Limassol house rental prices hit €4,492, highest in Cyprus

Limassol has the highest rental prices in Cyprus, averaging €4,492 for houses, while Famagusta has the lowest, with apartments averaging €745, according to a report released on Monday from Landbank Analytics.

The report also showed that in the Nicosia district, 917 rental apartments are currently available, constituting 28 per cent of the total Cypriot market.

The average rent for these units is €1,017 per month, making Nicosia the second most economical option after the non-occupied Famagusta district.

The bulk of these apartments, numbering 416, are two-bedroom units costing an average of €996 monthly.

This is followed by 271 three-bedroom apartments at €1,319, and 195 one-bedroom apartments priced at €674 each month.

Similarly, Nicosia has 190 houses on the market, equating to 15 per cent of all houses available for rent in Cyprus, with an average rent of €1,900 per month.

The most common are three-bedroom houses, numbering 86, with an average rent of €1,335, while 69 four-bedroom houses fetch around €2,094 each month.

Meanwhile, the Limassol district boasts the largest inventory and highest rents in Cyprus.

With 1,473 apartments making up 45 per cent of the national supply, the average rent here is an impressive €2,742 per month.

Two-bedroom apartments, the most prevalent with 701 units, command an average rent of €2,460. They are followed by 444 three-bedroom apartments at €3,225, and 221 one-bedroom units at €1,599 per month.

The house rental market mirrors this trend, with Limassol offering 546 units—44 per cent of the total.

The average rent stands at a lofty €4,492. Here, three-bedroom houses, totaling 248, are available at €2,773, and four-bedroom houses average €5,000.

The 63 two-bedroom houses cost €1,714 monthly, whereas the rare five-bedroom homes soar to an average of €8,936.

Larnaca ranks third in terms of apartment availability, with 536 units representing 17 per cent of the total.

The average rent in Larnaca is €1,120, positioning it as the third most expensive following Limassol and Paphos.

A majority of these, 354 units, are two-bedroom apartments with an average rent of €1,114.

Larnaca also offers 84 one-bedroom and 84 three-bedroom apartments, averaging €814 and €1,484 respectively.

In terms of houses, Larnaca is second only to Limassol, with 219 available and an average rent of €2,340.

Among these, three-bedroom houses are most prevalent, numbering 97 and costing €1,977 monthly, alongside 52 four-bedroom houses at €2,393 and two-bedroom houses averaging €1,211.

Paphos presents 289 apartments for rent, accounting for 9 per cent of the overall market, with an average rent of €1,193.

Two-bedroom units are the most available, at 154, and rent for €1,228, while one-bedroom and three-bedroom apartments are priced at €847 and €1,636, respectively.

The district also offers 204 houses, with an average rent of €2,692, positioning it as the second highest after Limassol.

Here, 96 three-bedroom houses average €2,269, four-bedroom houses are €3,131, and two-bedroom houses cost €1,224 per month.

Andreas Christophorides, CEO of Landbank Group explained the importance of continual market monitoring.

He said that “currently, there are 3,257 apartments and 1,227 houses in the market available for rent.”

“The average asking rental price for apartments across Cyprus is estimated at €1,803 per month, while for houses, it stands at €3,249 per month,” he added.

“The average rental price across Cyprus is significantly influenced by the notably higher rental rates observed in Limassol,” Christophorides concluded.