Authored by the expert who managed and guided the team behind the Cyprus Property Pack
Yes, the analysis of Nicosia's property market is included in our pack
Whether you're looking to rent or invest in Nicosia, understanding current rent levels is essential to make smart decisions.
This guide covers everything from average rents by apartment size to neighborhood comparisons and landlord costs in Cyprus's capital.
We update this article regularly to reflect the latest market data and trends.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Nicosia.
Insights
- Nicosia rents in January 2026 have grown roughly 3% to 5% year-over-year, outpacing the official Cyprus rent inflation index of 2.4%, which suggests the capital's market runs hotter than national averages.
- A typical 1-bedroom apartment in Nicosia now costs around €900 per month, but prime areas like Engomi and Ayioi Omologites can push asking rents above €1,100.
- Vacancy rates in Nicosia sit around 3%, which is tight by European standards and explains why well-priced rentals often find tenants within 15 to 25 days.
- Furnished apartments in student and expat hotspots like Engomi command a rent premium of roughly 10% to 15% compared to unfurnished units in the same area.
- The Special Defence Contribution tax on rental income was abolished in Cyprus from January 2026, which improves net returns for landlords in Nicosia.
- Peak rental demand in Nicosia hits between August and October, driven by university intake and relocations, making summer the best time for landlords to list.
- Electricity costs in Cyprus rank among the highest in the EU, so tenants in Nicosia often ask about A/C efficiency before signing a lease.
- Rent per square meter in Nicosia averages around €14, but central neighborhoods like Ayioi Omologites can reach €18 per square meter for smaller, modern apartments.
- Families in Nicosia typically pay between €900 and €1,200 for 2-bedroom apartments in suburbs like Strovolos and Latsia, where space and parking are easier to find.
What are typical rents in Nicosia as of 2026?
What's the average monthly rent for a studio in Nicosia as of 2026?
As of early 2026, the average monthly rent for a studio apartment in Nicosia is around €650 (approximately $700 USD or €650 EUR).
That said, the realistic range for most studios in Nicosia falls between €550 and €800 per month ($590 to $860 USD), depending on the exact location and condition of the property.
The main factors that cause studio rents to vary in Nicosia include proximity to universities (Engomi and Aglantzia areas command higher prices), building age, whether the unit is furnished, and the quality of air conditioning, which matters a lot given Cyprus's hot summers.
What's the average monthly rent for a 1-bedroom in Nicosia as of 2026?
As of early 2026, the average monthly rent for a 1-bedroom apartment in Nicosia is around €900 (approximately $970 USD or €900 EUR).
The realistic range for most 1-bedroom apartments in Nicosia spans from €700 to €1,100 per month ($750 to $1,185 USD), with significant variation based on neighborhood and apartment features.
In Nicosia, the cheapest 1-bedroom rents tend to be found in outer suburbs like Geri and Tseri, while the highest rents cluster in Engomi (near universities and embassies) and Ayioi Omologites, where modern blocks and central access push prices to the top of the range.
What's the average monthly rent for a 2-bedroom in Nicosia as of 2026?
As of early 2026, the average monthly rent for a 2-bedroom apartment in Nicosia is around €1,150 (approximately $1,240 USD or €1,150 EUR).
The realistic range for most 2-bedroom apartments in Nicosia falls between €900 and €1,500 per month ($970 to $1,615 USD), depending on location, building quality, and available amenities.
For 2-bedroom apartments in Nicosia, the more affordable options are typically found in established suburbs like Strovolos and Lakatamia (often €800 to €1,100), while prime central areas such as Ayioi Omologites and Engomi regularly exceed €1,200 per month.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Nicosia.
What's the average rent per square meter in Nicosia as of 2026?
As of early 2026, the average rent per square meter in Nicosia is around €14 per month (approximately $15 USD or €14 EUR per square meter).
The realistic range across different Nicosia neighborhoods spans from €12 to €18 per square meter per month ($13 to $19 USD), with central and premium areas sitting at the higher end.
Compared to other major cities in Cyprus, Nicosia's rent per square meter is generally lower than Limassol (which can exceed €18 to €22 per square meter in beachfront areas) but higher than smaller towns like Larnaca or Paphos.
