Rental prices skyrocket in Limassol and Nicosia

[memory man]

Rental prices have climbed steeply, especially in the heart of Limassol and Nicosia because of heightened interest by investors and retailers seeking new venues.

According to a recent survey by Phileleftheros newspaper s rental prices vary, depending on factors such as area and size. In some cases a month’s rent for a luxury office in Limassol can be as high as €18,450 and €12,800 in Nicosia.

According Phileleftheros, a 1,000 m² office in Strovolos, built in 2000, is available for €12,000 per month. A 500 m² office in Nicosia city centre, built in 2003, is available for €7,000 per month and a 510 m² office in Engomi, built in 2004, is available for €6,120 per month.

However, rental fees are even higher in Limassol, when compared to Nicosia. For instance, a 403 m² office in the centre of town is available for €18,540 per month.

It is to be noted that there is a great difference in rental prices between Limassol/ Nicosia and Larnaca, as a 375 m² office, situated in Larnaca’s city centre, is available for €2,000 per month.

http://in-cyprus.com/news/local/rental- ... d-nicosia/

[Jimgward]

There has been much ado about property rental on Facebook recently, regarding houses and apartments. Partly of owners wanting at least 1 month up front, plus up to 2 months security deposit, plus they need to pay for Electricity and Water bills.... when average salaries for non-Cypriots and non-specialist were around 1200 euros a month.......

People don’t seem to realise that rental prices, particularly on a tourist island, are dictated by the value of the propery. You would need at least a 5% return on a property, plus sums for tax and wear and tear. So realistically, even a 100,000e property would need a rental of at least 500 - 550e a month for an owner/investor to take the hassle.

Many seem to think that because they work in unskilled jobs, earning 1,000e a month, that they should be able to rent apartments for a couple of hundred euros.

[memory man]

Greed is a terrible vice and...

Law of supply and demand, Hudswell. And if you or I were able to rent out a property in a scarce market for €2,000 a month we would, wouldn't we?

For years, property rental in Cyprus - Paphos particularly - has been unrealistically cheap, now it seems to have gone to the other extreme.

Is that rental for office/shop or for habitation ie. to live in.

[memory man]

I'm sure the OP was concerning office rental !

[galexinda]

''Many seem to think that because they work in unskilled jobs, earning 1,000e a month, that they should be able to rent apartments for a couple of hundred euros''.

The average 2 bedroom apartment has cost about €300-€375 for the past 2-3 years and is now in mostly in the €400+ range now - so where can they live? Most have families, so difficult to make the wages stretch to have a decent life.

[Dominic]

If rental prices are going through the roof, why do people complain about not being able to sell their property?

[trevnhil]

I don't consider you foolish. Better to have a good tenant at a lower rate than a bad tenant

[Dominic]

Steady income vs potential roller coaster wins every time.

[galexinda]

Our landlord owns two apartments and in the time we have lived in ours there have been four different tenants in the other apartment. Apart from the loss of income in between lets, the initial cost when finding a new tenant etc he has also had to spend a considerable amount repairing and replacing items. All of which we will take into account when our lease needs to be renewed!