What is the Best Time of the Year to Rent and Rent Out a Property in Cyprus?

В какое время года лучше всего снимать и сдавать жильё на Кипре?
22 October 2020 Liza Medvetskaya

Cyprus is a small but very cozy island.

For the first time it seems too calm for tourists and at the same time too overloaded with foreigners, shopping and resort restaurant business.

However, having lived here for a couple of weeks, vacationers step by step move away from the coastal streets full of souvenir shops and eateries. And then they see a completely different Cyprus, in which most of them fall in love forever, and many come here to live later.

Cyprus is chosen as a permanent or temporary place of residence by different categories of people: from students to businessmen. However, whatever the goal of their stay on the island, everyone has to solve the big problem - housing. At the initial stages, most people prefer to rent real estate.

It should be noted that the cost of renting real estate in Cyprus is one of the highest among the EU countries.

At the same time, finding suitable housing is not such an easy task as it might seem at first glance. The best solution is to contact professionals who know all the nuances of the market and can always offer the best option at an affordable price. But if you decide to look for housing without any advice, then be prepared that you will have to spend weeks, or sometimes months, in search of the perfect rental apartment or house.

What factors affect the real estate price in Cyprus?

First of all, the parameters of the housing: footage, layout, decoration, condition, location of the house, infrastructure. It is also important to take into account the market situation: the level and ratio of supply and demand.

But, there is another no less important point, the seasonality.

The period from mid-April to the end of October is traditionally considered the tourist season in Cyprus. Since spring, the activity of tenants has been gradually increasing, and real estate prices become higher, reaching their peak by the middle of summer. Trying to rent a house in July and August is not the best solution, because during these months prices for long terms usually skyrocket by at least 20-25%.

The prices increase as lot's of tourists want to find an apartment or a house by the sea for their holidays. At this time, the gap between supply and demand is narrowing, and the market turns towards the lessor. At the peak of demand, landlords have the opportunity to rent out housing on more favorable terms. There are frequent cases when owners, taking advantage of the situation, try to revise the rate for tenants who moved in half a year ago.

Another thing is the period from November to March, when there is no season on the island.

The prices for renting apartments and houses at this time are traditionally going down. In November, there is a stabilization of demand, and in December there is a slight decline.

January - February is the "golden" time for renting real estate in Cyprus. By winter, the market has formed a good supply of lucrative offers, since the activity of tenants at this time of the year is not the highest. This means that finding a dream apartment at a suitable price becomes more than real.

By the way, the type of apartment in this matter also plays an important role: there are no 'weak months' for the economy class - if the price is low, then the housing finds a tenant without much difficulty. Luxury real estate is a little more complicated. There are significantly more offers in this segment than the clients. Therefore, it's more difficult to find tenants.

In turn, renting out profitable housing in Cyprus is no less difficult than finding a rental housing.

And seasonality also plays a key role here. The most favorable period for renting out real estate is the tourist season. Many homeowners in Cyprus prefer to rent out their property for short-term rent - daily to tourists.

At the peak of demand (in July-August), they have the opportunity to earn several times more than with a long-term lease. Although those who enter into deals with tenants from June to September, as a rule, also rent housing at inflated prices. Also, seasonality has a slight effect on the change in rental rates for already concluded long-term lease agreements.

If the contract ends in the summer, then, as a rule, it is at this time that the landlord increases the rental rate. Nevertheless, here it should be borne in mind that any situation is individual and it is not at all necessary that the owner of the apartment this time will decide to increase the price.

The peak of tourist activity on the real estate market is replaced by a lull that lasts from November to March. Demand is falling, followed by apartment prices.

With minor adjustments, the situation repeats cyclically every year.

At the same time, you need to understand that there are circumstances that have a huge impact on the real estate market. Among them are political and economic factors.

Of the latter, of course, the coronavirus pandemic, which has significantly affected the Cyprus housing market.

Due to the lack of tourists, the real estate rental sector has completely stopped, but it has changed markedly as many landlords began to transfer their assets to a long-term rental fund.

Tenants now have the opportunity to view 5-10 apartments in the desired area, bargain and then opt for a suitable option. Today, the more interesting the apartment, the more chances the owner has to reduce downtime and find good tenants.

In the end, do not forget that in rent, time is money, so in this situation, the owner does not need to wait for the "season". Adequate real estate appraisal and some objective financial investments can give a much better result than expectations and principles.

Do you need help finding accommodation in Cyprus? Then contact the DOM in Cyprus and get a free consultation. We can find an apartment or house in Cyprus, suitable for your request.
Source: DOM LiVE
Photos: DOM LiVE, pixabay.com
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