Renting in Limassol has become a mission impossible, as real estate agents now report that long waiting lists are being formed, a first for the coastal city.
High earners relocating to Cyprus, with tech and fintech companies, have taken over the market as they are willing to pay much higher rents than locals.
In comments to news site Stockwatch, Eleni Aristidou of FOX Real Estate Limassol office said highly paid executives are willing to pay above the island’s median wage, around €1,860, just for a studio flat.
“Highly paid employees are able and willing to pay up to €1,900 rent for a studio, pushing up prices, creating a shortage of flats.
“As a result, estate agencies have long-waiting lists on their hands,” said Aristidou.
The problem is bigger for students looking to tent in the city.
Renting a second-class studio outside the busy city centre would cost around €500-700 a month.
Rents for a one-bedroom flat start at €700, while a two-bedroom flat would cost between €1,000 to €1,200 a month.
Three-bedroom flats cost between €1,500 to €2,000.
Meanwhile, Limassol is not the only coastal town to report skyrocketing rents, powered by a shortage of flats.
According to local real estate agent, George Petrou, renting in Paphos also poses challenges.
“Foreign employees relocating to Paphos, alone or with their families, along with Israelis buying property in the city, have skyrocketed rent prices.
“At the same time, a large number of apartments are off the market, as they are being leased out to holidaymakers through platforms like Airbnb,” said Petrou.
The real estate agent argued that the shortage of flats is pushing students to have second thoughts about coming to study in Paphos.
“Out of some 400 students who have earned a spot at the Technical University of Cyprus’ Paphos campus, only 180 have enrolled as they cannot find a place to stay,” he claimed.
Renting a studio in Paphos would cost between €400-€500 a month, while prices for a one-bedroom apartment range from €550 to €700.
Renting a two-bedroom flat costs between €800 and €1,200, and a three-bedroom apartments cost between €1,300 and €1,500.
The picture in Nicosia is somewhat better, according to what FOX real estate consultant in Nicosia Eleni Masonidou told Stockwatch.
“At the moment, apartments are available a short distance from the Universities,” said Masonidou.
She noted that in Nicosia, apartments are usually snapped up by international students, who mostly prefer to live alone.
“After Brexit, due to high costs in British Universities, the number of students increased enormously”.
Regarding rent prices, he said that in Engomi – Makedonitissa, a short distance from the University of Nicosia and the European University, the rent for:
-Studios range from €490 to €530 furnished.
-One bedroom, depending on the age of the building, prices start from €550 up to €820
-Rents start from €650 up to €1000 for a two-bedroom.
Rents in the Aglantzia area, near the University of Cyprus, are at the same level.