News Local Pandemic strikes a blow to holiday home rental prices

Pandemic strikes a blow to holiday home rental prices

The coronavirus pandemic has struck a blow to the market of holiday homes all across the world and Cyprus is no exception, according to Panos Danos, CEO of Danos & Partners Real Estate.

Rental prices this year are expected to drop even further than in 2020 during which those were low enough compared to the year before, he told Philenews.

A temporary sharp drop in prices is expected to be recorded in the coastal districts of Paphos, Larnaca, Paralimni and Limassol.

These districts were very popular for villa rentals from holiday makers from Germany, the United Kingdom, Gulf countries, China and Russia back in 2018 and 2019.

Due to the coronavirus, rental prices of beach houses in the district of Famagusta will be between €8 – €14 per sq.m. from € 10-€ 12 per sq.m. in 2020 and €18-€ 2 per sq.m. in 2019. This means a 36.36% price drop.

In coastal Larnaca, rental prices of beach houses are expected to be €6 to €10 per sq.m. from €8 to €10 per sq.m. in 2020.  The difference is big in comparison with 2019 when rental prices were between €15 and € 20 per sq.m.

In coastal Limassol, rental prices for holiday homes per square meter are expected to be €16 to €35 per sq.m. from €20 to €40 which was the case in 2020. The price drop is 12.5%.

In coastal Paphos, rental prices of seaside houses are expected to be between €8 and €14 per sq. m. from €10 to €12 per sq.m. in 2020. The fall in rentals is estimated at 16.6%.

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