Prices And Rents For Vacation Homes Rise

The Cyprus holiday home market has surged to record highs, overcoming the COVID-19 pandemic impacts. Rental and selling prices have reached their peak in eight years.

Since 2016, holiday rental costs, including apartments and houses, have dramatically increased. Limassol witnessed a more than 100% hike. Nationwide, apartment rents have grown by 80%, and house rents by 60% since 2016, according to Danos International Property Consultants and Valuers.

Property selling prices have also risen notably, with apartments and houses up by 40% and 20%, respectively. After a dip in 2020, prices have consistently risen since 2022.

Larnaca leads in rental price increases, with a 74% jump since 2016 and a 41% rise since 2019, with many holiday homes now also marketed as permanent residences. Rental rates range from €25 to €30 per square meter, a significant rise from the €18 to €22 range in 2019, influenced by factors like location, age, and views.

Paphos follows with a 24.5% increase in rents since 2019. Limassol’s rental rates now vary from €23 to €70 per square meter, up from €20 to €60 in 2019, making it a sought-after location for permanent living.

In Famagusta, rentals have increased by 16%, with rates for high-quality accommodations between €21 and €25 per square meter.

As for selling prices, Limassol is the most expensive, exceeding €4,000/sqm—a 20% rise since 2019. Famagusta and Larnaca have seen selling price increases of 20% and 7% respectively, with Paphos also showing a 15% rise, making it an attractive investment option.

Source: Cyprus Property News

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