Properties Nicosia
The expected loss of thousands of Greek students following the decision to allow private universities in Greece may reverse the upward trend in apartment prices in recent years.
“The seemingly insignificant decision by the Greek government to allow the establishment of branches of international non-state universities in the country could lead a large portion of the approximately 20,000 Greek students to decide to continue their studies in their homeland,“ 8221; says Stephanos Stefanou, a consultant at Danos International Consultants and Property Valuers.
At the moment, he explains, “it is difficult to calculate the extent to which this will affect the real estate market, especially rental properties in areas near the country’s private universities. Over the last five years, apartment prices across Cyprus have increased by an average of 35% compared to pre-COVID 2019, with student demand also contributing to this rise. The most popular areas in Nicosia are Engomi, Aglantzia, Strovolos, and Pallouriotissa, near universities. Indicatively, rents for student halls of residence and studios range from €500-€600, while one-bedroom apartments rent for €550-€700 and two-bedroom apartments for €700 and above.”
< p>In Paphos, he points out, “the most popular areas are the Universal and Ayios Theodoros regions, with rents for student halls of residence and studios ranging from €400-€500. One-bedroom apartments rent for €500-€600 and above, while two-bedroom apartments rent for €500 and above. In Limassol, the most popular area is the area around the Cyprus University of Technology. Rents for private student halls of residence and studios start from €500 and above. One-bedroom apartments rent for €650 and above, while two-bedroom apartments rent for €800 and above.”
