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Rising rental prices are placing significant strain on individuals seeking housing in Cyprus and Greece, with particular challenges faced by incoming university students. This year, both first-year students in Cyprus and those attending private institutions are struggling to find affordable accommodation.
In Cyprus, rental costs remain high despite an increase in availability compared to last year. Marinos Kynaygierou, President of the Real Estate Registration Council, highlighted that while there are more apartments available, prices continue to be prohibitively expensive for students. As a result, many students are opting for shared housing or renting apartments outside city centers, though this solution is compounded by high fuel costs.
A significant factor driving up rents is the proliferation of short-term rentals through platforms like Airbnb. Kynaygierou emphasized that the transformation of residential areas into tourist zones exacerbates the problem, calling for government intervention to regulate this sector. He proposed restricting daily rentals to organized complexes and hotels to ensure better oversight.
In Limassol, a one-bedroom apartment now costs around €1,100, surpassing the minimum wage, while Paphos and Larnaca offer relatively lower rents. In Greece, students from Cyprus face even greater difficulties. In Athens, rent has doubled in areas such as Ampelokipoi, Zografou, and Kypseli, compared to previous years. For instance, a three-bedroom apartment that cost €350 in 2016 now averages €650. One-bedroom apartments in these areas now exceed €500, impacting students' ability to secure housing near their universities.
Students from Cyprus are not only struggling with high rents but also with finding apartments due to high demand. Some soldiers who will soon transition to academic life in Greece are arriving early to avoid conflicts with incoming students, as demand is expected to surge by late August.
% of aged 25-29 Europeans adults live with their parents:
— World of Statistics (@stats_feed) July 24, 2024
Croatia - 79%
Montenegro - 79%
Italy - 70%
Slovakia - 70%
Serbia - 69%
Greece - 69%
Poland - 68%
Portugal - 65%
Spain - 64%
Bulgaria - 60%
Ireland - 56%
Slovenia - 55%
Romania - 53%…
In Thessaloniki, while rent prices are slightly lower than in Athens, students often find themselves relying on real estate agents, which adds additional costs. The Progressive Students' Movement has sought meetings with the Ministry of Education and the Ministry of Finance to discuss potential student subsidies but has yet to receive a response. Additionally, high airfare costs further strain students' finances.
A fourth-year student at Panteion University described the difficulties of finding affordable housing in Athens, noting that prices have increased significantly. She found that securing an apartment in good condition and close to public transport typically requires spending over €550.
A recent Eurostat study confirms that the high cost of living is forcing many young people in both Greece and Cyprus to stay with their parents. The study found that 51% of individuals aged 25-29 live with their parents, with Greece having an even higher rate of 69%. Croatia has the highest percentage at 79%, while Finland and Denmark have the lowest rates at 5%.
[Summary of Christos Bouris' original story in Greek published in Kathimerini's Cyprus edition]
