Cyprus rents hit record highs: three-bedroom homes up by hundreds of euros in a year

The cost of renting housing in Cyprus has risen sharply over the past year, making many apartments and houses unaffordable for local Cypriots. According to data from the Department of Lands and Surveys, the strongest increases were recorded in major cities and popular areas.

The most striking example is a three-bedroom house in Germasogeia (Limassol): the average monthly rent rose from €1,850 to €2,300 — an increase of €450. A similar trend is observed in other cities:

• in the Municipality of Nicosia, three-bedroom houses increased from around €950 to €1,300;
• in Larnaca — from €1,000 to €1,375;
• in Paphos — from €750 to €1,100.

The statistics mainly concern new or fully renovated, vacant houses and apartments aimed at citizens and permanent residents rather than short-term tourists.

Against the backdrop of soaring rents, the government is promoting the “Affordable Rent” program. Authorities promise homeowners up to €35,000 for renovations, provided they rent out the property for at least four years at about 30% below market price — that is, at 70% of the average rent in the area. The goal is to expand the supply of long-term affordable housing and gradually ease price pressure.