Nicosia, Cyprus. Finding a home at a reasonable price in Cyprus is becoming increasingly difficult as rents take up a growing share of household income, particularly for low-income earners. Data cited by Philenews indicate that housing costs can exceed what average earners can realistically afford.
Income distribution figures
Figures from the statistical service (Cystat) show that 36.5 per cent of employees in Cyprus, both Cypriots and non-Cypriots, earn less than €1,500 gross per month, while 39.7 per cent receive between €1,500 and €2,999.
Another 12.7 per cent earn between €3,000 and €4,499, and 6 per cent receive between €4,500 and €5,999.
Cost-of-living and housing in Nicosia
April data cited by Philenews, derived from cost-of-living database Numbeo, show a mismatch between wages and housing costs in the island’s main cities.
In Nicosia, the estimated monthly cost for a family of four is €3,030 excluding rent, while the average monthly net salary is estimated at €1,542.
Average rent for a one-bedroom apartment is estimated at €693 in the city centre and €593 outside it. For a three-bedroom apartment, the average is €1,450 in the city centre and €1,120 outside the centre. Numbeo estimates rents in Nicosia are 41.5 per cent lower than in Limassol.
Cost-of-living and housing in Limassol
In Limassol, where housing remains the most expensive, the estimated monthly cost for a family of four is €3,329.4 excluding rent, while the average monthly net salary is put at €2,370.
A one-bedroom apartment costs an average of €1,340 in the city centre and €1,157 outside it, while a three-bedroom apartment averages €2,350 in the centre and €1,760 outside it.
How are housing costs affecting your household budget in Cyprus?
