Ministry targets affordable rentals amid price surge across Cyprus

Rental prices across Cyprus have surged, impacting not only upscale areas but also more affordable neighbourhoods, prompting the Interior Ministry to take action.

The ministry will use data from the Department of Lands and Surveys, covering the period up to September 1, 2024, to set affordable rental benchmarks. The aim is to ease financial strain for Cypriots and other permanent residents.

Under the ministry’s new initiative, property owners may receive up to €35,000 for renovations if they commit to renting their units for at least four years at 70 per cent of the market rate.

Nicosia sees an average monthly rate of €625 for a one-bedroom in Engomi, with two-bedroom apartments at €900 and three bedrooms at €1,045.

By comparison, central Nicosia’s one-bedrooms average €575, two-bedrooms €850, and three-bedrooms €950, providing slightly more accessible options within the city. 

Meanwhile, Limassol’s rents remain among the highest on the island. In Germasogeia, one-bedroom units command around €1,200, with two bedrooms at €1,500 and three bedrooms at €1,850.

In Ayios Athanasios, average monthly prices stand at €1,000 for a one-bedroom, €1,450 for a two-bedroom, and €1,850 for a three-bedroom, which are levels comparable across much of Limassol. 

In Pano Polemidia, however, rental rates are notably lower, with one-bedroom apartments averaging €650, two bedrooms €700, and three bedrooms €875, offering somewhat more budget-friendly alternatives within the district.

Conversely, Paphos rents are generally seen as more affordable, with one-bedroom units renting for €450, two-bedrooms for €650, and three-bedrooms for €750.

In Geroskipou, prices drop further to €373 for a one-bedroom, €600 for a two-bedroom, and €675 for a three-bedroom, making it around half the price of a similar unit in Limassol. 

Shifting to Larnaca, the central district itself offers one-bedroom apartments for an average €650, two bedrooms for €800, and three bedrooms for €1,000.

In nearby Aradippou, prices are more moderate, with one-bedroom units at €500, two-bedrooms at €675, and three-bedrooms at €800. 

Finally, in Famagusta, the rental landscape remains more accessible. Ayia Napa lists average rents of €400 for a one-bedroom, €525 for a two-bedroom, and €675 for a three-bedroom.

Meanwhile, Paralimni sees similar averages at €400, €525, and €700 for one, two, and three-bedroom apartments respectively.

The ministry stated that these rates apply exclusively to newly built or recently renovated unfurnished apartments, targeted specifically at Cypriot citizens and permanent residents.