Cyprus and Greece: student housing prices continue to rise — demand outpaces supply

On the eve of the new academic year, students in Cyprus and Greece are once again facing the problem of finding affordable housing. Although the market in some regions has begun to stabilize, rental prices remain high, and demand still significantly exceeds supply.

In Cyprus, according to Marinos Kinaigeirou, president of the Real Estate Agents Registration Council, the situation has somewhat evened out thanks to new construction. This has helped prevent a sharp price spike and created more predictable market conditions. However, looking at the numbers, it is difficult to call these prices affordable. In Limassol, already known for its high costs, renting a one-bedroom apartment for a student starts at about €1000–1100 per month, while a three-bedroom home costs €1900–2000 and above. In Nicosia, prices are slightly lower: one-bedroom apartments — around €600–650, two-bedroom — €800–900, three-bedroom — €1000–1100. In Larnaca and Paphos, rental costs are a bit more lenient: €500–600 for a one-bedroom, €700–800 for a two-bedroom, and €800–1000 per month for a three-bedroom.

In Greece, according to the Spitogatos portal, rental rates have risen by an average of 7.4% over the past year. This is especially noticeable in student-favored areas of Athens — Zografou, Ampelokipi, Goudi, and Piraeus. Here, small studios rent from €480, and apartments up to 65 square meters cost from €534 to €628, depending on the district. In Piraeus, rent is around €500. In Thessaloniki, the situation is a bit softer: small housing can be found for €400–480, but prices there are also gradually climbing.

As a result, both Cypriot and Greek students find themselves in a similar situation: rent takes up the lion’s share of their budget, and suitable options are scarce. Experts believe the problem can only be solved comprehensively — by stimulating the construction of student dormitories, offering benefits for tenants, and encouraging long-term rental contracts. For now, many have to choose between an expensive apartment close to the university and cheaper housing with a long commute to classes.