Insider Business Demand exceeding supply behind rising rentals

Demand exceeding supply behind rising rentals

The prevalent trend of rising rents is expected to continue over the next couple of years as real estate potential buyers seem to believe that there is a large stock which is to become available for sale soon at reduced prices, according to Panos Danos, Managing Director of Danos and Associates, which is affiliated with some of the world’s leading real estate consultants including BNP PARIBAS REAL ESTATE.

Danos also said that this is the main reason the market is at a constant uncertainty. As for 2019, he expects a further upward trend in rents since demand far exceeds supply in the real estate sector which is currently confronted with real big challenges.

Such as the reduction of non-performing loans and subsequent disposal of large stock of real estate owned by banking organisations.

Also, the pressure the Cyprus government feels over its citizenship by investment scheme, its housing policy in general and the uncertainty created by Brexit.

Danos believes that the upward trend in property prices will continue to be mild at least for the next two years. Regarding the indicative selling and renting prices per property (land, houses, apartments, commercial property), these are:

Limassol – Selling Prices

Apartments:

Coastal front €4.000/ sq.m to €10,000/sq.m

Centrally located Areas €2,000/sq.m to €4,000/sq.m

Plots of land:

Near coastal front €800/sq.m to €1,200/sq.m

Centrally located Areas €400/sq.m to €800/sq.m

Houses:

Coastal front €4.000/sq.m to €10,000/sq.m

Centrally located Areas €2,000/sq.m to €4,000/sq.m

Commercial Real Estate:

Coastal front €4.000/sq.m to €10,000/sq.m

Central Areas €2,000/sq.m to €4,000/sq.m

Limassol – Rental rates

Apartments:

Coastal front €12/sq.m to €20/sq.m

Central Areas €8/sq.m to €12/sq.m

Commercial Real Estate:

Coastal front €20/sq.m to €80/sq.m

Central Areas €10/sq.m to €30/sq.m

Paphos – Selling Prices:

Apartments:

Coastal front €3000/sq.m to €8000/sq.m

Central Areas €1,500/sq.m to €5,000/sq.m

Plots of land:

Coastal front €500/sq.m to €1,000/sq.m

Central Areas €300/sq.m to €600/sq.m

Houses:

Coastal front €4.000/sq.m to €10,000/sq.m

Central Areas €1,500/sq.m to €5,000/sq.m

Commercial Real Estate:

Coastal front €3.000/sq.m to €8000/sq.m

Central Areas €2,000/sq.m to €6,000/sq.m

Paphos – Rental Prices:

Apartments:

Coastal front €8/sq.m to €16/sq.m

Central Areas €5/sq.m to €10/sq.m

Houses:

Coastal front €10/sq.m to €20/sq.m

Central Areas €6/sq.m to €12/sq.m

Commercial Real Estate:

Coastal front €15/sq.m to €40/sq.m

Central Areas €10/sq.m to €25/sq.m

Top Stories

164 new cases, one death announced on Thursday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 178,...

Where to get antigen rapid tests on Friday

The Health Ministry announced the following antigen rapid test sites for Friday, 22 January 2021: LIMASSOL Parking place Sklavenitis supermarket, Germasogia 08:30-16:30 Parking place Lidl supermarket, Limassol...

Alcohol consumption among Cypriot students high

Alcohol consumption among students has been reduced, the Cyprus National Addictions Authority ascertained on the basis of a European research, conducted every four years....

Earthquake measuring 5 felt all over Cyprus

An earthquake measuring 5 on the Richter scale occurred around 16:30 and was felt all over Cyprus. Due to the earthquake, the Parliament session that...

UK hits 5m vaccine doses as health minister defends scheduling change

British health minister Matt Hancock on Thursday (January 21) lamented another record daily number of COVID-19 deaths, but hailed the achievements of the UK's...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...