Thousands of Cypriot students preparing for university are confronting prohibitive rental costs as accommodation prices remain elevated across both Cyprus and Greece, despite some market stabilisation.
The challenge of securing student accommodation has intensified in recent years, with reduced supply and increased demand driving prices beyond the reach of many students and their families. Whilst apartments may be available, affordability has become the primary barrier for prospective tenants.
According to the Cyprus Real Estate Agents Registration Council, rental prices in Cyprus have at least stabilised, providing some relief in an otherwise challenging market. Marinos Kynaigeirou, president of the council, said the stabilisation reflects a balance achieved between supply and demand.
“The real estate market has responded to increased demand by creating new housing, thus containing prices and preventing sharp increases,” Kynaigeirou told Phileleftheros. “This situation creates a healthy environment for both owners and tenants, offering stability and predictability in the rental market.”
Cyprus rental prices by city
Limassol maintains the highest rental costs, with student flats starting from €1,000 for one-bedroom properties and exceeding €2,000 for larger accommodations. Nicosia follows with average prices ranging from €600 to €1,100, whilst Larnaca and Paphos both range from €500 to €1,000.
Nicosia:
- One-bedroom (student): €600-650
- Two-bedroom: €800-900
- Three-bedroom: €1,000-1,100
Limassol:
- One-bedroom (student): €1,000-1,100
- Two-bedroom: €1,400-1,500
- Three-bedroom: €1,900-2,000+
Larnaca:
- One-bedroom (student): €500-600
- Two-bedroom: €700-800
- Three-bedroom: €900-1,000
Paphos:
- One-bedroom (student): €500-550
- Two-bedroom: €700-800
- Three-bedroom: €800-900
Greece sees 7.4% price increase
The situation in Greece presents additional challenges, with low availability and high prices for student accommodation. According to Spitogatos, one of Greece’s largest property companies, rental prices for student apartments increased 7.4% nationwide.
In Athens’ Zografou area, popular among Cypriot students, the average rental price for apartments under 65 square metres reaches €534, whilst studio flats cost €480. The trendy Ampelokipoi district commands €598 on average, with Goudi reaching €628 and Piraeus averaging €500.
Thessaloniki offers comparatively lower prices but has still recorded increases. Average rental prices for apartments under 65 square metres in areas including Evosmos, Charilaou, Toumba, Stavroupoli and the city centre range from €400 to €480.
The rental market pressures reflect broader housing challenges facing students across both countries, with high demand from both local and international students continuing to strain available supply.