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.
|
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| 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
