As prices increase across Cyprus, the ministry is concentrating on affordable rentals

The Interior Ministry is taking action to assist both locals and permanent residents who are experiencing financial difficulties as a result of the growing rental prices throughout Cyprus. Both wealthy areas and the less expensive ones have been impacted by this increase in prices for rentals.

The ministry intends to use data gathered by the Department of Lands and Surveys, which will examine rental patterns through September 1, 2024, to address this problem. By setting standards for reasonably priced rentals, the objective is to lessen the financial strain on locals.

Property owners may be eligible for renovation subsidies of up to €35,000 as part of this program provided, they agree to lease their units for at least four years at 70% of the market rate.

Current rental trends show that in Nicosia, one-bedroom apartments in Engomi have an average monthly rent of €625, while two-bedroom units cost about €900 and three-bedroom apartments average €1,045. Central Nicosia presents slightly lower rates, with one-bedrooms averaging €575, two-bedrooms at €850, and three-bedrooms at €950, offering more accessible options within the capital.

Limassol continues to have some of the highest rental prices on the island. In Germasogeia, one-bedroom apartments are priced around €1,200, with two-bedrooms at €1,500 and three-bedrooms at €1,850. Ayios Athanasios reflects similar pricing, where one-bedroom units average €1,000, two-bedrooms cost about €1,450, and three-bedrooms are around €1,850.

Conversely, Pano Polemidia presents a more affordable rental market, with one-bedroom apartments averaging €650, two-bedrooms at €700, and three-bedrooms at €875.

In Paphos, rental prices are generally more budget-friendly. One-bedroom units can be rented for about €450, while two-bedroom apartments average €650 and three-bedroom units are priced around €750. Geroskipou offers even lower rates, with one-bedrooms averaging €373, two-bedrooms at €600, and three-bedrooms at €675, making them significantly cheaper compared to similar properties in Limassol.

Larnaca's central district averages €650 for a one-bedroom apartment, €800 for a two-bedroom, and €1,000 for a three-bedroom. Nearby Aradippou provides more moderate pricing, with one-bedroom units at €500, two-bedrooms at €675, and three-bedrooms at €800.

Lastly, the rental market in Famagusta remains more accessible, with Ayia Napa averaging €400 for one-bedroom units, €525 for two-bedrooms, and €675 for three-bedrooms. Paralimni reflects similar pricing structures, with averages of €400, €525, and €700 for one, two, and three-bedroom apartments, respectively.

The Interior Ministry has clarified that these rental rates apply specifically to newly built or recently renovated unfurnished apartments, aimed at supporting Cypriot citizens and permanent residents in their housing needs.