A survey conducted recently by Global Property Guide in the capital cities of 35 European Countries showed that apartment rentals in Cyprus are the third cheapest in Europe. In comparison with other European Countries, only in Former Yugoslav Republic of Macedonia (€565) and Bulgaria (€566) flat rentals are cheaper than in Cyprus (€757 per month).
Although rental prices in Greece have been slashed by 40% in the wake of the economic crisis that has grabbed the country over the last few years and the trend seems to be continuing with a 5% annual decrease, nevertheless flat rentals in Greece are the sixth cheapest in Europe.
Apart from that, the decline in rental prices in Greece is attributed to the fall in wages, landlords enticing wage earners to rent property for maintaining the running expenses of their properties and the offer by developers of unsold apartments for rent as they have realised that there is no longer a buyer’s market.
Despite the fact that more people in Greece choose to rent instead of buying a property, the plenty of apartments on offer continue to keep the rental prices down. It is therefore not surprising as in accordance with the recent data given, approximately 20% of the apartments for rent are empty.
The survey covered average prices for 120m² apartments in good condition (recently built or renovated) and in good areas of the capital cities of Europe.
London is certainly one of the most expensive cities to rent properties in, which averages €8,213, and also explains why it has attracted a lot of foreign investors taking advantage of the London real estate market. France comes in second with €4,000 while Russia comes in third with an average of €3,820 per month.
Более подробную информацию о налогах и сборах при покупке недвижимости на Кипре вы можете получить на нашей странице.
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