What is a short-term rent in Cyprus?

Краткосрочная аренда недвижимости на Кипре
16 April 2020 Liza Medvetskaya

Cyprus – is a dream of many travelers! It’s a fantastic country, where the bright sun warms the residents almost all year around.

Blue sea, golden beaches, majestic mountains, incredible nature - the unique atmosphere of Cyprus offers the unforgettable and amazing holiday. The Aphrodite island is one of the popular and safe tourist destinations. When you meet the island first time – Cyprus gives its guests a great desire to come back again and again. 

More people, as an alternative to the hotel, choose a short-term rent accommodation for spending their holidays in Cyprus. And very often this is a great solution. Renting housing is much more convenient, comfortable and most profitable option in terms of money.

Let’s check the characteristics of the short-term rental in Cyprus:

  • Rental period from one week to several months
  • Payment of the rental price should be paid immediately for the whole period
  • Short-term rental properties are fully furnished and equipped with all necessary household appliances
  • Minor repairs of household appliances, plumbing, electrical equipment, furniture are paid by the landlord, if it’s not the tenants fault
  • Usually, the cost of electricity and water is already included in the total price. But sometimes, the owner is asking to pay separately for those services, according to the meters.

Tourists, who have decided to rent a private housing for short-term in Cyprus, first of all should find it in advance, before arriving.

The first steps that you need to decide are following:

  • Type of real estate – it could be small studio or a huge villa
  • Rental period – the daily price of the property depends on it
  • City – not all cities in Cyprus are equally suitable for the quit family holiday and noisy companies
  • Furniture and appliances – in case of individual preferences, you should tell about it in advance

There are several ways to find short-term rental in Cyprus:

  • Real Estate Agencies – the best option, when the final result is more important, than some little extra expenses. The real estate agency is guaranteed fast search of suitable housing and all necessary assistance at all stages of leasing, including the preparation of all necessary documents
  • Online-booking cites – the most popular are Airbnb and Booking. In this case, you can find a housing cheaper than though intermediaries. On such services, there are huge base of real estate objects of various price categories and locations. And they also allow you to compare offers from several booking systems
  • Ask your acquaintances and relatives – “word of mouth”. This method is very popular in Cyprus. Something exclusive you will not find, but several good options are almost guaranteed. 

When choosing a home for a short-term rent, you need to consider the following factors that affect the cost of housing:

  • Type of property – apartment, maisonette, small house or villa. Prices can vary from 25 EUR per day and more. The most economical options will be studio (250-300 EUR per week). For luxury villa with a swimming pool and garden about 1500-2000 EUR per week (and its not the limit!)
  • Location – perhaps, the main factor affecting the cost of rent. Short-term rental properties in popular resorts in Cyprus is more expensive. The most expensive city is Limassol. And of course, the area and the distance from the sea also play an important role
  • Housing condition – real estate with minimum furniture and appliances, with standard interior decoration will cost cheaper
  • Season – in Cyprus the tourist season from May to October. That why during this period, the cost of short-term rental is the highest. The price in the summer can rise by 25-30%. The average cost of housing on the island at this time starts from 100 EUR per day. Of course, you can find variants for 30-50 EUR, but in this case, you can forget about very comfortable and nice housing.

The relationships between owner and tenant during the daily rental of housing should be regulated by the contract, the same as long-term rental in Cyprus.

In case of short-term rental of real estate in Cyprus, a standard agreement should include the following:

  • Personal data and contact phone numbers of the owner (or real estate agency)
  • Rental address
  • Rental period

The rental agreement is valid only in that case, in it will sign by owner of the property (or by a trustee person / company).

The rental agreement partially insures the tenant against unscrupulous landlords. We cannot say that it fully defends, because rarely when tenants, in case of contentious issues, go to court and ready to assert their rights.

The landlords can ask to pay a deposit, which as a guarantor of the tenants integrity and, in the event of force majeure, uses for pay losses.

Краткосрочная аренда недвижимости на Кипре

So, for the tourists traveling to Cyprus, renting an apartment / house has several advantages in comparison with the hotel:

  • To rent an apartment is cheaper than a hotel room
  • Renting an apartment is possible in any city or area, where you like
  • In the renting apartment you can feel like at home, as you cannot say the same about hotel room

The disadvantages of short-rental in Cyprus are the following:

  • Fraud by unscrupulous landlords. But you can avoid it, if you will book though a trusted real estate agency in Cyprus
  • Not matching expectations and reality – sometimes in Internet, the pictures are radically different from reality. To avoid this, you should read the property reviews in advance and check the rating. 

Source: DOM live

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