**Student Rents Soar Amid Housing Shortage in Cyprus**
As the academic year progresses, the demand for student housing in Cyprus is significantly outpacing supply, leading to soaring rents across various cities. Marinos Kineyirou, chairman of the Council for the Registration of Real Estate Agents, reported on Friday that the monthly rents for one-bedroom flats have reached alarming levels, ranging from €600 to €1,500 depending on the location.
In Nicosia, Larnaca, and Paphos, one-bedroom flats are priced between €600 and €900. However, Limassol stands out with rents climbing as high as €1,500, while in Paralimni, prices can go up to €700. For larger accommodations, three-bedroom flats are commanding even higher prices, with rents peaking at €1,700 in Nicosia and €2,700 in Limassol. Kineyirou noted that rental prices in Larnaca and Paphos are approximately 20% lower than those in Nicosia, while Paralimni starts at €900 for similar accommodations.
The surge in rental prices is attributed to a growing influx of students enrolling in higher education institutions. According to the latest data from the Statistical Service, there are currently 57,889 students in higher education for the 2023-2024 academic year, marking a 9.4% increase compared to the previous year. Limassol alone sees around 700 applications for student accommodation each year, yet the availability of suitable housing remains limited.
Kineyirou emphasized the urgency for students to secure housing early, as the combination of high demand and constrained supply is pushing rents upward and limiting options for those unable to afford the rising costs. He stated, “The problem is finding small, furnished, and functional flats at affordable prices near the universities.”
In response to the housing crisis, the Cyprus University of Technology (Tepak) is taking proactive measures to support its students. Vasilis Protopapas, head of student welfare at Tepak, indicated that the university aims to guarantee dormitory rooms for all new students and those facing financial difficulties within the next one to two years. Protopapas highlighted that the situation is gradually improving as Tepak continues to construct dormitories and subsidize rents. Currently, Tepak has students residing in Limassol and Paphos and is set to open a new campus in Larnaca soon.
The university has developed a housing policy designed to meet the needs of most students, collaborating with local authorities to provide a significant number of rooms. Notably, only 35% of students attend universities in their home cities, which adds to the demand for housing.
Rents for student rooms at Tepak start at €350 per month, and students facing financial challenges or difficulties in securing affordable accommodation may qualify for a rent subsidy.
Meanwhile, the University of Cyprus is also addressing the accommodation issue, with Kleanthis Pissarides, head of student welfare, reporting that the university currently has 208 dormitory rooms allocated based on socioeconomic criteria, costing approximately €150 per month, including utilities. Unlike Tepak, the University of Cyprus does not offer rent subsidies but is in the process of obtaining permits for the construction of additional dormitories. Once completed, these new facilities are expected to provide 900 rooms, with the first 500 anticipated to be ready within three years.
Pissarides emphasized the university's commitment to helping students find accommodation, particularly those who are new to the university environment.
As the housing crisis continues to unfold, both universities are striving to adapt and provide solutions to the growing number of students in need of affordable housing. The situation underscores the pressing need for more housing solutions in Cyprus, particularly as student enrollment numbers continue to rise.