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According to the president of the Cyprus real estate agents association Marinos Kineyirou, short-term rentals are driving up apartment prices and creating a housing shortage for students, especially in coastal cities. The expert believes that the authorities should consider restricting or abolishing short-term rentals to address this issue.
With the new school year approaching, Limassol remains the most expensive city for renters. One-bedroom apartments in Limassol cost between €1,000 and €1,100 per month, nearly double the price in the capital, Nicosia, where similar properties cost between €600 and €700. Larnaca and Paphos follow with prices between €500 and €600.
Two-bedroom apartments in Limassol cost €1,400-1,500 per month, compared to €800-900 in Nicosia and Paphos and €700-800 in Larnaca.
Kineyirou noted that high prices in Limassol are also due to increased demand from foreign workers, especially in the IT sector.
“This is largely due to the fact that short-term rentals have absorbed part of the supply of properties for long-term or student rentals,” Kineyirou said.
He added, “Unfortunately, today, everyone is converting residential apartments into tourist ones, and we wonder who ultimately controls the zones and licenses.”
The expert called for a review of the current practice, saying that "seriously considering ending or restricting short-term rentals should be done to avoid creating problems for those looking for apartments to rent and for organised tourist complexes."
Source: Cyprus Property News
Photo by Dyomir Kalaitsev on Unsplash
