Property transactions on the island climbed 15 per cent in the first half of 2025, but the booming market is leaving students and families facing steep rents ahead of the academic year.

“Studying in Cyprus is now very expensive, both in terms of housing and tuition fees at private universities,” said Polys Kourousides, president of the Cyprus Property Valuers Association, during an interview on Sigma’s ‘Mesimeri kai Kati’.

He warned that private study costs on the island are approaching those of studying abroad.

“We have reached the point where private study in Cyprus is approaching the cost of studying abroad,” he said, noting that many students are opting for universities overseas due to financial strain.

“And then we rush to bring them back,” he added.

Foreign-language programmes offered by public universities are also fuelling demand for accommodation, putting further pressure on the rental market.

While Kourousides welcomed the expansion of Cyprus’ higher education sector, he stressed the urgent need for a stronger housing policy.

“We are in favour of developing universities, but it must be ensured that there is sufficient student housing,” he said.

He suggested that universities should be required to provide dorms or apartments for at least 5–10 per cent of their students.

“It has become very easy for universities to set up new programmes in Cyprus, but we also need to consider where these students will live,” he pointed out.

In Nicosia, areas around the University of Cyprus and the University of Nicosia have seen a wave of new apartment complexes. Kourousides described this as a positive trend.

“This is positive because it will increase the supply of apartments and keep prices down,” he said, though he acknowledged that demand remains exceptionally high.

The property market has shown no signs of slowing. Kourousides reported that 8,500 sales were recorded nationwide in the first six months of the year.

“It is expected that we will surpass 18,000 by the end of the year, which will be a 15-year record,” he said.

When asked whether families should consider buying an apartment for student use or as an investment, Kourousides admitted that prices remain high but said that sales activity shows no signs of slowing.

“A large part of the buyers may be foreigners, but let’s not forget that when some buy, others sell and get money, which is reinvested,” he said.

He cautioned, however, that without an effective housing policy, Cyprus risks creating “two-speed citizens” and widening the gap between those who can afford property and those who cannot.

On the buy-or-rent dilemma for students, he argued that purchasing is often the wiser option for families with the means to do so.

“If someone finds a fair price, it is worth considering, as the property could later be used as an investment,” Kourousides concluded.