Rental prices are soaring not only in “upmarket” areas but also in more modest neighbourhoods, according to a rental price survey dated 1 September 2024, used by the Interior Ministry.
Under a new scheme, property owners can receive funding of up to €35,000 to renovate their units, provided they subsequently rent them for at least four years at 70% of market rates.
In Nicosia, average monthly rents in Engomi stand at €625 for one-bedroom, €900 for two-bedroom, and €1,045 for three-bedroom flats. In Nicosia city proper, averages are €575, €850, and €950 respectively.
Limassol district shows the highest rates, with Germasogeia commanding €1,200 for one-bedroom, €1,500 for two-bedroom, and €1,850 for three-bedroom apartments. Similar prices prevail in Agios Athanasios, where one-bedroom flats average €1,000, two-bedroom €1,450, and three-bedroom €1,850.
More affordable options exist in Pano Polemidia, where one-bedroom flats average €650, two-bedroom €700, and three-bedroom €875.
Paphos offers more moderate rates, with one-bedroom flats in Paphos municipality averaging €450, two-bedroom €650, and three-bedroom €750. In Geroskipou, prices are even lower at €373, €600, and €675 respectively – nearly half the rates seen in Limassol.
In Larnaca, one-bedroom flats average €650, two-bedroom €800, and three-bedroom €1,000. Aradippou shows lower rates at €500, €675, and €800 respectively.
The Famagusta district presents more affordable options, with Ayia Napa and Paralimni both charging around €400 for one-bedroom, €525 for two-bedroom, and €675-700 for three-bedroom apartments.
The survey specifies that these rates apply to new or recently fully renovated unfurnished apartments and are intended for Cyprus Republic citizens who are permanent residents.
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