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12° Nicosia,
14 June, 2024
 

Apartments rule, but prices vary by province

Exploring the cost of living in different regions of the island

Maria Eracleous

Maria Eracleous

According to Mr. Loizou of Ask Wire, the majority of Cyprus' population resides in apartments. Therefore, it comes as no surprise that among young buyers, typically around 30 years old, the most sought-after housing option is an apartment, particularly a two-bedroom one, whether for purchase or rent. However, the question arises: How do housing prices vary across different provinces?

Based on data analysis conducted by Ask Wire, the cost of a new two-bedroom apartment (using standard materials and without a sea view) varies by province. In Famagusta province, these apartments are relatively more affordable, starting at around 160,000 to 180,000 euros. Moving to Paphos, prices increase slightly, ranging from 180,000 to 200,000 euros. Larnaca offers somewhat pricier options, with prices ranging from 180,000 to 240,000 euros. The cost rises further in Nicosia, where two-bedroom apartments typically range from 220,000 to 280,000 euros. However, it's in Limassol where apartment prices soar, starting at 260,000 euros and reaching up to 280,000 euros.

Turning to the rental market for two-bedroom apartments, Famagusta remains the most economical choice, with rental rates ranging from 500 to 600 euros. Paphos follows closely, with rental costs spanning from 550 to 650 euros. In a noteworthy development, rental prices for two-bedroom apartments in Larnaca have reached the levels observed in Nicosia. Therefore, in both provinces, the cost of renting a new two-bedroom apartment falls within the range of 750 to 950 euros. Limassol consistently holds the top spot in terms of rental expenses, with rates starting at a minimum of 900 euros and reaching as high as 1,300 euros.

[This article was translated from its Greek original]

TAGS
Cyprus  |  real  |  estate  |  economy

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