In Nicosia, properties that push rent per square meter above average typically feature modern A/C systems in every room, dedicated parking, newer construction with good insulation, and locations in high-demand pockets like Engomi or Ayioi Omologites.
How much have rents changed year-over-year in Nicosia in 2026?
As of early 2026, rents in Nicosia have increased by approximately 3% to 5% compared to January 2025.
The main factors driving rent increases in Nicosia this year include strong university-driven demand, limited new rental supply coming to market, and continued interest from expats working in the embassy and international organization sector.
This year's rent growth in Nicosia is slightly higher than the previous year's trend, as the official Cyprus rent inflation index showed around 2.4% growth in late 2025, but Nicosia's asking rents have been running hotter than the national average due to tighter local supply.
What's the outlook for rent growth in Nicosia in 2026?
As of early 2026, the projected rent growth for Nicosia over the full year is estimated at 3% to 6%, though the pace will not be steady across all months.
Key factors likely to influence Nicosia rent growth in 2026 include ongoing university enrollment cycles, continued demand from international workers and expats, and limited new apartment construction reaching the rental market in the short term.
The neighborhoods expected to see the strongest rent growth in Nicosia are Engomi (due to university and embassy proximity), Aglantzia (near the University of Cyprus), and Ayioi Omologites, where demand from young professionals remains consistently high.
That said, affordability constraints could slow rent growth if prices rise too fast, as tenants may trade down to older buildings or move to farther suburbs, which would cap how much landlords can push rents in the prime areas.
We have made this infographic to give you a quick and clear snapshot of the property market in Cyprus. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Which neighborhoods rent best in Nicosia as of 2026?
Which neighborhoods have the highest rents in Nicosia as of 2026?
As of early 2026, the three Nicosia neighborhoods with the highest average rents are Engomi (especially near universities and embassies), Ayioi Omologites and Acropolis (central and professional-heavy), and the City Centre around the Walled City and Ledras area, where 1-bedroom apartments typically range from €950 to €1,200 per month ($1,020 to $1,290 USD).
These Nicosia neighborhoods command premium rents because they offer a combination of walkability, proximity to major employers (embassies, universities, government offices), modern apartment stock, and lifestyle conveniences like restaurants and shops within walking distance.
The tenant profile in these high-rent Nicosia neighborhoods typically includes expats working for international organizations, young professionals with above-average incomes, and university staff or graduate students who prioritize location over space.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Nicosia.
Where do young professionals prefer to rent in Nicosia right now?
The three Nicosia neighborhoods where young professionals most prefer to rent are Ayioi Omologites and Acropolis (central, quick commutes), Agios Andreas (close-in and quiet but still urban), and Engomi (popular with those working near universities, private offices, or embassies).
Young professionals in these Nicosia neighborhoods typically pay between €800 and €1,100 per month ($860 to $1,185 USD or €800 to €1,100 EUR) for a modern 1-bedroom apartment, though prices can go higher for newer buildings with parking.
What attracts young professionals to these Nicosia neighborhoods is the combination of short commutes, access to cafes and social venues, newer apartment buildings with modern amenities, and the general sense of being in the "active" part of the city without living in the historic core.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Nicosia.
Where do families prefer to rent in Nicosia right now?
The three Nicosia neighborhoods where families most prefer to rent are Strovolos (a classic family suburb with lots of 2 to 3 bedroom stock), Latsia and Lakatamia (offering more space per euro with many newer builds), and Aglantzia (popular when proximity to the University of Cyprus and established neighborhoods matters).
Families renting 2 to 3 bedroom apartments in these Nicosia suburbs typically pay between €900 and €1,300 per month ($970 to $1,400 USD or €900 to €1,300 EUR), with Strovolos and Latsia generally offering the best value for larger units.
What makes these Nicosia neighborhoods attractive to families is the availability of spacious apartments, dedicated parking, quieter streets, green spaces, and proximity to schools and supermarkets without the congestion of central areas.
Top-rated schools near these family-friendly Nicosia neighborhoods include several well-regarded public schools in Strovolos and Aglantzia, as well as private and international school options that draw families who prioritize education when choosing where to live.
Which areas near transit or universities rent faster in Nicosia in 2026?
