Renting in Cyprus is getting more expensive year after year. Eurostat figures confirm that rents on the island jumped by 4.6% in 2024 compared to the previous year, continuing a steady upward trend that’s been going on since 2017.
Meanwhile, house prices in Cyprus rose by 2.3% over the same 12-month period but dipped slightly compared to the previous quarter, a sign that while the housing market isn’t cooling dramatically, it’s certainly not heating up like in much of the European Union.
Across the EU, house prices increased by 4.9% in the last quarter of 2024 compared to the same period in 2023, and rents climbed by 3.2%. So Cyprus is running behind on home price growth, but ahead of the curve when it comes to rising rents. In fact, Cyprus has seen a consistent climb in rental rates since 2017.
For tenants across the island, especially in high-demand areas like Nicosia, Limassol and Larnaca, the steady rise in rent has become a source of financial pressure, particularly for young people, students, and low- to middle-income families. So, owning a home may not cost much more than a decade ago, but renting definitely does.