Management companies in Cyprus: how to manage your housing from abroad?

Управляющие компании на Кипре: как распоряжаться жильём из-за рубежа?
18 January 2021 Liza Medvetskaya

Cyprus is one of the most beautiful and unique countries in the world.

Thousands of tourists visit the island every year, leaving a piece of their heart here forever. However, Cyprus is not only an interesting tourist destination, but also a popular investment one.

A cozy apartment in a new building or a house on the shores of the Mediterranean Sea under the blue Cypriot sky, what could be better and more attractive?

The desire to invest in real estate with the maximum benefit, and dreams of owning your own home on the coast of sunny Cyprus, often lead to a firm decision to buy an apartment or house on the island of Aphrodite.

Cyprus property is especially popular among non-Europeans. Some buy housing on the island in order to spend most of their lives on the Mediterranean coast, enjoying the unique climate and inimitable natural beauty, while others use an opportunity to earn additional income.

As a rule, in both cases, owners do not live in their Cypriot apartment all year round. And here the question of managing the real estate in Cyprus inevitably arises.

How to manage your housing located thousands of kilometers away? If you are at home, how to make sure that everything is OK in a Cypriot apartment, it does not lose its value, and even brings income?

To fly every month to check payment of bills, receive correspondence, carry out necessary repairs, as well as collect payment from tenants, is at least costly.

In such cases, it is much wiser and more profitable to use the services of companies engaged in management of real estate, when the owners live in another country.

A management company is an organization that, during the absence of a property owner in Cyprus, takes care of his home.

Transfer of real estate for management is the most profitable solution, as it includes maintenance of the housing, as well as the possibility of making a profit by renting it out for short or long term.

There are three main types of companies providing management services:

  1. A specialized agency dealing with property management and rental.
  2. Company-developer. If you buy a new home, for example, an apartment in a complex, then, most likely, it already has a management company.
  3. Real estate agencies, many of which take over the management of the real estate purchased from them.

Management company specialists usually perform several basic functions:

  1. Housing for rent. The whole range of actions that provide the owner with income: search for tenants (including the publication of ads), paperwork (lease agreement), control over timely payments, etc.
  2. Payment of taxes, utility bills and insurance. Monthly and yearly receipts can be entrusted to the company.
  3. Maintaining property. A professional manager takes care of the apartment, the house and the surrounding area as the garden and the swimming pool. This also includes cleaning, repairs, telephone and internet connection, fixing damage to property.

Typically, the management company receives a fixed fee or percentage of the rental income, which depends on the number of services provided and is determined in each individual case in a contract with the owner of the property.

With effective property management in Cyprus, rental income can reach 5-7% per annum.

It should be noted that those who purposefully purchase real estate for rent in Cyprus usually choose properties on the coast, in apartment complexes aimed at tourist tenants. As a rule, management companies at the complexes work with travel companies and can provide a constant flow of tenants.

Недвижимость Кипра и управляющие компании

By the way, a wide variety of specialists are often involved in the process of managing residential property: managers, accountants, lawyers, insurance specialists, marketers and others.

Therefore, by signing a contract for the management of real estate with a management company, a homeowner gets guarantee that his property is in good condition.

However, the most important thing is to choose and formalize your relationship with the management company correctly.

It is worth considering:

  • the company's reputation in the Cyprus property market, it can be evidenced by the positive feedback from other customers (especially friends and person you know).
  • their experience in the Cyprus real estate market (everyone knows how to start buying, selling or renting real estate, but only companies with good experience know what happens at the final stages of transactions).
  • specialization in a certain segment (for example, in the rental of business class housing).
  • the professionalism of the staff and how they know market trends (only during a personal meeting, in no case by phone).
  • their honesty and integrity (no one can give a 100% guarantee of success, but if the company's specialists reveal all the opportunities and risks, then such a manager takes a responsible approach to working with a client).
  • attentiveness and attitude (a good manager tries to understand the client's requests as accurately as possible in order to choose the best from the many options).

Despite this, no one is immune from error. Therefore, if you don't want a mistake in choosing a manager destroys your plans, carefully read the agreement with the management company, and it is better to ask an experienced lawyer for assistance.

Управляющие компании на Кипре: как распоряжаться жильём из-за рубежа?

Contact DOM real estate in Cyprus, the company will help you rent or sell your property on the island. The company is engaged in professional property management in Cyprus. Contact a company representative here.

Read more:

  • Permanent residence permit in Cyprus (link)
  • How much money do you need to live in Cyprus with kids (link)
  • Common expenses in Cyprus (link)
  • How to set up a company in Cyprus, if you are non-EU citizen? (link)
Source: DOM LiVE
Photos: DOM LiVE,
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