Rental prices in Cyprus have increased at a noticeably faster rate compared to the corresponding increases in salaries over recent years.
More importantly, the cost of living, salary levels, and rental costs vary from city to city.
Data from the international platform numbeo reveals significant insights.
Firstly, Limassol has higher salaries and rents compared to the major cities on the island.
Paphos has higher average salaries and rents than Nicosia, while Larnaca has higher rents than Nicosia, with the average salary calculated lower than the capital.
What’s even more significant is that rents in Limassol, Nicosia, and Larnaca are more expensive compared to Athens and Thessaloniki.
- In Limassol, a family of four is estimated to have a monthly cost of €3,145.7 excluding rent (using the platform’s estimator). Limassol is 9.1% more expensive than Nicosia (excluding rent), and the average rent in Limassol is on average 126.2% higher than in Nicosia. The average net monthly salary (after taxes) is calculated at €1,801.79, while rental prices are staggering. Rent for a one-bedroom apartment in the city centre can reach up to €1,500, and for a three-bedroom depending on its construction, up to €2,500. Comparing data with Athens is interesting. A family would need approximately €4,792 in Limassol to maintain the same living standard that €3,500 could provide in Athens (assuming renting in both cities). Rental prices in Limassol are 202.5% higher than in Thessaloniki.
- A family of four in Nicosia is estimated to have a monthly cost of €2,904.5 excluding rent (using platform data). Nicosia is 8.3% cheaper than Limassol (excluding rent), and the average rent in Nicosia is on average 55.8% lower than in Limassol.
The average monthly net salary (after taxes) is calculated at €1,410, and for a one-bedroom apartment, the price can reach €630, and for three bedrooms up to €1,180 depending on the area and construction type.
A family would need approximately €3,514.4 in Nicosia to maintain the same living standard that €3,500 could provide in Athens (assuming renting in both cities). Rental prices in Nicosia are 7.8% higher than in Athens and 33.7% higher compared to Thessaloniki. It would take around €3,549.1 in Nicosia to maintain the same living standard that €3,400 could provide in Thessaloniki (assuming renting in both cities).
- In Larnaca, the estimated monthly cost for a family of four is €3,112 excluding rent. Larnaca is 9.5% more expensive than Nicosia (excluding rent), and the average rent in Larnaca is on average 35.8% higher than in Nicosia. The average monthly net salary (after taxes) is calculated at €1,377.78, while for a one-bedroom apartment, the rent can reach up to €950, and for three bedrooms up to €1,240. A family would need approximately €4,064.5 in Larnaca to maintain the same living standard that €3,500 could provide in Athens (assuming renting in both cities). Rental prices in Larnaca are 46.4% higher than in Athens.
- In Paphos, it is estimated that a family of four has a monthly cost of €2,938.2 excluding rent (using platform data). Paphos is 2.1% more expensive than Nicosia (excluding rent), and the average rent in Paphos is on average 33.7% higher than in Nicosia. The average monthly net salary (after taxes) is €1,878.50. The average rent for a one-bedroom apartment is €850, and for three bedrooms, it can reach €1,600.
- In Paralimni, the average monthly net salary is calculated at €1,200, and for a one-bedroom apartment in the city centre, the rent is estimated at €400, and for a three-bedroom apartment at €800.