As of early 2026, the three Nicosia areas that rent fastest due to transit or university proximity are Engomi (near the University of Nicosia and European University Cyprus), Aglantzia (near the University of Cyprus), and City Centre corridors (where renters prioritize being close to main bus routes and walkable services).
In these high-demand Nicosia areas, well-priced and well-presented properties typically stay listed for just 15 to 25 days, compared to 30 to 40 days for similar properties in less central locations.
Properties within walking distance of Nicosia universities or major bus routes typically command a rent premium of around €50 to €150 per month ($55 to $160 USD) compared to similar apartments just a few blocks farther away, because tenants value the convenience and reduced commute time.
Which neighborhoods are most popular with expats in Nicosia right now?
The three Nicosia neighborhoods most popular with expats are Engomi (home to embassies and an established international community), Ayioi Omologites and Acropolis (central with modern apartments and easy lifestyle), and Agios Andreas along with close-in Strovolos pockets (offering space and calm while still being near town).
Expats renting in these Nicosia neighborhoods typically pay between €900 and €1,300 per month ($970 to $1,400 USD or €900 to €1,300 EUR) for furnished 1 to 2 bedroom apartments, with higher budgets common among those on international organization contracts.
What makes these Nicosia neighborhoods attractive to expats is the availability of furnished "plug-and-play" apartments, English-speaking services nearby, proximity to international schools, and the sense of a welcoming community with other foreign residents.
The expat communities most represented in these Nicosia neighborhoods include professionals from EU countries, British nationals, Russians, and workers from Middle Eastern countries, many of whom are employed by embassies, NGOs, or multinational companies operating in Cyprus.
And if you are also an expat, you may want to read our exhaustive guide for expats in Nicosia.
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Who rents, and what do tenants want in Nicosia right now?
What tenant profiles dominate rentals in Nicosia?
The three tenant profiles that dominate the Nicosia rental market are students and flat-sharers (university-driven), young professionals seeking central 1 to 2 bedroom apartments, and families looking for 2 to 3 bedroom units in suburban areas.
In terms of market share, students and flat-sharers represent roughly 30% to 35% of Nicosia's rental demand, young professionals account for about 25% to 30%, and families make up around 20% to 25%, with expats and foreign workers filling much of the remainder.
Each tenant profile in Nicosia seeks different property types: students typically want furnished studios or shared apartments near universities, young professionals prefer modern 1-bedroom units in central areas, and families look for larger 2 to 3 bedroom apartments with parking in quieter suburbs like Strovolos or Latsia.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Nicosia.
Do tenants prefer furnished or unfurnished in Nicosia?
In Nicosia, approximately 55% to 60% of tenants seeking studios and 1-bedroom apartments prefer furnished rentals, while the preference flips for family-sized units where roughly 60% to 65% of tenants prefer unfurnished apartments.
Furnished apartments in Nicosia typically command a rent premium of around €75 to €150 per month ($80 to $160 USD) compared to equivalent unfurnished units, with the premium being highest in student and expat-heavy areas like Engomi.
The tenant profiles that prefer furnished rentals in Nicosia are primarily students (who need plug-and-play housing), expats on shorter-term contracts, and young professionals relocating to the city who don't want the hassle of buying furniture.
Which amenities increase rent the most in Nicosia?
The five amenities that increase rent the most in Nicosia are dedicated parking (essential in many neighborhoods), modern A/C in every room (critical for summer comfort), elevator access in apartment buildings, energy-efficient windows and insulation, and good building maintenance with clean common areas.
In terms of rent premiums, dedicated parking in Nicosia can add €50 to €100 per month ($55 to $108 USD), modern A/C adds around €30 to €75 per month, and the combination of elevator, energy efficiency, and well-maintained buildings can together push rents 10% to 15% above comparable apartments without these features.
In our property pack covering the real estate market in Nicosia, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Nicosia?
The five renovations that get the best ROI for rental properties in Nicosia are A/C upgrades with basic insulation improvements, kitchen refreshes (new counters, cabinets, appliances), bathroom modernization, improved lighting with fresh paint, and durable flooring that can handle tenant turnover.
In Nicosia, an A/C upgrade typically costs €1,500 to €3,000 ($1,615 to $3,230 USD) and can increase rent by €40 to €80 per month, a kitchen refresh costs €2,000 to €5,000 and adds €50 to €100 monthly, while paint and flooring at €1,000 to €2,500 can add €25 to €50 per month while making the unit rent faster.
