Cyprus households ditch renting for buying as rental prices soar

Housing loan instalments have broadly converged with monthly rents over the past three years, prompting a growing number of households to opt for buying rather than renting, according to Interior Minister Constantinos Ioannou.

In a written response to Parliament, Ioannou said official data show a gradual decline in applications for rent subsidies alongside a rise in applications under schemes supporting the purchase or construction of housing.

The shift, he said, reflects market conditions...