Analyzing Rental Price Trends in Cyprus
A newly released report from Landbank Analytics provides insights into rental price trends for apartments and houses in Cyprus.
According to Andreas Christophorides, CEO of Landbank Group, the average asking rent for apartments across the country stands at €1,803 per month, while houses average €3,249 per month.
Rental prices differ significantly across Cyprus’ five main districts.
Limassol: The Most Expensive Rental Market
Limassol holds the highest rental prices in the country. The average rent for an apartment in this district is €2,742 per month, with two-bedroom units being the most common at €2,460. One-bedroom apartments are priced at €1,599, while three-bedroom units reach €3,225.
House rentals in Limassol are even steeper, averaging €4,492 per month. Three-bedroom houses typically rent for €2,773, while four-bedroom homes cost around €5,000. Five-bedroom houses are rare and command a premium price of €8,936 per month.
Famagusta: The Most Affordable District
At the other end of the spectrum, Famagusta offers the lowest rental prices. Apartments in this region have an average monthly rent of just €745, making it the most budget-friendly choice for renters.
Nicosia: A Cost-Effective Urban Option
Nicosia ranks as the second most affordable city for apartment rentals, with an average monthly rent of €1,017. Two-bedroom apartments are the most common, averaging €996, while three-bedroom units rent for €1,319 and one-bedroom apartments cost €674.
Houses in Nicosia are available for an average of €1,900 per month. Three-bedroom homes dominate the market, renting for €1,335, while four-bedroom houses are priced at €2,094.
Larnaca & Paphos: Mid-Range Rental Options
Larnaca has 536 available apartments for rent, with an average cost of €1,120 per month. Two-bedroom units are the most common, averaging €1,114. The district also has 219 houses for rent, priced at an average of €2,340 per month.
Paphos offers 289 apartments with an average rental price of €1,193 per month. Two-bedroom units dominate the market at €1,228. House rentals in Paphos average €2,692 per month, making it the second most expensive district for house rentals after Limassol.
A Snapshot of the Rental Market
Currently, Cyprus has 3,257 apartments and 1,227 houses available for rent. The average rental price trends for apartments and houses show that apartments average €1,803 per month, while houses cost around €3,249 per month.
Andreas Christophorides, CEO of Landbank Group, emphasized that Limassol’s high rental costs significantly influence the broader rental market in Cyprus.
Discover more property news and home advice by reading our other blogs on Properush. Stay informed about the latest rental price trends for apartments and houses in Cyprus to make the best property decisions.
Source: Cyprus Property News
