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Rents surge above monthly loan instalments

February 17, 2019 at 12:20pm
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Rents are spiraling in all towns, particularly in Limassol, while Larnaca has the lowest rents according to a survey published by Phileleftheros on Sunday.

Based on listings, one bedroom apartments in Limassol range from €500 to €1,000, two bedroom from €600 to €1,500 and three bedroom flats from €700 to €1,500.

Rents for houses of three bedrooms vary depending on the area and the age of the building, starting from €850 and going as high as €2,000. Four bedroom apartments start at €1,000 and may go as high as €3,000 depending on the area.

In Nicosia, rents range from €300 to €500 for a one bedroom apartment, €300 to €650 for a two bedroom flat and €350 to €800 for a three bedroom flat.

Rents for three bedroom houses are between €600 and €1,500 and for four bedrooms from €900 to €1,500.

Nicosia rents are on the rise because of increased demand from students.

In Paphos, rents for one bedroom apartments range between €350 and €450, for two bedrooms from €450 to €550 and for three bedrooms from €550 to €650. For three bedroom houses rents range from €650 to €800 and for four bedrooms from €750 to more than €1,200.

In Larnaca, rents for one bedroom flats are €370 in central areas and €670 in tourist areas. For houses, rents range between €650 and €750.

The newspaper looked at the websites of Bank of Cyprus’ REMU, APS of Hellenic Bank, Altamira and inCyprusproperty.com.

A 43 square metre house in Strovolos is on sale for €78,500 while a 50 square metre flat in Lakatamia is on sale for €79,500.

Rents in the same areas for the same size apartments range from €600 to €630.

A €75,000 loan repayable over 20 years with an interest rate of 3% has a monthly instalment of €416, much cheaper than the rent.

Even for an €80,000 loan the installment is €450.

Two bedroom flats of 80 square metres in Strovolos sell for €105,000 to €120,000. Rents for a similar apartment are €560 to €800 a month. A 20 year loan for €150,000 would be repayable at monthly instalments €665.

Three bedroom apartments in Nicosia in Lakatamia, Archangelos and Ayios Dhometios are on sale between €150,000 and €170,000. Rents range from €750 to €850. The loan instalment would be €830 a month.

In Limassol it is difficult to find an apartment and rents are high. A three bedroom apartment in Apostolos Andreas is on sale for €330,000 and a three bedroom in Ayia Phylaxeos for €208,000. A two bedroom house in Pyrgos is selling for €583,000 and a four bedroom in Trachoni for €470,000.  A house  in Germasoyia is selling for  €354,000.

A house in Pareklissia is for rent at €1,800,  another in central Limassol for €4,000 and one in Ypsonas for €3,000. A flat in Polemidhia has a monthly rent of €1,000 and in Ayios Athanasios €1,150. A flat in central Limassol is available for rent for €2,000. A  €400,000 loan would have a monthly instalment of €2,210 over 20 years with a 3% interest rate. For €500,000 the instalment is €2,770.

In Paphos, a three bedroom apartment near the Paphiakos football stadium has a monthly rent of €500, a two bedroom flat also €500 and a three bedroom €600. A studio is available for €400 while in Chlorakas a house is for rent for €1,000. A house in Polis has a rent of  €680 while a four bedroom village in Peyia costs €2,500 a month. Another house, also with four bedrooms, is available for €3,000.

On sale in Peyia are apartments from €41,500 to €58,000. While a two bedroom in Geroskipou is on sale for €83,000. The monthly instalment for a €70,000 loan with 3% interest rate and 20 year repayment is €390.