Renovations that tend to have poor ROI for Nicosia landlords include luxury finishes that exceed what the neighborhood can support (like high-end marble in a budget area), swimming pool installations in small buildings, and extensive structural changes that don't add bedrooms or usable space.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Cyprus versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
How strong is rental demand in Nicosia as of 2026?
What's the vacancy rate for rentals in Nicosia as of 2026?
As of early 2026, the estimated vacancy rate for long-term rental apartments in Nicosia is around 3%, with a realistic range of 2% to 5% depending on the neighborhood and property type.
Across Nicosia neighborhoods, vacancy rates are lowest (around 2% to 3%) in high-demand areas like Engomi and Ayioi Omologites, while outer suburbs with older building stock may see slightly higher vacancy rates of 4% to 5%.
The current vacancy rate in Nicosia is below the historical average for Cyprus, reflecting a tighter rental market driven by steady demand from students, professionals, and expats combined with limited new rental supply entering the market.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Nicosia.
How many days do rentals stay listed in Nicosia as of 2026?
As of early 2026, the average number of days a rental property stays listed in Nicosia is around 25 days for a correctly priced, decent-condition 1 to 2 bedroom apartment.
The realistic range across Nicosia varies from 15 to 40 days on market, with furnished units in Engomi and central areas renting in 15 to 25 days, while older stock with weak A/C or no parking can take 30 to 40 days or longer.
Compared to one year ago, days-on-market figures in Nicosia have remained relatively stable or slightly decreased, as demand has kept pace with or exceeded supply, especially in neighborhoods near universities and the city centre.
Which months have peak tenant demand in Nicosia?
The peak months for tenant demand in Nicosia are August through October, when university intake begins and many professionals relocate for the new academic or work year, with a smaller secondary bump in January and February as leases turn over.
The specific factors driving this seasonal pattern in Nicosia include the academic calendar (universities start in September or October), new job cycles that often begin in autumn, and the tendency for families to move during summer before school starts.
The months with the lowest tenant demand in Nicosia are typically November through December and again in May through June, when fewer people are actively searching and landlords may need to be more flexible on pricing to fill vacancies quickly.
Buying real estate in Nicosia can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
What will my monthly costs be in Nicosia as of 2026?
What property taxes should landlords expect in Nicosia as of 2026?
As of early 2026, landlords in Nicosia should expect to pay around €250 to €700 per year ($270 to $755 USD or €250 to €700 EUR) in local and municipal property-related charges for a typical apartment, since the old national Immovable Property Tax was abolished in 2017.
The realistic range of annual property charges in Nicosia depends on the property's value and the specific municipal fee schedules, with higher-value properties in prime areas like Engomi paying toward the upper end and modest apartments in outer suburbs paying less.
Property-related charges in Nicosia are now primarily local municipality fees rather than a national property tax, and the exact amount depends on factors like property size, location, and the services provided by the local authority.
Please note that, in our property pack covering the real estate market in Nicosia, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What utilities do landlords often pay in Nicosia right now?
In Nicosia, landlords most commonly pay communal building fees (covering shared maintenance, cleaning, and elevators) on behalf of tenants, especially in furnished "all-in" rental arrangements, while electricity, water, and internet are typically the tenant's responsibility.
When landlords do cover communal fees in Nicosia, the typical monthly cost is around €40 to €120 ($43 to $130 USD or €40 to €120 EUR) depending on the building's amenities, while tenant-paid utilities for a 1-bedroom apartment usually total €130 to €260 per month (electricity €80 to €180, water €15 to €30, internet €25 to €50).
The common practice in Nicosia is for tenants to pay their own electricity, water, and internet, with landlords sometimes bundling communal fees into the rent for furnished units to simplify the arrangement, and tenants should be aware that Cyprus electricity prices are among the highest in the EU.
How is rental income taxed in Nicosia as of 2026?
As of early 2026, rental income in Nicosia is subject to personal income tax on progressive bands after allowed deductions, with a commonly used approach being a 20% deemed deduction from gross rent, and notably the Special Defence Contribution on rental income was abolished from January 1, 2026.
