Rising housing costs and wage stagnation in Cyprus

Recent data from the Statistical Service of Cyprus and the Numbeo platform highlight a significant gap between household income and housing costs across the island. Statistics indicate that 36.5 percent of employees earn less than €1,500 gross per month, while 39.7 percent earn between €1,500 and €2,999. In Nicosia, the monthly cost of living for a family of four, excluding rent, is €3,030 against an average net monthly salary of €1,542. Limassol remains the most expensive city, where a family of four faces monthly costs of €3,329 excluding rent and an average net salary of €2,370. One-bedroom apartment rents average €693 in central Nicosia and €1,340 in central Limassol. Larnaca presents a different market dynamic with rents approximately 3.5 percent higher than in Nicosia. These figures suggest that rental payments now consume a disproportionate share of net household income for a large portion of the population. The disparity between local wages and property prices makes affordable housing increasingly difficult to obtain for many residents.