Filenews 24 September 2023 - by Socrates Ioakeim
Insider conducted a survey on the prices of renting and buying apartments in all districts of Cyprus, based on data provided by residents of Cyprus on the popular price comparison website Numbeo.
The survey records the average price of renting apartments in the centres and outside the city centres for one and three bedroom properties, as well as the average cost of buying apartments per square metre in all five districts of the free Cyprus.
The data highlight the gap that separates Limassol from the rest of the districts in all categories and small differences in the other categories.
The most important elements that emerge from the survey are the following:
- More affordable, both for buying and renting an apartment, is the free province of Famagusta.
- Nicosia in relation to apartment rental is the second cheapest district.
- The cost of buying an apartment in Paphos is more expensive outside the city centre than in the city centre.
The amount of rents
One bedroom apartment in the center:
- Nicosia €633
- Limassol €1,552
- Larnaca €823
- Paphos €771
- El. Famagusta €400
One bedroom apartment outside the city center:
- Nicosia €515
- -Limassol €1,162
- -Larnaca €607
- Paphos €565
- El. Famagusta €300
Three bedroom apartment in the city center:
- Nicosia €1,222
- Limassol €2,689
- Larnaca €1,486
- Paphos €1,452
- El. Famagusta €800
Three bedroom apartment outside the city center:
- Nicosia €972
- Limassol €2,090
- Larnaca €1,056
- Paphos €1,231
- El. Famagusta €700
The cost of purchase
The data on the cost of buying an apartment per square meter are also interesting.
Limassol also in this category in terms of city centers holds the scepter of accuracy with almost €1,000 difference from the second most expensive which is Nicosia and almost €2,000 difference from the cheapest city which is the free province of Famagusta.
Larnaca was in third place and Paphos in fourth place. On the contrary, regarding the cost of buying outside city centres, Paphos rises from 4th to second place, followed by Nicosia, Larnaca and the free district of Famagusta.
Cost of buying an apartment per square meter in the city center:
- Nicosia €2,466
- Limassol €3,462
- Larnaca €2,128
- Paphos €1,891
- El. Famagusta €1,500
Cost of buying an apartment per square meter outside the city center:
- Nicosia €1,933
- Limassol €2,421
- Larnaca €1,435
- Paphos €1,948
- El. Famagusta €1.230
Rental Prices vs Income Value
Finally, the survey also highlights the earnings gap of all those who participated in the survey. Specifically, they declared as net monthly earnings the following amounts: Net average monthly earnings:
- Nicosia €1,395
- Limassol €1,662
- Larnaca €1,295
- Paphos €1,167
- El. Famagusta €885
Practically this means that in Nicosia the rental prices of real estate represent 53.49% of the value of income and in Limassol 62.44%. The corresponding percentages in Larnaca, Paphos and the free district of Famagusta are 45.08%, 57.34% and 61.07 which proves that renting housing is clearly more affordable for someone who lives in Larnaca and Nicosia.
The data to recall record the average prices given by all residents of Cyprus and are reviewed monthly by the popular price comparison website.
socratis@phileleftheros.com
