An apartment or villa: what to buy to give for rent in Cyprus?

Квартира или вилла: что купить для сдачи в аренду на Кипре?
11 August 2020 Irina Zholnirova

Advantages and disadvantages of each object 

Before you buy any property in Cyprus, you should look at things with a strict sight. Balance all advantages and disadvantages are much simpler when they are in front of the eyes.

Advantages of the apartment in Cyprus:

  • Small square allows to rent accommodation and cut downtime between owners change faster
  • The apartment house is always located closer to big cities and busy districts, and this simplifies very many moments
  • An apartment is more straightforward and cheaper in service
  • Apartment house can stay on a first-line, practically near to the sea, literally in step availability 
  • It is simpler to look after orders in the apartment and decency of tenants remotely.

Disadvantages of the apartment in Cyprus:

  • Square meters in the apartment, especially in an elite complex, costs more than in the private house
  • Someone may seem an uncomfortable city infrastructure: too busy motion
  • Apartments cannot be built by yourself, so some nuances cannot adjust as the owner wanted.

 Also, you should consider the moment that in rent for the long term, apartments are often rented with an increase in prices for a season. With villas, the price usually stays stable.

Advantages of villas and comfortable private houses in Cyprus: 

  • Big square and adjoining plot, which at once rises the property on several levels of quality and comfort
  • Absence of direct neighbors, which means a low probability of someone's displeasure
  • Villas rented by severe people, usually its calm families with children or without them
  • Villa can be designed according to with all wishes of the future owner, also conduct communications on your own

Disadvantages of the villa in Cyprus: 

  • Due to the specifics and remoteness of the center, you have to look for renters longer
  • Villa service costs more, and it needs more attention 
  • The windows very frequently come out on the sea, but to the beach, you have to drive or walk very long – not all villas stand right on the shore.

These common positions which you should pay attention to. But in several situations, an obvious disadvantage can turn into an advantage and vice versa.

What to take into account at the time of buying the property in Cyprus

Before buying accommodation in Cyprus, one needs to make up a list of personal wishes and requirements to form a specific situation. Usually, the most significant point is the district's choice and closeness to the sea and seasonality. The specificity of Cyprus in this plan:

  • Year-round resorts – it is Limassol and Pafos. In general, Ayia-Napa and Larnaca have a demand in touristic season – it needs to keep in mind. Nicosia – more business and not as a touristic city, so the historical center fits under short-term rent and residential complexes – under long-term renting
  • First and second lines – practically always in the spotlight. Even if it is not the city center but a suburb, the property on the first coastal line of Cyprus will be near the shops, entertaining centers, and beaches and this at once raises the comfort on several levels. 
  • Property in mountain villages of Cyprus has a unique charm. If the town has a significant influx of tourists, there is a sense to buy out a separate house and equip it as a mini-hotel. If the settlement is small, it is better to rely on permanent living with family and kids or older people.     

A more detailed review of Cyprus locations for buying a property is provided lower in the last section. 

Another critical moment – will an owner live in the apartments or villa for some time by himself. There is often a situation when in winter or off-season, the owners rest or work on Cyprus and, in the peak of tourist influx – rent out the housing.

If it is planning to spend at least 2-3 months per year on its square meters, it is needed to look around more attentively. It should be satisfied with price and quality, and small details: neighbors, nearness of essential places (shops, parks, beaches, job, etc.). Before buying a property in Cyprus, it is recommended to become acquainted with the chosen district closer and live there for at least a couple of weeks.

The particular category – purchase of property by program "Cyprus citizenship by investment." In this case, the object's price will perform as an essential factor – from 2 million euros. The priority there has primary housing: there is a lot of it on the real estate market now, and there is plenty to choose from to your taste. At the time of buying a villa or apartment for the specified amount owner faster gets Cyprus citizenship. Also, the members of his family can do this. 

It is worth thinking about what kind of rent the housing will be – long-term or short-term. Often, this choice depends on the object's location and amount of square meters. 

On what you should pay attention to if you decided to buy an apartment in Cyprus:

  • View from the window 
  • Soundproofing
  • The nearness of the bus station (essential if the rent is for tourists, that is short-term)
  • Availability of playground in the yard
  • Improvement of adjoining territory if it is a whole complex (walking zone, gym, swimming pool, parking lot, etc.)
  • The nearness of landmarks or entertaining objects.

