Newsroom
In an interesting article written by Kathimerini's Panayiotis Rougalas, the Cypriot government has launched programs aimed at addressing the country’s severe housing crisis, but high rent prices across Cyprus continue to stretch the budgets of most households, especially for middle and lower-middle-income families. Recent data from the Ministry of Interior, released with the latest "Renovate - Rent" scheme, shed light on the average monthly rents by region, showing that rent prices remain out of reach for many, even as support programs struggle to keep pace.
Across the capital of Nicosia, rents for a modest, unfurnished one-bedroom apartment average around €625 per month, with two-bedroom units reaching €950, and three-bedroom units costing around €1,200. Rents are highest in Egkomi, where a one-bedroom is €675, a two-bedroom €1,000, and a three-bedroom €1,250. Even for those earning the median salary of around €1,700 monthly, rents in Nicosia eat up a large portion of income, leaving little room for savings or other expenses.
Limassol presents an even bleaker picture, with the city’s rent levels vastly outpacing the national average and exceeding €2,000 for many three-bedroom apartments. For example, Agios Athanasios commands around €2,250 for a three-bedroom apartment, while popular neighborhoods like Germasogeia and Agios Tychonas list similar prices. These rates are only affordable for a small fraction of the population, primarily those in higher-earning tech and government roles, where monthly salaries can reach upwards of €5,200.
Meanwhile, in other cities like Paphos and Larnaca, rents remain slightly lower but still high relative to income levels. In Paphos, a one-bedroom apartment rents for about €600, a two-bedroom for €750, and a three-bedroom for €950. In Larnaca, similar prices persist, with a one-bedroom costing €700, a two-bedroom €900, and a three-bedroom €1,100 within the Larnaca Municipal District. For middle-income earners, these rates are still steep, though they offer a slight reprieve from the high prices of Limassol and Nicosia.
Famagusta and some areas of rural Larnaca offer the most affordable rent options, with three-bedroom units in certain districts costing as low as €675 and one-bedrooms as low as €450. However, these locations are often far from the main employment hubs, creating challenges for those working in urban centers.
While the government’s "Renovate-Rent" scheme is designed to increase the supply of affordable housing, critics argue that without significant rent control or additional affordable housing projects, the programs may fall short of making a meaningful impact. Many Cypriots, particularly young people and families, are left with limited options as the cost of living continues to rise, making housing affordability a major national concern that the current efforts may only partially alleviate.
