Fewer than two in every 100 homes for sale in Limassol fall within the estimated budget of a typical two-income household, according to new research by Ask Wire.
The study highlights a sharp gap between property prices and household purchasing power across Cyprus. It compares asking prices advertised on Bazaraki in early October with median wage data from the Statistical Service.
Two main barriers stand out: saving enough for a deposit and meeting the monthly mortgage repayments.
How much can the typical household afford?
Ask Wire modelled a household with two workers earning the estimated median wage. The example assumes two dependent children, no other loans and an interest rate of 3.24%.
On those assumptions, the household has estimated gross monthly income of about €4,503 and net income of €3,988. If 25% of net income goes towards mortgage payments, it could pay about €997 a month.
That would support a maximum purchase price of €255,995 on a 25-year mortgage. A 20% deposit would amount to €51,199, before other purchase costs.
The 25% repayment figure is an assumption in the study. It is not a Central Bank limit or a guarantee of mortgage approval.
Limassol has the fewest affordable apartments
Ask Wire analysed 25,550 active Bazaraki sale listings after data checks. Of those, 17,532 were two or three-bedroom homes.
In Limassol, just 1.8% of advertised two and three-bedroom apartments were priced within the €256,000 budget. The gap was especially stark for larger apsrtments: only seven of 2,376 listed three-bedroom apartments met the budget. For two-bedroom apartments, just 111 of 4,294 listings were affordable.
The picture was very different elsewhere. Around 60% of two and three-bedroom apartments in Nicosia were within budget, while Famagusta recorded 58.6%. In Larnaca, the share was 48.1%. Paphos stood at 9.6%.
%age of 2 & 3 bedroom apartments valued at up to €256,000 by district
| District | Percentage |
|---|---|
| Nicosia | 59.60% |
| Famagusta | 58.60% |
| Larnaca | 48.10% |
| Paphos | 9.60% |
| Limassol | 1.80% |
Houses are harder to afford
Buyers seeking a house had fewer options in most districts. In Nicosia, 65 of 480 listed houses were within the model household’s budget. In Paphos, there were 17 affordable houses, and in Limassol, 16.
Ask Wire chief executive Pavlos Loizou said the Limassol figures reflected the widening gap between prices and the purchasing power of salaried households, rather than a lack of homes for sale. He added that Nicosia had the strongest proportion of affordable two-bedroom apartments, while Larnaca had the largest number, at 1,097.
| District | Apartments 2 bedrooms | Apartments 3 bedrooms | Houses 2 bedrooms | Houses 3 bedrooms |
|---|---|---|---|---|
| Nicosia | 70.90% | 38.20% | 84.60% | 13.50% |
| 869 / 1,226 | 247 / 647 | 22 / 26 | 65 / 480 | |
| Famagusta | 58.30% | 60.00% | 34.90% | 5.60% |
| 225 / 386 | 48 / 80 | 22 / 63 | 21 / 376 | |
| Larnaca | 52.10% | 29.60% | 51.70% | 7.10% |
| 1,097 / 2,105 | 135 / 456 | 78 / 151 | 52 / 733 | |
| Paphos | 12.30% | 0.90% | 20.00% | 1.70% |
| 141 / 1,146 | 3 / 348 | 26 / 130 | 17 / 993 | |
| Limassol | 2.60% | 0.30% | 9.40% | 1.30% |
| 111 / 4,294 | 7 / 2,376 | 22 / 235 | 16 / 1,279 |
Savings can reduce the budget further
The study also stresses that household savings are as important as income. If the household has €40,000 available after purchase costs and keeping an emergency reserve, its total buying budget falls to €200,000.
Other assets could help fund a deposit, but owning assets does not necessarily mean having cash readily available.
Ask Wire says banks, developers and policymakers need to consider the purchase price, deposit and monthly repayments together. It argues that housing measures should reflect the different supply and household conditions in each district.
About the research
The wage figures are estimates, and the household profiles are hypothetical. The study does not calculate how many families would qualify for a mortgage, as that would require individual checks of income, living costs, existing commitments and savings.
Advertised prices do not confirm final sale prices or guarantee that a property remains available.
