Ayia Napa is a cozy Mediterranean resort town located on the southeast coast of the island of Aphrodite. It is known for its picturesque beaches with white sand and turquoise water.
In Greek, the name of the city means "Holy Forest." According to legend, the city was founded on the site of a forest where an icon of the Virgin Mary was found in a cave. Many years later, the forest was cut down, and a temple was built on its territory.
History enthusiasts are attracted to the city's legendary monastery, which was founded during the Venetian rule. Today, it is located in the central part of the city, in Seferis Square, surrounded by cafes, bars, and clubs that never cease to entertain until dawn during the summer season.
In winter, the atmosphere is peacefully quiet, sometimes even too quiet. However, each season has its own charm. The European resort atmosphere, clean air with a touch of the sea, and minimal traffic distinguish this city from others.
The local population, which currently consists of no more than 3,000 people, are descendants of immigrants from the Greek city of Thessaloniki, who left their homeland in the 18th century due to a plague epidemic. Nowadays, residents are mainly involved in the tourism industry, agriculture, and fishing. During the winter months, many have to seek additional work or focus on household chores. With the mass relocation in 2022, a significant number of Russian-speaking professionals have settled here, most of whom work from home. However, even before this period, many chose cities like Famagusta and Ayia Napa for permanent residence, not just during the summer season.
About Rentals in Numbers
According to RICS (Royal Institution of Chartered Surveyors) Cyprus, during the first quarter of 2023, the average rental rates in the island nation increased by 30%. House rentals went up by 26.3%, apartment rentals by 29.1%, vacation homes by 16.1%, vacation apartments by 31.4%, office spaces by 14.1%, and warehouses by 4.5%.
In the free territory region of Famagusta, rental rates for houses (+0.7%), apartments (+0.8%), and offices (+0.9%) increased, while prices for shop and warehouse rentals remained the same. The luxury residential sector stands apart as always, and short-term rentals even more so.
According to the real estate manager at DOM in Famagusta, Maryna Komarnytska, property prices in Famagusta have increased by an average of 15% over the past year, and short-term and long-term rentals have increased by 30%. This suggests that this region is one of the most promising for entrepreneurs.
The new marina project in Ayia Napa, which is nearing its final stage, is one of the most expensive and luxurious in the entire Mediterranean region, radically changing the city's status from a youthful destination to a luxury one.
Differences Between Long-Term and Short-Term Rentals in Ayia Napa in 2023
It is worth noting that the main difference between the two types of rentals lies in the price and duration of stay. In the case of long-term rentals, a bilateral agreement is signed for a minimum of 12 months, with an average deposit of two months' rent, and the market value is correspondingly lower. In the case of short-term rentals, the contract can be measured in days or even a few months (the longer the term, the cheaper), and landlords may request a deposit well in advance of tenants' arrival, with the cost of accommodation being two or even three times higher than that of long-term rentals.
In addition, the target audience is important. Young people who come to Ayia Napa to have fun are generally satisfied with inexpensive accommodation with minimal amenities. Families or groups of older friends seek comfort. Moreover, it is practically impossible to predict the condition in which tenants will leave the property. However, between guest arrivals, it is necessary to quickly bring the property back into order to offer the highest quality.
Short-Term Rentals in Ayia Napa in 2023
Over 60% of Ayia Napa's real estate properties are successfully rented out on a short-term basis. Moreover, this is no longer related to seasonal demand. In 2023, with the development of technology and transportation accessibility, the concept of seasonality has almost become a thing of the past. This trend is characteristic of most towns in Cyprus, which were previously considered solely resort destinations. Only the relaxed style of clothing worn by the local residents and their calm smiles remind you that you are still outside dynamic financial centers.
Currently, the most expensive short-term rental offering in Ayia Napa is valued at 1,600 euros per day. This is a modern 5-bedroom villa with a pool located on the first line with panoramic views of the Mediterranean Sea, with a total area of 650 square meters.
The price of villas may vary depending on the month and can be slightly more expensive or cheaper. For example, a 6-bedroom villa located 100 meters from the sandy beach, with a total area of 550 square meters, is priced at 950 euros per day during the peak season, while at other times, the same offering is available for 900 euros per day.
A villa with 3 separate bedrooms, a pool, and a sea view, with a total area of 150 square meters and located near the Pernera Beach, is priced at 350 euros per day.
The most economical option is a 1-bedroom apartment for 60 euros per day, located on a quiet street, approximately a 5-minute walk from the center of Ayia Napa and the historic monastery.
Interestingly, with short-term rentals, landlords usually require a deposit payment of 30% a month before arrival, and sometimes even the full 100%.
Long-Term Rentals in Ayia Napa in 2023
The volume of long-term rental offerings on the market cannot be called substantial, but the actual properties themselves stand out with increased comfort, the presence of a pool, and ample space for a large family to live. There are fewer such options in other towns on the island. And if the main requirement is the presence of a beach with divine white sand, proximity to major cities, and the airport, then Ayia Napa is definitely the neighbor of the coastal city of Larnaca.
An interesting observation is that sometimes there are options for rentals with a duration of 3-6 months at the price of long-term rentals. In this case, it is important to understand that according to Cypriot legislation, a rental agreement with such a term will not be considered in court on the same terms as long-term agreements. Therefore, it is not advisable to rush into paying for 6 months in advance if you are not confident in the reliability of the landlord.
The picturesque Ayia Napa attracts romantic young couples and families with young children. By the way, in the neighboring town of Paralimni, there is a private English school called Xenion Private School, which we have extensively covered in previous blogs about the Famagusta region. And it is not very far to reach schools in Larnaca from here; the journey takes about 30 minutes or slightly longer.
A villa with 6 bedrooms and a total area of 510 square meters, which is rented out on a daily basis for 950 euros, costs 9,900 euros per month for long-term rental.
The long-term rent for a modern 3-bedroom villa with a total area of 400 square meters, featuring a private pool, jacuzzi, and sea view, is priced at 7,700 euros per month.
For those who would like to experience living in a modern hotel-type residential complex, there are options for 2-bedroom apartments with a total area of 150 square meters, starting from 1,850 euros per month. Residents of the complex have access to a pool with a jacuzzi, a children's playground, and a security system. The apartment is fully furnished and equipped with everything necessary for comfortable living.
Read also:
Villa or Apartment: What to Choose for Living in Paphos?
How to Rent an Office in Cyprus Profitably?
