There is increased demand due to the expansion of the student community and the limited availability of organized student residences, the President of the Council for Registration of Real Estate Agents, Marinos Kynaigeirou, said regarding student housing, stressing the importance of searching early.
Rental prices for a one-bedroom apartment in Nicosia range from €600 to €900, in Limassol prices reach up to €1,500, in Larnaca and Paphos prices are roughly the same as in Nicosia, while in Paralimni they do not exceed €700, he noted.
The goal within one or two years, once its own residences are completed, is to have a guaranteed room for every first-year student who wants one, and for all students facing financial difficulties, said the Head of the Studies and Student Welfare Service of TEPAK, Vassilis Protopapas.
There are plans to build additional residences with a total capacity of around 900 new beds, and with the cooperation of the State, the first 500 are expected to be available in three years, said Kleanthis Pissarides, Head of the Studies and Student Welfare Service of the University of Cyprus.
Kynaigeirou referred to the current situation in the property market regarding students finding housing, when asked by CNA. The heads of the Studies and Student Welfare Services of TEPAK, Vassilis Protopapas, and of the University of Cyprus, Kleanthis Pissarides, spoke about the housing policy of their universities.
"Searching early is very important"
Demand is constantly rising, especially at the start of each academic year, Kynaigeirou told CNA when asked, noting that it is still too early for comparisons with last year's situation. The areas near the universities continue to be among the liveliest rental markets, he noted.
"Nicosia is the country's largest student market. Limassol has the highest prices. This happens because many foreign workers and many businesses are seeking rentals. Larnaca and Paphos are also seeing increased demand," he said, noting that the increased demand in Larnaca and Paphos is linked to the development of these two cities.
According to Kynaigeirou, the increased demand is linked both to the expansion of the student community and to the limited availability of organized student residences. "It is telling that, according to the finalized data of the Statistical Service, tertiary education enrolments reached 57,889 in the 2023–2024 academic year, recording an increase of 9.4% compared to the previous year," he noted. At the same time, around 700 applications for student housing are submitted in Limassol annually, while the available places in organized residences remain significantly fewer, he added.
Asked whether there is supply and what rents range across each city, Kynaigeirou said that the student housing market in Cyprus depends heavily on the apartments available. "The supply of organized student residences is limited, and there are large differences between districts," he added.
According to him, rental prices for a one-bedroom apartment in Nicosia range from €600 to €900, and for two-bedroom apartments prices are roughly 20% to 30% higher, while for three-bedroom apartments the top price reaches around €1,700.
In Limassol, he noted, the cost is among the highest in Cyprus. He said that prices for a one-bedroom apartment reach up to €1,500, while for two bedrooms they approach €2,000. When it comes to demand for three-bedroom apartments, the price reaches up to €2,700, he added.
In Larnaca and Paphos, prices for both one-bedroom and two-bedroom apartments are roughly the same as in Nicosia. In contrast, for three-bedroom apartments the top price is about 15%–20% lower than in Nicosia, he said.
In Paralimni, where there are fewer schools, he said, rents for a one-bedroom apartment do not exceed €700, and for two bedrooms the maximum price is around €900. The price of €900 is the starting point for three-bedroom apartment rents, he noted.
Asked whether there are problems finding accommodation within the financial framework students set, Kynaigeirou said that the main problem is not just the number of available properties, but mainly the limited supply of homes at prices that students and their families can afford.
"So yes, there is great difficulty in finding accommodation within the financial framework that students and their families set," he said, adding that the problem is the limited supply of small, furnished, functional apartments at affordable prices, located mainly in the areas near the universities.
"Students are competing with workers, families, and people coming to Cyprus for work. The competitive battle keeps prices high," he pointed out.
Because of this, he continued, many students have to look for housing further away from the university, while many students choose to live with other students.
"Searching early is very important. The cheapest and best homes close quickly, especially before the academic year begins," he said.
TEPAK — Each year better than the last thanks to decisions and actions
"This year things are better than last year, and every year is better when it comes to housing because we have taken decisions both to build residences and to provide a rent allowance," the Head of the Studies and Student Welfare Service of TEPAK, Vassilis Protopapas, told CNA when asked about the university's housing policy.
