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Further rent increase in Limassol

11.02.2019

A further increase in rents in Limassol is expected, as thousands of workers building numerous projects will need housing in or around the city, which will increase rents even higher.

It is expected that about 6,000 workers will break into Limassol in 2019, which will further increase the already high demand for housing from students and foreigners, which will lead to a resumption of growth in rental prices. Foreign companies participating in development projects over the next 20 months will need a total of 3,000 construction workers, while the city's casino will require additional staff of about 2,500 people, and another 800 people will work in two new hotels.

According to the Rics Property Price Index in Cyprus as of June 30, 2018, in Cyprus on an annualized basis, prices for rental apartments increased by 18%, for houses - by 17.7%, for offices - by 14.3%. The average rent in Limassol for a one-bedroom apartment, where tenants are usually college students, was 590 euros. In Nicosia - an average of 560 euros. In Limassol, a number of civil initiative groups were formed, which last year held several demonstrations in protest against the rapidly rising rental prices, which accompanied the construction of high-rise buildings aimed at higher budgets of wealthier foreigners, while the local salaries remain the same level

To solve the problem of high rent, the Ministry of the Interior agreed to accept the proposal, according to which incentives would be offered to encourage the construction of apartment buildings that would be available for rent only to young couples and workers. In residential areas on the periphery of Limassol, which are relatively cheaper areas, the allowable building area will be increased by 30 percent, and the minimum area for a studio will be reduced from 70 square meters to 30, which will reduce the rental price. In addition, building owners will be barred from selling them for eight years to prevent competition between contractors, which will increase rental prices.

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