The main deductions landlords in Nicosia can claim against rental income include the 20% deemed deduction for expenses (widely referenced in practice), actual documented expenses if higher, and interest on loans used to acquire the rental property.
A common tax mistake specific to Nicosia landlords is failing to realize that while SDC on rental income is now abolished, GHS (General Healthcare System) contributions of around 2.65% may still apply to rental income, so landlords should budget for this and consult a local tax advisor to stay compliant.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Nicosia.
We made this infographic to show you how property prices in Cyprus compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Nicosia, we always rely on the strongest methodology we can and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Eurostat (via FRED) - HICP Rent Index | This is official EU inflation data for rents actually paid, republished by a top-tier public data portal with clear Eurostat provenance. | We used it to anchor year-over-year rent growth in the only fully standardized official rent dataset. We then adjusted Nicosia asking rents to January 2026 levels using this growth rate. |
| Landbank Analytics (January 2025) | Landbank is a major Cyprus property group that publishes district and bedroom-level asking rent data from listing platforms. | We used it as the baseline for Nicosia district asking rents and market supply. We cross-checked it against a second snapshot to capture seasonal variation. |
| newscyprus.eu (July 2025 Landbank data) | This republishes Landbank Analytics data with explicit attribution and the same district and bedroom structure. | We used it to understand seasonality and listing scarcity during peak demand periods. We used the Nicosia bedroom-level rents as a high-demand reference point. |
| G&P Lazarou | This is a long-standing Nicosia real estate firm publishing neighborhood-level rent ranges that match how renters actually search. | We used it to translate citywide averages into real neighborhood examples like Engomi, Strovolos, and Ayioi Omologites. We also used it as a cross-check against Landbank averages. |
| Central Bank of Cyprus | The central bank is the primary official source for housing market conditions and price cycles in Cyprus. | We used it to frame the broader housing cycle and stress-test whether our rent growth assumptions are plausible. We treated it as a macro cross-check rather than a direct rent source. |
| EAC (Electricity Authority of Cyprus) | This is the official utility provider publishing regulated tariff documentation for Cyprus. | We used it to ground electricity cost expectations in official tariff sources. We also used it to explain why electricity is usually paid by tenants in long-term leases. |
| EAC Domestic Tariffs PDF (July 2025) | This is a primary-source tariff document published directly by the electricity authority. | We used it to support a realistic monthly electricity budget range. We treated it as a rate-setting input rather than a promise of any single household's bill. |
| Eurostat Electricity Price Statistics | Eurostat is the EU's official statistics office publishing cross-country comparable energy price data. | We used it to validate that Cyprus sits at the high end of EU electricity prices. We used it as a macro reasonableness check alongside EAC tariffs. |
| PwC Cyprus Tax Facts & Figures 2025 | PwC is a top-tier global firm and this PDF is a structured, citable tax reference used widely in Cyprus. | We used it to describe how rental income is typically taxed, including income tax mechanics and the deemed deduction approach. We overlaid 2026 reform changes from KPMG. |
| PwC Worldwide Tax Summaries - Cyprus | This is a standardized tax reference updated regularly and written for accuracy rather than marketing. | We used it to confirm the 20% deemed deduction approach for rental income. We used it as a second cross-check against the PwC Cyprus PDF. |
| KPMG Cyprus - Tax Reform Provisions | KPMG is a top-tier firm and this page summarizes enacted reforms with clear bullets and effective dates. | We used it for the January 2026 tax rules including updated personal income tax bands and the abolition of SDC on rental income. We kept the article aligned with reform timing. |
| KPMG TaxNewsFlash - Cyprus Reform Details | This is a structured policy summary from a major firm with explicit measures and effective dates. | We used it to cross-check the reform items that matter to landlords, especially the rental income SDC change. We treated it as corroboration alongside KPMG Cyprus's local summary. |
| Cyprus Mail | This is a major national newspaper reporting discrete parliamentary events with specific dates. | We used it only to confirm timing of the tax reform approval on December 22, 2025. We relied on KPMG and PwC for the technical tax rule details. |
| Innoserve Accountants - GHS Guide | This is a Cyprus accounting firm providing practical guidance on GHS contribution obligations. | We used it to explain the 2.65% GHS contribution that may apply to rental income. We treated it as a practical compliance reference for landlords. |
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