kathimerini , residential property prices in Limassol are rising significantly faster than local salaries. This means that many cannot afford to rent or buy houses and apartments, threatening their stability. The increase in residential property prices has made the city more affordable for high-income earners, which could lead to Cypriots being “pushed out” of the market.
The problem is particularly acute for young people, who are one of the most vulnerable groups in the population. In the context of growing economic difficulties, many young people face limited opportunities to find affordable housing. Without effective interventions, social inequality in the city is likely to deepen and homelessness may become even more pressing.
The situation in Limassol highlights the need for balanced urban development. The city must remain inclusive and accessible to all its residents, regardless of their social status. It is important that rising property prices do not lead to social exclusion and do not contribute to a deterioration in the quality of life for the majority of local residents.
Therefore, in order for Limassol to remain a city where people with different income levels can live, it is necessary to take measures aimed at developing affordable housing and ensuring social justice in matters of housing.
