Property prices in Larnaca rise sharply, causing housing affordability concerns

Property prices in Larnaca have surged by 20% to 30% over the last two years, driven by strong demand from both local and international buyers. According to the Council for Registration of Real Estate Agents, this rapid increase has caused rental costs for apartments in the city to reach levels comparable to those in Nicosia. Current market data indicates that monthly rents for a one-bedroom apartment range between €600 and €700, two-bedroom units cost between €700 and €800, and three-bedroom units reach €900 to €1,000.

This trend has created a significant social challenge, as many local couples are now being priced out of the city, forcing them to search for housing in surrounding rural districts where costs are also beginning to climb. Council president Marinos Kineyirou noted that while there are initial signs that prices within the city limits might be stabilizing, the displacement of residents remains a pressing concern that mirrors previous housing crises seen in Limassol. If the current trajectory continues, experts warn that the affordability gap will become an increasingly severe social issue for the region.