Rental prices in Limassol have not seen a huge drop, since most prices are still high not taking into consideration the difficulties faced by most during this challenging period.
During this difficult and uncertain times people are not confident to proceed with a loan or a purchase of a new property that’s why they are trying to find good opportunities to rent, meaning rental properties are still in high demand.
But what about the prices? Have the prices decreased or increased because of the pandemic? Has it affected the prices at all?
Many tenants that have been renting before the pandemic started, have asked their landlords to pause the payments if possible or decrease the monthly rents for a short period of time in order to help them be able to continue paying.
Those that have been affected the most are the ones that lost their jobs, or that are not being paid in full.
Additionally, perspective tenants that are looking to rent now also try to get the lowest prices possible continuously stating the current pandemic situation.
Prices for apartment for rent at seafront and city central range from €12/sqm. For commercial properties on the seafront and city centre, prices range between €20- €30/sqm. In more detail, average prices according to our research as of October 2020 for:
- Studios: €450-750 for a decent furnished studio in areas such as Germasogeia, Papas Area, Parekklisia, Kato Polemidia, Katholiki
- 1-Bedroom properties: €550-900 for a decent furnished 1-bedroom apartment/house in areas such as Agios Ioannis, Germasogeia, Zakaki, Neapolis
- 2-Bedroom properties: €700-1050 for a decent furnished 2-bedroom house/apartment in areas such as Moutagiakka, Mesa Geitonia, Agios Athanasios
- 3-Bedroom properties: €850-1350 decent mostly furnished 3-bedroom properties in areas such as Agios Georgios, Agios Tychon, Petrou & Pavlou Mesa Geitonia, Neapoli.
Some studies have shown that rents in Cyprus are similar and many times even higher than other expensive cities such as Amsterdam and Barcelona.
The average rent in Limassol for studios or 1-bedroom apartments that usually attract university and college students, ranges around €500/month.
The recently built Apollonia Student Hall which is a generous donation from the Holy Archdiosese of Cyprus to TEPAK which consists of 220 rooms that were fairly divided to students from low income families. The monthly cost for the studios is €250 including common expenses, water furniture, electricity, WIFI and parking.
We at Inter-M Properties, registered and licensed estate agents, are here to assist you find the right property you need.
For more info don’t hesitate to contact us directly at firstname.lastname@example.org and +357 99207000.