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

One new Covid case with travel history

One person has tested positive for coronavirus, bringing the total number of cases to 1005, the Health Ministry said on Tuesday, from a total...

Compulsory use of gloves by employees on way out

    The compulsory use of gloves by employees that was introduced as part of measures to contain the spread of coronavirus is to be scrapped,...

22-year-old sentenced to 13 years in jail for Nicosia manslaughter

The Nicosia Criminal Court handed down on Tuesday a 13-year jail sentence to a 22-year-old foreign national who had pleaded guilty to killing a...

House, car repair shop, storeroom damaged by fire

  A fire which broke out off the Ayii Trimithias and Anthoupolis road on Tuesday afternoon has left a trail of damage in its wake,...

Ministry publishes updated list of labs for Covid-19 tests

  The Health Ministry has published an updated list of private labs which have verified procedures for RT-RCR diagnostic tests, which is the only accepted...

Taste

How to make triandafillo ice cream, by UK Cypriot chef Loulla Astin

  Just in time for the scorching heat, UK Cypriot chef Loulla Astin has shared her recipe for refreshing triantafillo ice cream -- or as...

Cyprus sprouts with cream and prosciutto

In a big, deep frying pan, fry the prosciutto in the olive oil, on medium heat for 2 minutes. Add the onion and garlic...

Pork burger with sundried tomatoes, mozzarella and anchovies

Mix all the ingredients together with the mince in a bowl, and combine well. Divide into 4 balls and form the burgers. Warm a griddle/pan...

Sheftalies

Wash the lamb cauls with plenty of cold water and let them settle in water and vinegar for a little while. Soak the bread crumbs...