Limassol continues to lead Cyprus in terms of living expenses and property prices, driven primarily by a constrained residential supply and persistently high housing costs. Recent data from Numbeo’s cost-of-living index, gathered over the last year, confirms Limassol’s position as the priciest city on the island.
Rental expenses in Limassol represent the largest share of household budgets among Cyprus’ major cities, consuming 32.2% of monthly spending. This indicates significant affordability pressures and a tight rental market.
In the city center, the average monthly rent for a one-bedroom apartment in Limassol is €1,338.64, climbing to €2,350.00 for a three-bedroom property. Even outside the central area, rents remain high, with one-bedroom units averaging €1,147.22 and three-bedroom units at €1,743.48.
For comparison, rent’s share of household expenses is lower in other cities: 27.9% in Nicosia, 29.3% in Paphos, and 26.4% in Larnaca. Meanwhile, central one-bedroom apartments rent for an average of €664.55 in Nicosia, €922.22 in Paphos, and €862.62 in Larnaca. Limassol’s rental costs thus continue to command a distinct premium.
The disparity in rental prices is reflected in capital values. Apartment prices in central Limassol average €4,536.49/m2, considerably outstripping Nicosia’s €2,713.81/m2. Paphos and Larnaca follow at €3,742.00 and €3,403.26 per m2 respectively.
In areas beyond city centers, Limassol still maintains a clear lead with prices around €3,555.38/m2, while other cities mostly cluster in the €1,900 to €2,100 per m2 bracket. This consistent gap points to long-term demand dynamics rather than short-term market swings.
Limassol also has the highest average monthly net salary in Cyprus at €2,449.46, compared to €1,547.36 in Nicosia, €1,919.93 in Paphos, and €1,594.57 in Larnaca. While higher incomes help cushion housing costs, wage growth is not keeping pace with escalating property prices.
Mortgage interest rates across regions show slight variation, with 20-year fixed rates spanning from 3.52% in Paphos to 4.36% in Nicosia, indicating that financing costs do not largely account for price differences.
Beyond housing, other lifestyle costs in Limassol consistently exceed those in other cities. Dining, leisure, and private service expenses remain notably higher, reflecting Limassol’s status as a premium, service-oriented city.
A three-course mid-range meal for two typically costs €80 in Limassol, contrasting with around €60 in both Nicosia and Paphos, and about €50 in Larnaca. Gym membership fees average €81.76 per month in Limassol, significantly above fees in the other urban centers.
Family expenses further illustrate this pattern. Private preschool fees average €538.09 per month, while annual international school tuition fees reach €9,419.38, contributing to sustained demand among higher-income residents.
According to Numbeo:
For those considering investment options or seeking more affordable options, browsing cheap apartments for sale in Cyprus or exploring affordable villas and houses could be beneficial steps.
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