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Comparing Cyprus rents, unit sizes

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Eurostat recently published interesting statistics concerning the rents of housing units in capitals of European countries where Cyprus rents are reasonable.

2021 CURRENT MARKET RENTS
Average rent per month given in the local currency of each country – p.m.

 

COUNTRY/CITY Flats Houses Currency
3-Bedroom 2-Bedroom 1-Bedroom Non-detached Detached  
European Union            
Austria Vienna 1 750 1 350 1 050 2 100 3 900 EUR
Belgium Brussels 1 350 1 100 880 1 600 2 200 EUR
Bulgaria Sofia 1 500 1 100 760 .. 3050 BGN
    770 550 390 .. 1550 EUR
Croatia Zagreb 1 500 1 050 680 1 700 2 750 EUR
Cyprus Nicosia 900 700 570 1 100 1 600 EUR
Czech Rep. Prague 36 500 27 800 19 400 40 400 59 800 CZK
Denmark Copenhagen 20 000 13 800 11 000 19 700 26 500 DKK
    2700 1850 1500 2650 3550 EUR
Estonia Tallinn 1 150 810 560 1 300 2 000 EUR
Finland Helsinki 2 150 1 500 1 100 2 200 3 150 EUR
France Paris 2 800 2 150 1 250 2 650 3 350 EUR
  Lion 1 650 1 250 750 1 650 2 300 EUR
Germany Berlin 2 000 1 400 1 150 1 900 2 650 EUR
  Karlsruhe 1 450 1 000 850 1 400 1 550 EUR
  Munich 2 250 1 800 1 400 2 350 3 350 EUR
Greece Athens 1 650 1 100 860 1 700 2 300 EUR
Hungary Budapest 483 000 297 500 212 500 610 500 843 000 HUF
    1400 850 610 1750 2400 EUR
Ireland Dublin 2 550 1 950 1 600 2 700 3 500 EUR
Italy Rome 1 650 1 200 890 1 450 2 150 EUR
  Varese 1 050 740 580 1 350 2 000 EUR
Latvia Riga 1 350 930 600 1 500 2 100 EUR
Lithuania Vilnius 1 200 870 620 1 400 2 200 EUR
Luxembourg Luxembourg 2 850 2 150 1 750 3 350 4 300 EUR
Malta Valletta 1 300 970 710 1 800 3 100 EUR
Netherlands The Hague 1 850 1 450 1 050 2 250 3 200 EUR
Poland Warsaw 4 700 3 550 2 100 5 850 9 200 PLN
    1 050 790 470 1 300 2 050 EUR
Portugal Lisbon 1 900 1 400 1 050 2 350 3 400 EUR
Romania Bucharest 4 400 3 600 2 500 .. 7400 RON
    890 730 510 .. 1500 EUR
Slovakia Bratislava 1 200 920 640 1 350 2 000 EUR
Slovenia Ljubljana 1 450 970 640 1 400 2 000 EUR
Spain Madrid 1 450 1 100 810 2 100 3 100 EUR
Sweden Stockholm 29 100 22 100 16 700 23 700 34 300 SEK
    2 850 2 200 1 650 2 350 3 400 EUR

 

A similar table concerns the size of the units

TYPICAL SURFACE OF DWELLINGS
Typical dwelling sizes by category in each surveyed city (in m 2)
             
COUNTRY/CITY Flats Houses
3-Bedroom 2-Bedroom 1-Bedroom Non-detached Detached
Austria Vienna 110-130 80-100 60-80 110-130 190-220
Belgium Brussels 110-130 80-100 60-80 110-130 150-180
Bulgaria Sofia 140-160 80-100 60-80 .. 190-220
Croatia Zagreb 110-130 80-100 60-80 140-160 190-220
Cyprus Nicosia 110-130 80-100 60-80 140-160 190-220
Czech Rep. Prague 110-130 80-100 60-80 110-130 150-180
Denmark Copenhagen 110-130 60-80 40-60 110-130 150-180
Estonia Tallinn 80-100 60-80 40-60 110-130 150-180
Finland Helsinki 110-130 60-80 40-60 110-130 190-220
France Paris 110-130 80-100 40-60 110-130 150-180
  Lion 110-130 80-100 40-60 110-130 150-180
Germany Berlin 110-130 80-100 60-80 110-130 150-180
  Karlsruhe 110-130 80-100 60-80 110-130 150-180
  Munich 110-130 80-100 60-80 110-130 150-180
Greece Athens 140-160 80-100 60-80 140-160 190-220
Hungary Budapest 110-130 60-80 40-60 140-160 190-220
Ireland Dublin 110-130 60-80 40-60 80-100 110-140
Italy Rome 110-130 80-100 60-80 110-130 190-220
  Varese 110-130 80-100 60-80 110-130 190-220
Latvia Riga 110-130 80-100 60-80 140-160 190-220
Lithuania Vilnius 80-100 60-80 40-60 110-130 150-180
Luxembourg Luxembourg 110-130 80-100 60-80 140-160 190-220
Malta Valletta 110-130 80-100 40-60 110-130 190-220
Netherlands The Hague 110-130 80-100 60-80 140-160 150-180
Poland Warsaw 110-130 80-100 40-60 110-130 190-220
Portugal Lisbon 140-160 80-100 60-80 140-160 150-180
Romania Bucharest 110-130 80-100 40-60 .. 150-180
Slovakia Bratislava 110-130 80-100 60-80 110-130 150-180
Slovenia Ljubljana 110-130 80-100 40-60 110-130 150-180
Spain Madrid 110-130 60-80 40-60 140-160 190-220
Sweden Stockholm 110-130 80-100 60-80 110-130 150-180

From the above, it seems that we are at competitive levels in terms of rents, while in terms of unit sizes, we are more comfortable.

The rents mentioned here, only in capitals, do not include Limassol, which has higher rents, and other cities not mentioned, such as Larnaca, and Paphos, which are lower.

These rent tables should consider utility bills, local taxes, etc., which in many cases are very high (e.g., UK), while income level/living costs should also be compared.

Similar countries (Malta) have much higher rents, which helps us attract foreign companies.

Perhaps the competitive position of Cyprus in this sector is helped by the existence of the statutory rents (which at the same time causes a lack of supply and other problems.

Of course, this legislation only helps individuals or companies in Cyprus and the European Union).

I have mentioned in previous articles the imposition of 19% VAT on rental housing units that are being built for rent.

The general situation states that ideally, the rent should not exceed 25-30% of the tenant’s total income, and in the case of Cyprus, it is at the limit of the maximum that causes problems.

Especially for young couples, the situation is really difficult.

For this reason, the increased costs in the construction of buildings do not help, forcing the younger generation to resort to renting or even living with their parents.

 

Antonis Loizou Property Valuations, Real Estate Agent & Property Consultant