The Question of the Month
Because when I wonder, it’s worth… asking!
Through this column of the online magazine of Synergy Real Estate, answers are provided to various questions relating to properties and the real estate market of Cyprus.
Our Rental Manager, Andreas Andreou, answers in detail the question that was posed to him.
Question:
Where are rental prices currently in Nicosia, and what determines the price? Provide some examples in relation to the number of rooms and area (e.g., one-bedroom, two-bedroom, three-bedroom in Strovolos, Engomi, Latsia, and Nicosia city center).
Rental prices in Nicosia vary depending on the area and type of property. It should be clarified that the following examples provide the average rental prices. There are cases where the market prices exceed the mentioned amounts, either slightly or significantly.
- One-bedroom apartment: In Strovolos or Engomi, prices range from €700 to €800 per month. In Latsia, they are around €600-€650, while in Nicosia city center, they range between €800-€1000.
- Two-bedroom apartment: Prices start at approximately €800 and go up to €1000, depending on the location and condition of the apartment. In areas like Strovolos and Engomi, prices are typically higher due to demand, often reaching €1000-€1200. In Nicosia city center, they rise even further, reaching €1200-€1600.
- Three-bedroom apartment: In Strovolos and Engomi, rents for three-bedroom apartments range between €1200-€1400, while in Latsia, they can be found around €1000. On the other hand, in Nicosia city center, prices reach levels of €1800-€2100.
It should be noted that the main factors determining rental prices, besides supply and demand, include the location, age, and condition of the property, its size, the type and quality of finishes, and its proximity to services and amenities (schools, shops, main roads). Additionally, prices increase when the property is luxurious or located – for example – in a skyscraper. Prices also fluctuate depending on whether the property is furnished or not.
If we are referring to houses instead of apartments, rental prices are also influenced by the size of the plot and any external amenities offered, such as a swimming pool, garden, or yard.
