Insider Economy Property professionals dispute ministry’s findings on rent hikes

Property professionals dispute ministry’s findings on rent hikes

Property professionals have disputed the findings of a Labour Ministry survey that found that rent prices have risen by 30% to 40% in the past two years.

Although they acknowledge that rents are higher, they said the increase was not that significant.

On Monday, Labour Minister Zeta Emilianidou told the House Interior Committee that in the period of 2015 to 2018 , rents in Nicosia and Limassol have jumped by 30% to 40%. She also pledged a new housing policy would be unveiled in May to help resolve the difficulty low income and other vulnerable groups have in finding accommodation.

Yiorgos Mouskides, president of the Association of Real Estate Owners said the figures were misleading.

He said some increase was to be expected after Cyprus emerged from the economic crisis.

“With the improvement of the economy rents were expected to rise. The period of 2008 to 2015 was a period of falling rents or stabilisatation, and after that there was an increase” he said.

The 30% to 40% increase cited was mistaken and misleading. “To see the increase we must take the average for a specific period last year and compare it to the average today,” he said.

The president of the RICS Cyprus and a lecturer at Neapolis University Thomas Demopoulos voiced reservations about the study.

He said that the problem with this and other studies is that we do not know the data base, as there is no official body which collects data on rents, when they are renewed, whether they include common expenses, whether they are furnished or not.

He noted that the study does not give a specific time period noting that it is different to say that there has been a 40% increase from 2018 or 2017 and different to record such a rise from 2013, which is more logical.

Read more

Top Stories

Injured swimmer rescued at Maroni

  Emergency services members rescued a 57 year old injured swimmer yesterday morning off the Paradise coast at Maroni, in the Limassol district. They were called...

43 meter deep crater caused by Beirut explosion

  The massive blast at Beirut port on Tuesday created a 43 meter deep crater. A Lebanese security source said that French bomb experts offered the...

Nicosia cafeteria fined 8 thousand for Covid-19 violations

  A cafeteria in the capital was fined 8 thousand euro for serving a much higher number of people than the one stipulated in the...

Helios crash memorials, almost 15 years to the day

  Memorials for 16 Paralimni residents, killed in the Helios Airways crash on August 14th 2005, were held today in the town's main church of...

Belarus holds election as street protests rattle strongman president

  Belarus began voting in an election today, pitting President Alexander Lukashenko against a former teacher who emerged from obscurity to lead the biggest challenge...


Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...