23.08.2024
The main reason for the rise in rental prices, especially in coastal cities, is the decrease in the supply of long-term rentals due to the popularity of short-term rental sites such as Airbnb . This has a negative impact on students’ ability to find affordable housing, according to the chairman of the Real Estate Agents Registration Board, Marinos Kinayegir , who suggested considering restricting or even banning short-term rentals to address the issue.
Ahead of the start of the new academic year, Kinaiegirou noted that the issue of student housing is becoming increasingly acute due to the insufficient number of student dormitories. According to his data, Limassol leads the list of cities in Cyprus in terms of rental prices for both one- and two-bedroom apartments.
Rent for one-bedroom apartments in Limassol ranges from €1,000 to €1,100, significantly higher than in Nicosia, where they range between €600 and €700. In Larnaca and Paphos, rent for one-bedroom apartments ranges from €500 to €600.
The situation is the same with two-bedroom apartments: in Limassol, rents range from €1,400 to €1,500, while in Nicosia, prices fluctuate between €800 and €900, which is comparable to Paphos. In Larnaca, rents for two-bedroom apartments range from €700 to €800.
Even if two students in Limassol decide to rent a two-room apartment together, their expenses will still be higher than renting a one-room apartment in other cities. The rise in prices in Limassol is due not only to short-term rentals, but also to increased demand from foreign workers, especially in the IT sector.