And here is the important moments, which can be significant if you decided to buy a villa in Cyprus:

  • View from the window or the territory 
  • Improvement and sizes of the adjoining area
  • Right roads and convenient interchanges nearby
  • Availability of swimming pool, barbeque zone, and other facilities
  • Elaborate heating system – it is good if it is planning to rent the house on short-term for the winter period 
  • The convenience of access for delivery services and taxi – so not to wait for 2 hours.

There may be some personal preferences, which is must be on the list. If there is no want or opportunity to analyze everything by yourself, it is recommended to apply to Cyprus's real estate agency. The specialists will give general consultation, afterward, will help with the registration of all documents. 

Five options for the development of events 

To understand, what waits for the future landlord, you can imagine the five most typical Cyprus situations. Of course, there will be a difference in details – but general features will give some representation.

  1. Apartments in the city. It makes sense of short-term rent (for tourists and business travelers), such as long-term rent. You do not have to care about communications: light, water, and others will always be served uninterruptedly. Nearby are located a lot of cafes, shopping malls, bus stops, playgrounds, etc. There is a variable choice of the financial category: from economy class to luxury apartments, and housing will demand.
  2. Apartments in the suburbs. If the residential complex is located on the first line – there will be profitable short-term rent for tourists. If the district does not have access to the sea – it would be wiser to orientate on a long-term agreement. All infrastructure works correctly, like in the city. Luxury apartments far from the sea will not use a demand, so you should count on the economy or business options.
  3. Villa within the city. Quite rare but existing option. Meets in the closest suburb of Limassol and Pafos, also in small towns: Ayia-Napa, Protaras, Polis, Peya. A city villa is designed for luxury rest or accommodation for work and business. A significant advantage – all communications are already there.
  4. Villa beyond the city. Version 1. The house is located in a touristic village and rent predominantly short-termed. Villa performs itself as a mini-hotel, which with want can be rented out for a few guests (like a "guest house"). Another more luxury option is to buy out a few neighbor houses, combining them in one complex. A small home can be equipped comfy and rented out at economy class prices; a big cottage with the adjoining territory will be designed for the luxury class.
  5. Villa beyond the city. Version 2. The house is not located in a tourist village, so it is interested in long-term family tenants. It makes sense to invest in good communications to raise the rent and make the villa more comfortable for year-round living. The warm and spacious house even far away from the city will always be in demand. And if nearby will be located kindergartens and schools – order will be higher.

Summary by Cyprus districts

A win-win option will be a purchase of a residential object in Limassol. The city is going through a real building boom, so a primary (and secondary) property is enough for any taste and wallet.

An apartment in Limassol would not stay empty for a long time: there will always be found a short-term or long-term renter. To enter a contract and arrange nuances of the deal will help realtor real estate agency of the property in Cyprus.

Limassol is suitable for living at any time of year. In summer, the prominent public contains from tourists, in winter – local citizens and arrived visitors. It is also more comfortable for the owner to rent out housing in Limassol to Russian-speaking renter – Russians and their "relatives" is too much here.

Pafos – same year-round resort as Limassol. The infrastructure of the city is maximally developed, and here it is comfortable to live to rest.

  Besides, in the Pafos district, there are small provinces (Polis and Peya), which use demand from tourists, wherein has reasonable property prices. It means that the object will pay off faster.

There are not so many Russian-speaking people in Pafos but the British love to live and rest there. The lays on specific "European print" on the entire city. 

Like in Limassol so as in Pafos, there is a demand for housing of different classes. Long-term rent will fit a spacious apartment with 2-3 bedrooms and elite apartments or villa for the short-term. 

Larnaca – quiet city, where the seasonality is felt good. It perfectly fits those who want to spend winter in Cyprus and in summer to rent out housing for tourists. Also, Larnaca is comfortable with those who plan to fly continuously on business trips on the island – the most important airport is located right there. Another option is a long-term rent in the middle-class price segment. Local citizens or students will rent housing.

Ayia-Napa, Protaras, and Paralimni – strictly seasonal resorts, where in winter life calms down. These are perfect places for renting out the housing from March - April to November. At other times, the demand is small. Here is a fair condition for long-term rent, so there is only count on "hot" season.

Nicosia, as the capital, bereft from access to the sea is more counted for busy people. Apartments within the city use a significant demand so as commercial property. Accordingly, it is wiser to orientate on long-term rent out.

Another option is to purchase a big house in the city's historic center and rent it out by the room, formalizing it as a mini-hotel or a guest house. But then, you have to stand a stiff rivalry.    

Source: DOM LiVE
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