Student Rents Soar Across Cyprus As Housing Shortage Bites

Student rents in Cyprus are soaring as demand for housing outstrips supply, with monthly rents for one-bedroom flats ranging from €600 to as much as €1,500, the chairman of the Council for the Registration of Real Estate Agents said on Friday. Marinos Kineyirou said rents for one-bedroom flats in Nicosia, Larnaca and Paphos ranged from €600 to €900 per month, while in Limassol they reached as high as €1,500 and in Paralimni up to €700. For a three-bedroom flat, rents reached €1,700 per month in Nicosia and €2,700 in Limassol. Prices in Larnaca and Paphos were around 20 per cent lower than in Nicosia, while in Paralimni they started at €900. Kineyirou stressed the importance of securing student accommodation early, as demand continued to rise.

Nicosia had the largest student housing market, while Limassol had the highest rents. Growing demand was linked to the increasing number of students enrolling in universities, while the supply of accommodation had failed to keep pace. He cited Statistical Service data showing that there were 57,889 students in higher education during the 2023-2024 academic year, an increase of 9.4 per cent compared with the previous year.

In Limassol, there were around 700 applications for student accommodation each year, but fewer places were available. Kineyirou said high demand and limited supply were pushing rents upwards and restricting options for students unable to afford higher prices. "The problem is finding small, furnished and functional flats at affordable prices near the universities," he said.

Meanwhile, Cyprus University of Technology (Tepak) head of student welfare Vasilis Protopapas said the university aimed to be in a position within the next one or two years to guarantee dormitory rooms for all newcomers and students facing financial difficulties. Protopapas said the situation was improving each year as Tepak continued to build dormitories and subsidise rents. Tepak currently has students in Limassol and Paphos and will soon open a campus in Larnaca.

The university had developed its own housing policy to meet the needs of most of its students, providing a significant number of rooms in cooperation with local authorities. Only 35 per cent of students came from the cities in which they were studying. Rents for student rooms started at €350 per month, while students in financial need or unable to secure affordable accommodation could receive a rent subsidy.

The University of Cyprus, meanwhile, currently has 208 dormitory rooms allocated on the basis of socioeconomic criteria, costing approximately €150 per month including utilities, head of student welfare Kleanthis Pissarides said. Unlike Tepak, the university does not subsidise rents.