From Madrid to Nicosia, and Beijing to New York, there is growing frustration over the lack of affordable housing.
The number of people expressing despair over their inability to buy a home is on the rise. This is a nightmare fueled by a double whammy: a shrinking pool of available homes and soaring property prices. And don’t get me started on skyrocketing rental prices.
According to the International Monetary Fund, in most countries, housing costs have risen far quicker than citizens’ incomes. Coupled with rising interest rates, this has created a negative situation that affects almost everyone. Young couples starting their lives together, students leaving home, young adults flying the nest, and workers needing to relocate are all feeling the pinch.
These days, having a roof over your head, as our elders used to say, comes at a high cost. The prices are simply dizzying. Here in our country, for example, in 2021, the average cost per square meter was around €1,100. In 2022, it shot up to €1,800 per square meter, and for 2024, it has reached €2,500 per square meter. And that’s just for those who own the land; everyone else has to dig even deeper into their pockets.
Despite this, the dream of owning our own home remains unwavering. How could it not? Here in Cyprus, we’re indoctrinated from birth with the idea of “owning your own home.” It’s our version of the American dream.
This explains why the demand for homes remains sky-high, even though buying a house or apartment in places like Latsia or Lakatamia costs almost as much as it would to live in Dubai or Amsterdam. Property sales across Cyprus this year have shown a 41% increase, involving both foreign and domestic buyers. Data suggests that this trend is set to continue.
The housing crisis is real, and what we need now is a housing policy and, more importantly, a genuine will to resolve this issue. The government and political parties are turning a blind eye to the elephant in the room. But the matter of housing is not just another problem for citizens; it is a focal point for the inequalities that persist in Cypriot society and beyond.
