The cost of rents has become unbearable and prohibitive for the majority of Cypriot society. Recorded increases, exceeding 30%, are placing heavy pressure on household budgets. Combined with the overall rise in the cost of living, high rents are making the struggle to survive increasingly difficult.
The latest data analysed by the European Trade Union Institute add to a series of other findings highlighting the scale of the problem, with wages proving insufficient to cover the rising cost of housing.
According to the findings, the average cost of renting a two‑bedroom apartment in Nicosia amounts to 85% of the minimum wage of €1,088, or €924. As for the national average, rental costs in Cyprus correspond to 42.4% of the minimum wage, or €461. In cities such as Limassol, rents are known to be significantly higher.
Struggling to get by
“There has indeed been a significant increase in rental prices in Cyprus in recent years, with the result that a large part of the population is struggling to make ends meet, also due to the cost‑of‑living crisis caused by rising energy prices,” said Polys Kourousidis, President of the Cyprus Association of Property Valuers, speaking to Politis.
“The measures taken by the Ministry of Interior are inadequate, as there is no comprehensive strategic plan for affordable housing,” he stressed.
Pressure due to Airbnb
“The upward trend in rents continues due to the limited supply of properties on the secondary (resale) market,” said Andreas Christoforidis, CEO of the Landbank Group, speaking to Politis.
At the same time, according to Mr Christoforidis, rental prices are also being pushed up by property owners choosing to offer their units via Airbnb.
The significant rise in rents is also reflected in Eurostat data. Between 2015 and the fourth quarter of 2025, rental prices in Cyprus increased by 30.3%, compared to an EU average of 22%.
Additional €11m subsidy
It is noted that Interior Minister Constantinos Ioannou announced on Monday the granting of an additional subsidy of approximately €11 million, aimed at covering a further 277 young individuals and young couples who had applied to the housing assistance scheme for people up to the age of 41.
According to Mr Ioannou, the decision was taken in response to strong interest from young people and the high number of applications, which totalled 1,018.
According to the Ministry of Interior, the scheme was implemented as part of the state’s integrated housing policy, based on two pillars:
(a) increasing housing supply, with emphasis on strengthening the affordable housing market, especially in urban and suburban areas where shortages are most acute, and
(b) enhancing citizens’ purchasing power, with particular focus on young families, young people and socio‑economically vulnerable groups.
In addition, support for young people through targeted policies ranks high on the agenda at EU level and is included in priorities set under the European affordable housing plan.
Within this framework, housing is expected to be at the centre of the informal ministerial meeting to be held on 12 May in Nicosia, as part of the Cypriot Presidency of the Council of the EU.
Situation in the EU
Across the EU, average rents in European capitals are €218 higher than national minimum wages.
Average rent exceeds the minimum wage by more than €700 in Prague, Lisbon and Dublin, while it is over €400 higher in Athens, Bratislava, Budapest and Valletta.
Low‑paid workers in five countries (Malta, Ireland, the Netherlands, Luxembourg and Estonia) spend more than half of their wages on renting a typical one‑ to two‑bedroom apartment, while workers in a further twelve countries spend one‑third or more.
Recently, the European Parliament applied strong pressure for action to address the housing crisis, proposing solutions for decent, sustainable and affordable housing.
