Property rental prices in Cyprus continue to rise

There are already calls at the highest level for the authorities to intervene in the situation in order to make housing more affordable. In the first quarter of 2023, property prices in Cyprus increased by 12.3% year-on-year for apartments and 3.1% for houses. Rent increases were even higher. Compared to the first quarter of 2022, rents for apartments increased by 19%, at home – by 12.2%. The trend of the last decade, when foreign citizens began to show increased demand for all types of real estate in Cyprus, has shown itself most clearly now, when inflationary price increases are hitting the market. The hardest hit in this situation are local home seekers, whose purchasing power has not kept up with rising prices, mortgage rates, or the opportunities of visitors, and there is no long-term policy for regulating the housing sector on the island.

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