He noted that TEPAK has students in two cities — Limassol and Paphos — and will soon also have students in Larnaca.
"Our housing policies cover our students in the two cities. In Paphos, for example, there is the student residence of the Paphos Municipality next to the School, which was built for the School. There we accommodate a large number of students," Protopapas said.
He added that they also have some apartments, again belonging to the Paphos Municipality, in the city centre, where the university also places some students. "If there are students who have financial difficulties but cannot find rooms in the residence, we give a rent allowance of €250 per month for 10 months, from September to June," he noted.
"Certainly, though, demand is always greater than supply," he said, adding that in Paphos they have around 180 beds, but demand is higher, which is why several students in Paphos are given a rent allowance.
TEPAK's budget for rent allowance purposes is €800,000 per year, he said.
"In Limassol the situation is better, because the Archbishopric residence has existed for some years," which provides them with 300 beds, of which the university chooses where 200 will be allocated, Protopapas said.
"Additionally, from this year we will also have part of our own new residence. Some rooms, not the whole building, which increases our capacity," he added, noting that the rent allowance also exists in Limassol. "If some students cannot be accommodated in the residences and have financial difficulties or are first-year students, they receive a rent allowance," he noted.
Asked, he said that their policy is to give priority for rooms in the residence to students whose families meet financial criteria, and then priority goes to first-year students.
"Our goal is that within one or two years, once our own residences are completed, we will have a guaranteed room for all first-year students who want one, and for all students facing financial difficulty. Our rooms will be very many," Protopapas said.
"We will have 500 of our own in our residence in Limassol, 200 of the Archbishopric in Limassol, 200 in Paphos, a total of 900 rooms," he said.
Protopapas said that the majority of the university's students come from other cities, and that only 35% of the university's students are from Limassol.
Asked, he said that the interest expressed by students is roughly double the number of available beds.
He noted that students prefer to stay in the residence both because the price is lower and because they get a room — a studio — that is self-contained and furnished.
He said there are two residence rent prices: one is the price paid by students who get a room under income criteria, which is €350 — this applies in Paphos and Limassol — while for some rooms without social rent it is €500 to €550. All expenses such as electricity, water, internet, and cleaning are included in the prices.
Protopapas noted that there has also been private development in recent years in Limassol, due to the existence of private universities, and private residences of 50 to 100 people are being created, where one can find a room. He noted that a private residence is currently being completed in the city centre with around 95 rooms, with prices starting from €650 for a self-contained studio. He said that even this price "is not bad," compared to the Limassol market, where rents are much higher.
"We will have (students) in Larnaca next year. Our plan is to pay particular attention to student housing there as well," he said.
University of Cyprus — Plans to build more student residences with 900 new beds
The university's student residences have 208 rooms, which are allocated on the basis of socio-economic criteria, "precisely because their number is very small and the rents at which we offer them are also very low," the Head of the Studies and Student Welfare Service of the University of Cyprus, Kleanthis Pissarides, told CNA.
Asked about the university's housing policy, Pissarides said that these rooms are allocated under socio-economic criteria, and for this reason the rent is not based on market prices. He said that no rent allowance is offered.
He noted that there are various rates and different rooms, and that the rent is around €150 per month, including bills such as electricity and water.
"They are for children who are in need, which is why the rents are so low," he pointed out.
Asked, he said there are plans to build additional university residences with a capacity of around 900 new beds. "We are in consultation with the State, because we need the relevant approvals from the State, and we are waiting for the government to give the relevant approvals so that we can proceed," he added.
According to Pissarides, they expect to have the first residences available in about three years. Understanding the needs of the market, he said, they divided the project into two phases, first building the initial 500 beds, and then the rest.
"So for the first 500, if we have the cooperation of the State, we estimate we will have them in three years," he added.
Asked whether they receive requests from students for help finding accommodation near the university, he said, "we help them find housing, especially children coming to the University for the first time. But it is neither specific financial assistance, nor us finding them rooms."
(Source: InBusinessNews)
