Nicosia rental market shaped by rising student demand, says council head

Rental prices in Cyprus have not increased significantly, as the market has successfully managed to balance rising demand, particularly from students, with the addition of new housing units, according to the president of the Cyprus Real Estate Agents Registration Council, Marinos Kineyirou.

“This stability is a positive development that benefits both tenants and landlords by offering security and predictability,” he told the Cyprus News Agency (CNA).

Based on figures shared by Kineyirou, the lowest monthly rent for a one-bedroom apartment is recorded in Paphos and Larnaca at €500, while the highest is found in Limassol at €1,100.

Regarding purchase prices for one-bedroom apartments, the lowest is again in Paphos at €85,000 and the highest in Limassol at €170,000.

Addressing regional variations, Kineyirou said that “it is a fact that Limassol continues to register the highest rental prices compared to the other cities in Cyprus”.

“This phenomenon is not coincidental, as it is a direct consequence of the city’s ongoing economic and business development,” he emphasised.

He pointe out that Limassol has been established as an international business hub, attracting a large number of companies and skilled professionals from abroad, and “this creates increased demand for quality housing which, combined with limited availability, inevitably leads to upward pressure on rental prices”.

“Despite the market’s efforts to respond with new projects, demand remains stronger, maintaining the price gap with other cities,” he said.

With regard to Nicosia, Kineyirou said that as the island’s largest educational centre, with the highest number of public and private universities, it has developed a dynamic rental market that is directly influenced by the student population.

“We see that, in response to growing demand, the property market around the universities has significantly expanded over the years,” he added.

He stated that new residential units and infrastructure specifically tailored to students have been created and “this specialised supply contributes to maintaining balance, containing prices to a degree and ensuring that student housing remains available”.

Despite continued demand, he continued, Nicosia’s market has shown “remarkable adaptability, offering a variety of options to renters”.

Commenting on Paphos, Kineyirou told the agency that the rental market there is shaped by a combination of factors.

The city, he said, in addition to hosting students, is also one of the main tourist destinations, which affects prices, especially in areas near the coast.

“The creation of student dormitories, which took place alongside the establishment of universities, is a very important factor that should not be overlooked,” he added.

This targeted intervention, according to Kineyirou, helps maintain the balance between supply and demand.

As a result, rental prices are kept at more reasonable levels and large increases are avoided, he explained.

In relation to Larnaca, the President of the Cyprus Real Estate Agents Registration Council said that student demand is limited and “as a result, demand for rental properties from students is manageable and does not drastically impact rental prices”.

“The Larnaca market continues to develop at a steady pace, without facing the same pressures seen in other cities,” he concluded.

Specifically, according to data provided by Kineyirou, monthly rental prices for one-bedroom apartments in Nicosia range between €600 and €650, for two-bedroom apartments between €800 and €900, and for three-bedroom apartments between €1,000 and €1,100.

In Limassol, monthly rent for a one-bedroom apartment ranges from €1,000 to €1,100, for two-bedroom apartments from €1,400 to €1,500, and for three-bedroom apartments from €1,900 to above €2,000.

In Larnaca, rents for one-bedroom apartments range between €500 and €600, two-bedroom apartments between €700 and €800, and three-bedroom apartments between €900 and €1,000.

Finally, in Paphos, monthly rental prices for one-bedroom apartments range between €500 and €550, for two-bedroom apartments between €700 and €800, and for three-bedroom apartments between €800 and €900.

As for apartment purchase prices, in Nicosia, a one-bedroom apartment costs around €130,000, a two-bedroom €200,000, and a three-bedroom €280,000.

The cost of purchasing a three-bedroom house is estimated at €350,000.

In Limassol, buying a one-bedroom apartment costs €170,000, a two-bedroom €300,000, and a three-bedroom €370,000.

Purchasing a three-bedroom house in Limassol amounts to €450,000.

In Larnaca, a one-bedroom apartment costs €100,000, a two-bedroom €140,000, and a three-bedroom €170,000.

The price of a three-bedroom house stands at €280,000.

Lastly, in Paphos, a one-bedroom apartment costs €85,000, a two-bedroom €140,000, and a three-bedroom €170,000. The purchase price of a three-bedroom house is also €280,000.