An analysis of residential property rental rates in Cyprus has revealed significant differences in rental costs across the country, according to a report by Landbank Analytics released today.
Limassol
Limassol remains the most expensive area for renting residential property. The average rent for an apartment here is €2,742 per month. Two-bedroom apartments are the most popular, renting for €2,460. One-bedroom apartments cost €1,599, and three-bedroom apartments – €3,225.
Rental rates for houses in Limassol are even higher, averaging €4,492 per month. Three-bedroom houses are the most common, with an average rental price of €2,773. Four-bedroom houses rent for €5,000, while the rare five-bedroom houses can cost €8,936 per month.
Famagusta
Famagusta has the most affordable apartments in Cyprus, with an average rent of €745 per month.
Nicosia
Nicosia is the second most affordable area to rent apartments, with the average rent being €1,017 per month. Two-bedroom apartments are the most common and rent for €996, three-bedroom apartments for €1,319 and one-bedroom apartments for €674.
There are also 190 houses for rent in the area, with an average rent of €1,900 per month. Three-bedroom houses rent for €1,335, while four-bedroom houses rent for €2,094.
Larnaca and Paphos
There are 536 apartments for rent in Larnaca, with an average monthly rent of €1,120. Most of these are two-bedroom apartments, priced at €1,114 . There are also 219 houses available in the area, with an average monthly rent of €2,340.
There are 289 apartments in Paphos with rental rates averaging €1,193 per month. Two-bedroom apartments are the most common and rent for €1,228. Houses in Paphos rent for an average of €2,692, making it the second most expensive area after Limassol.
There are currently 3,257 apartments and 1,227 houses available for rent in Cyprus. The average rental rate for apartments is €1,803 and for houses €3,249 per month.
Landbank Group CEO Andreas Christoforides noted that high rental prices in Limassol have a significant impact on the overall Cyprus property rental market.
