Prices for Holiday Homes Surge To An Eight-Year Peak

If you’re looking to buy or rent a vacation home on the island, expect high prices. Both have hit eight-year highs, fully recovering from the COVID-19 pandemic.

Rental rates for vacation homes are the highest since 2016. Limassol has seen prices more than double. Overall, vacation apartment rents are up 80%, and vacation home rents are up 60% since 2016.

Buying a holiday home is also more expensive, with apartment prices up 40% and home prices up 20%.

Prices rose steadily from 2016 to 2019, dropped in 2020 due to the pandemic, and started rising again in 2022, reaching new highs this year.

Larnaca leads in rental rate increases, up 74% since 2016 and 41% since 2019. Many vacation homes are used as permanent residences due to limited supply.

Current rental rates for vacation homes range from €25 to €30 per square meter, compared to €18 to €22 in 2019. Rates depend on the property’s age, location, and view.

Paphos follows Larnaca, with rents up 24.5% since 2019, ranging from €25 to €30 per square meter. Lower rates are available for less desirable properties.

Limassol, despite being the most expensive, has seen rents increase by 16.2% since 2019. Rates range from €23 to €70 per square meter.

In Famagusta, rents are up 16%, ranging from €21 to €25 per square meter for high-quality properties.

Sale prices also vary. Limassol’s holiday homes are over €4,000 per square meter, a 20% increase since 2019 and 30% since 2016. Famagusta’s sale prices have risen 20% since 2019, averaging €2,760 to €3,000 per square meter.

Larnaca’s prices increased 7% since 2019, ranging from €2,300 to €2,900 per square meter. In Paphos, sale prices rose 15% since 2019, averaging €3,000 per square meter, presenting some investment opportunities.

 

Source: Cyprus Property News

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