Renting in Limassol - forget about it

Renting in Limassol has become a mission impossible as real estate agents report that long waiting lists are now forming, a new phenomenon for this coastal city.

Highly paid professionals moving to Cyprus, especially from the technology and fintech sectors, are taking over the market as they are willing to pay much higher rents than locals. In comments to news website Stockwatch, Eleni Aristidou from FOX Real Estate's Limassol office said that high earners are willing to pay up to €1,900 rent for a studio, above the average salary on the island, around €1,860. "Highly paid employees are able and willing to pay up to €1,900 rent for a studio, which is driving up prices, creating a shortage of apartments. "As a result, real estate agencies have long waiting lists," Aristidou said.

The problem affects even more students looking for accommodation in the city. Renting a studio outside the busy city center will cost around 500 to 700 euros per month. Renting a studio apartment starts at 700 euros, while a one-bedroom apartment will cost between 1,000 and 1,200 euros per month. Two-bedroom apartments will cost €1,500 to €2,000.

Meanwhile, Limassol is not the only coastal town where rental prices are rising due to a shortage of apartments. According to local estate agent George Petrou, renting in Paphos is also causing difficulties. "Foreign employees moving to Paphos, alone or with families, as well as Israelis buying property in the town, have caused rental prices to rise. "At the same time, a lot of apartments are not available on the market as they are rented out to vacationers through platforms like Airbnb," Petrou said.

The situation in Nicosia is slightly better, according to Eleni Masonidou, real estate consultant at FOX Nicosia. "At the moment apartments are available close to universities," Masonidou said. She noted that apartments in Nicosia are usually taken by international students who prefer to live alone. "After Brexit, due to the high costs of studying at British universities, the number of students has increased significantly." Regarding rental prices, she said that in Engomi - Makedonitissa, close to the University of Nicosia and the European University, rent for: Studios range from 490 to 530 euros furnished. One-bedroom apartments, depending on the age of the building, cost between 550 and 820 euros. Rent for one-bedroom apartments starts from 650 to 1000 euros.

Rentals in the Aglanjia neighborhood, near the University of Cyprus, are on the same level.