Cypriots can no longer afford rents which are constantly on the rise due to the high inflation and loan interest rates while household incomes are declining, Philenews reports.
From 2010 until Q4 2022, rents in Cyprus increased by 19%, according to Eurostat data.
The highest rents are recorded in coastal Limassol, the island’s second largest city where investment in property continues unabated.
Head of the Association of Scientific Property Valuers, Polis Kourousides, said as long as money moves in the market investments will continue as well as increases in property prices, especially apartments.
Available apartments in Limassol are so few these days that prices have shot up threefold compared to previous years.
And since Cypriot citizens are paid much less than a Ukrainian or a Russian and of course cannot afford to pay exorbitant amounts of rent every month non-Cypriots ‘grab’ them.
The possibility of a reduction in the prices of apartments in Limassol is not on the cards – at least not for the next year, Kourousides also said.
Because not enough new buildings and new projects in the construction sector have been completed, as yet.
The problem in Limassol arises due to the huge demand and limited availability combined with the continued descent of many foreigners after the war in Ukraine.
