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Cyprus: Rent prices are skyrocketing

According to data released by the Ministry of Labour, rental prices in Cyprus have been raising at a two-digit rate in the three last years. The study highlights the need to adjust the rent allowance.

The prices for average-quality residential apartments and houses have risen up to by 68% in some regions. More specifically, the rise reaches 68% in Paphos, 58% in Limassol, 45% in Nicosia, 43% in Larnaca, and 5% in Famagusta.

As decided in 2014, the rent subsidy was set at 70% of the average price to exclude excessively high prices that affect the average, while it is expected by the beneficiaries of the rent allowance to make efforts to secure housing at lower prices, as stated by the Ministry.

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