A report from Landbank Analytics released earlier today analyses the rental prices of houses and apartments in Cyprus.
Andreas Christophorides, CEO of Landbank Group, noted that the average asking rental price for apartments across Cyprus is estimated at €1,803/month and €3,249/month for houses.
Rental prices vary considerably in each of the island’s five districts.
Limassol: the most expensive option
Limassol has the highest rental prices in the country. Apartments in the district cost an average of €2,742 per month, with two-bedroom units being the most common, priced at €2,460. One-bedroom apartments go for €1,599, while three-bedroom apartments reach €3,225.
Rental prices for houses in Limassol are even higher, averaging €4,492 monthly. Three-bedroom homes are the most available, costing €2,773, while four-bedroom houses average €5,000. Five-bedroom houses are rare and come with a hefty price tag of €8,936.
Famagusta: the most affordable area
In contrast, Famagusta offers the most affordable apartments, with an average rental price of €745 per month.
Nicosia: the budget-friendly option
Nicosia is the second most economical choice for apartments, with an average rent of €1,017 per month. Two-bedroom apartments dominate the market, costing €996 on average, followed by three-bedroom units at €1,319 and one-bedroom apartments at €674.
The district also has 190 houses for rent, with rental prices averaging €1,900 per month. Three-bedroom houses are the most common, renting for €1,335, while four-bedroom houses cost €2,094.
Larnaca & Paphos: mid-range options
Larnaca has 536 apartments for rent, averaging €1,120 per month. Most are two-bedroom units priced at €1,114. The district also has 219 houses for rent, with an average cost of €2,340.
Paphos offers 289 apartments with an average rent of €1,193. Two-bedroom units are the most common, costing €1,228. Houses in Paphos average €2,692 per month, making it the second most expensive district for house rentals after Limassol.
Rental prices snapshot
Across Cyprus, there are currently 3,257 apartments and 1,227 houses available for rent. The average rent for an apartment is €1,803, while houses average €3,249 per month.
Andreas Christophorides, CEO of Landbank Group, noted that Limassol’s high prices have a significant impact on the overall rental market in Cyprus.