Students search for housing as the market drives prices up – “Student halls should be mandatory at every university,” suggests Polys Kourousides – Record sales despite challenges
With eyes fixed on the results of the Pancyprian Examinations, many students and their families are preparing for the customary “rush” into the property market, in an effort to secure accommodation ahead of the new academic year. However, as noted by the President of the Association of Property Valuers, Polys Kourousides, finding student housing is becoming increasingly difficult, as studying in Cyprus is turning into a particularly costly affair.
“Studying in Cyprus has now become extremely expensive, both in terms of accommodation and tuition fees at private universities,” he stated during an interview on SIGMA’s programme “Mesimeri kai Kati”. “We’ve reached the point where private education in Cyprus is approaching the cost of studying abroad,” he added, highlighting that many students are ultimately forced to study outside Cyprus due to the high costs. “And then we scramble to bring them back.”
Pressure from foreign-language programmes too
Asked whether the foreign-language programmes of public universities will affect demand and prices, Mr Kourousides acknowledged that they are indeed expected to further increase demand for flats, placing even more strain on the market. While supporting the development of universities, he stressed that sufficient student accommodation must be ensured. He proposed the introduction of a requirement for each university to provide student halls or apartments covering at least 5–10% of its student population. “It’s very easy these days to open a university or a degree programme in Cyprus, but we also need to think about where these students will live.”
Supply is rising, but demand remains high
Commenting on the fact that the areas around the University of Cyprus and the University of Nicosia are flooded with new apartment complexes, Polys Kourousides noted that this is a positive development. “This is beneficial because it will increase the supply of flats and help stabilise prices,” he said, although demand remains very high. He even remarked that property sales in the first half of 2025 increased by 15% compared to last year. “We exceeded 8,500 sales across Cyprus and are expected to surpass 18,000 by the end of the year, which will be a 15-year record,” he added.
When asked whether it is currently easy for a family to buy a flat either for a student or as an investment, he responded that although prices are high, sales continue. While a large portion of buyers, as he said, are foreigners, “let’s not forget that when some people buy, others sell and get money, which is reinvested.” He did, however, repeat the need for an effective housing policy, so that a two-tier citizenry is not created.
Should students buy or rent?
Regarding the dilemma of “buying or renting” for students, Polys Kourousides said that if the means exist, purchasing a flat is a better investment for a family, both in Cyprus and abroad. “If someone finds a good price, it’s worth doing, because later it can be used as an investment,” he concluded.
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Source: Economy Today
