News Local Rents surge above monthly loan instalments

Rents surge above monthly loan instalments

Rents are spiraling in all towns, particularly in Limassol, while Larnaca has the lowest rents according to a survey published by Phileleftheros on Sunday.

Based on listings, one bedroom apartments in Limassol range from €500 to €1,000, two bedroom from €600 to €1,500 and three bedroom flats from €700 to €1,500.

Rents for houses of three bedrooms vary depending on the area and the age of the building, starting from €850 and going as high as €2,000. Four bedroom apartments start at €1,000 and may go as high as €3,000 depending on the area.

In Nicosia, rents range from €300 to €500 for a one bedroom apartment, €300 to €650 for a two bedroom flat and €350 to €800 for a three bedroom flat.

Rents for three bedroom houses are between €600 and €1,500 and for four bedrooms from €900 to €1,500.

Nicosia rents are on the rise because of increased demand from students.

In Paphos, rents for one bedroom apartments range between €350 and €450, for two bedrooms from €450 to €550 and for three bedrooms from €550 to €650. For three bedroom houses rents range from €650 to €800 and for four bedrooms from €750 to more than €1,200.

In Larnaca, rents for one bedroom flats are €370 in central areas and €670 in tourist areas. For houses, rents range between €650 and €750.

The newspaper looked at the websites of Bank of Cyprus’ REMU, APS of Hellenic Bank, Altamira and inCyprusproperty.com.

A 43 square metre house in Strovolos is on sale for €78,500 while a 50 square metre flat in Lakatamia is on sale for €79,500.

Rents in the same areas for the same size apartments range from €600 to €630.

A €75,000 loan repayable over 20 years with an interest rate of 3% has a monthly instalment of €416, much cheaper than the rent.

Even for an €80,000 loan the installment is €450.

Two bedroom flats of 80 square metres in Strovolos sell for €105,000 to €120,000. Rents for a similar apartment are €560 to €800 a month. A 20 year loan for €150,000 would be repayable at monthly instalments €665.

Three bedroom apartments in Nicosia in Lakatamia, Archangelos and Ayios Dhometios are on sale between €150,000 and €170,000. Rents range from €750 to €850. The loan instalment would be €830 a month.

In Limassol it is difficult to find an apartment and rents are high. A three bedroom apartment in Apostolos Andreas is on sale for €330,000 and a three bedroom in Ayia Phylaxeos for €208,000. A two bedroom house in Pyrgos is selling for €583,000 and a four bedroom in Trachoni for €470,000.  A house  in Germasoyia is selling for  €354,000.

A house in Pareklissia is for rent at €1,800,  another in central Limassol for €4,000 and one in Ypsonas for €3,000. A flat in Polemidhia has a monthly rent of €1,000 and in Ayios Athanasios €1,150. A flat in central Limassol is available for rent for €2,000. A  €400,000 loan would have a monthly instalment of €2,210 over 20 years with a 3% interest rate. For €500,000 the instalment is €2,770.

In Paphos, a three bedroom apartment near the Paphiakos football stadium has a monthly rent of €500, a two bedroom flat also €500 and a three bedroom €600. A studio is available for €400 while in Chlorakas a house is for rent for €1,000. A house in Polis has a rent of  €680 while a four bedroom village in Peyia costs €2,500 a month. Another house, also with four bedrooms, is available for €3,000.

On sale in Peyia are apartments from €41,500 to €58,000. While a two bedroom in Geroskipou is on sale for €83,000. The monthly instalment for a €70,000 loan with 3% interest rate and 20 year repayment is €390.

 

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