Difference between short-term and long-term rental property in Cyprus

Отличия краткосрочной и долгосрочной аренды недвижимости на Кипре
29 April 2020 Liza Medvetskaya

There are a lot of amazing places in the world, but one of the unique is located in the eastern part of the Mediterranean – Cyprus island.

The fabulous island of Aphrodite is a very popular place not only for holidays but also for living here. So, a lot of immigrants from different countries are dreaming to settle down here.

The main problem for both of them is finding suitable for renting housing in Cyprus.

For permanent residence – they do not ready to buy real estate, so looking for an ideal housing for living.

Before proceeding with the search for renting housing in Cyprus, you should know the duration of your staying on the island.

It will be a decisive factor for choosing the type of renting - short-term or long-term.

Short- and long-term rental properties in Cyprus have similar functions:

  • For both options of rental, there are two sides – the tenant and owner
  • In both cases a written agreement should be signed between the tenant and the owner
  • Only the owner or his authorized representative is allowed to rent an apartment/ house in Cyprus
  • The term and payment for the rental real estate is strictly regulated by the Agreement.

However, the short-term and long-term rental in Cyprus have some differences. In both cases, there are some adventures and disadvantages. 

Short-term real estate in Cyprus – its renting by the day.

Short-term rental usually offers housing from one week to 3 months. This option is very popular in Cyprus, especially in the midst of tourist season, from May to October. 

Short-term (daily) rental in Cyprus is very similar and popular service, especially among tourists and business travelers. As you know, demands create its own supply, that’s why there is a huge market of short-term rental in Cyprus.

Advantages of short-term rental:

  • A good alternative to a hotel room
  • An opportunity to choose the city or area, that suitable for all the needs and financial possibilities
  • Saving money – the ability to cook food by yourself and self-service in terms of cleaning and caring for the wardrobe
  • A good chance to feel the real Cypriot life, that is quite difficult to do in the hotel
  • And the most important advantage of short-term rental real estate in Cyprus – the tenant pays for housing in general, and not for each person separately.

Disadvantages of short-term rental:

  • Need a lot of free time and energy to find a suitable variant
  • Risk of fraud by unscrupulous owners.

Short-term real estate in Cyprus – its renting real estate from 12 months and more.

This type is used by local residents and people, who is going to move to the island.

Long-term rental is always more profitable, than short-term for the tenant.

The main guarantee of success to get the better conditions - is a good dialogue with the owner of housing. Try to be serious but do to be shy to joke, while discussing the amount of payment. You need tobe able to insist on your own rights and desires and do not forget to bargain – it is normal in Cyprus.

While bargaining, try to emphasize the flaws of the apartment/house: like the housing is not repaired, old tiles, the furniture is not in good condition. It is a trifle, but all those arguments can help you to lower the price of renting housing.

Advantages of long-term rental:

  • Ability to choose any city or area of the island, which will meet all needs of the tenant
  • Personal space
  • Stability
  • Saving money. It’s cheaper, than short-term rental.

Disadvantages of long-term rental:

  • Penalties for early termination of the Agreement (loss of deposit)
  • Additional expenses (deposit, utility bills)
  • It Is very difficult to find a suitable housing in the tourist season.

The main difference between short-term and long-term rental properties in Cyprus:

1.Period of rental:

  • Short-term – from 1 week to 3 months
  • Long-term – from 12 months and more;

2.Payments – short-term rental of properties is always more expensive (2-3 times) than in case of long-term agreement;

3.Complete apartment – in case of a short-term rental, the housing is always equipped with everything necessary for comfortable living, equipped with furniture and household appliances. In case of a short-term rental, the property may be completely empty. Residents are not provided with hygiene products, towels, bedding, and sometimes furniture;

4.Location of the rental property – the most of short-term rental properties are located close to the sea;

5.Payment of utilities bills. In case of long-term rental, the tenant should pay for electricity, water and Internet. In case of short-term rental – all expenses are included in total cost of living;

6.Maintenance of rental housing. In case of short-term rental – the tenant can get cleaning and eliminating absolutely all problems by the owner. In case of long-term -these obligations fall on the shoulders of the tenant.

Of course, all those differences are not very important for someone. But it is good to know them. In some cases, it could help to save your budget and nervous.  

Source: DOM live

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