In fall, the flow of tourists to Cyprus decreases, and rental prices fall along with the fall foliage in the Troodos mountains. It's time to find a new home.
In order to successfully rent property in Cyprus, you need to understand where and what type of property you need, the budget you are counting on.
Despite the high rates of development and the general European orientation in the style of life, Cyprus is firmly holding on to traditions: a calm rural way of life prevails here, it is customary to trust people. Don't be surprised if you are asked to leave your key in your mailbox when you leave your apartment.
And now let's move on from the lyrics to the realities that may occur during the rental process.
Apartments with a smart home system are considered luxury here and are worth their weight in gold, but there are also available offers of spacious apartments with cozy balconies and terraces in any city, and their prices constantly vary depending on the state of the market as a whole and seasonality.
Let's take a look at different types of rent
Daily rent in Cyprus
To find an option for one or more days, it is worth looking at popular booking platforms or contacting a trusted real estate agency directly. The minimum price tag for daily rent in Cyprus is 30-50 euros. Comfortable housing will cost 80 euros per day or more.
Renting a house or a villa is more expensive, but you can stay there with the whole family, or even have guests. The outdoor area is often complemented by a garden and swimming pool. During the pandemic, this is perhaps the most desirable type of property on the island, especially if you choose a seafront house or even with your own yacht dock.
Daily rentals are carried out remotely, guided by photos, videos and reviews of former guests. The deposit is collected when paying online or upon arrival, at the discretion of the landlord. In this case, the contract means the exchange of data and confirmation of the request.
Residential real estate for short-term rent
Ideal for those who need an apartment for a period from one week to several months. This is in many ways more convenient than staying in a hotel and, as a rule, cheaper. If everything goes well, you will be able to truly feel the local flavor. You can choose a property online.
Upon arrival, the landlord must conclude a contract, take payment and a deposit, which he will return upon departure.
The cost of utilities for short-term rentals is usually included. It is important to clarify this point and clearly spell it out in the contract, since in winter you need to heat the apartment and water, and in summer you cannot live without a powerful air conditioner. In three months, the price for housing and communal services can go up to 500 euros and more.
Long-term rental in Cyprus
It must be admitted that renting an apartment in Cyprus is quite simple. You do not have to provide recommendations and certificates, to prove that you are a solvent citizen. This procedure is done orally.
Renting a one-bedroom apartment with renovation, parking and a clean entrance costs an average of 500 euros anywhere on the island.
In the busiest cities - Nicosia and Limassol - rental prices are considered the highest, there are many offers in modern houses, but this does not mean that living in other localities is much cheaper or there are no superior class offers. There are few studios in both cities, because in fall, they are dismantled by students.
In Larnaca, prices are considered moderate. Considering the convenient location in the center of the island, the international airport and good beaches, it is worth taking a closer look at this city.
The most touristy paradises of the island - Paphos, Ayia Napa and Protaras - are even more beautiful in terms of nature in winter, but almost deserted. Also, few are considering for long term rent in Troodos villages, but in vain. If it's not scary to drive along the serpentine, the snowiest point of the island is an amazing option.
So, after you have decided on the city, start looking. To begin with, you can walk around the area you like, explore the infrastructure. Some buildings have “For Sale” or “For Rent” signs. Although it is quite possible that someone already lives there. Another option is to google your request. So you will be taken to the websites of agencies and trading platforms where the agencies and owners post ads. Call them and feel free to go to view the apartment.
Owners of good apartments usually work through a real estate agency. These people are open to criticism and willing to fix problems (especially if the owner lives on the island). Owners pay a commission to the agency and get a reliable tenant in return. During the show, no one pays anyone until the contract is signed. The show is also free.
The contract is concluded at the agency's office, after which the rent and the deposit are paid, the amount of which, as a rule, is equal to the monthly payment.
If the client hasn't battered the apartment, then the deposit is used to pay for the last month of residence. In case of termination of the contract before the deadline of 12 months, the deposit remains with the owner.
If you find yourself in a similar situation, try to explain the reason for your decision to the landlord in advance (until you have paid for the last month of residence). There is a chance that the deposit will still cover the last month of residence, even if you moved out earlier than 11 months later. But this will remain our little secret.
When renting directly from the owner, the contract must be of the same format, with a detailed description of what is included in payments in excess of the rent. Many people believe that by renting housing directly, they can bargain. We must admit that there is always a place for bargaining in Cyprus. Sometimes agencies also discount 30-50 euros, if we are not talking about the most popular real estate option.
A contract signed by both parties will be required to obtain a residence permit. Checks for housing and communal services in the name of a tenant are also a serious argument when opening a bank account or, for example, applying for a municipal library.
For a long-term lease, two deposits will be required: for organizing the water supply and electricity supply.
For long-term rentals in Cyprus, the tenant will need to independently re-register the electricity and water bill to their own name. The total amount of deposits usually does not exceed 400 euros and is refunded after moving out.
The electricity in the house will be connected about a day after the deposit is made, the owners do not turn off the water, but theoretically it is possible. Once a year, residents pay about 100 euros for garbage collection, and the rest of the costs are usually borne by the owner. All this must be written in the contract.
The average cost of a one-bedroom apartment in Cyprus is 450 euros per month, a two beds - 700 euros, three bedrooms - 900 euros. The price depends on the quality of the area, the condition and type of housing, the distance from the sea, the access to the main highways.
When moving from another country, it is quite possible to choose an apartment for long-term rent remotely, through an agency that has experience in such transactions. The quality of service in Cyprus is growing day by day.
Commercial real estate lease
Cyprus is famous for its attractive taxation system and many dream of starting a business or opening a branch here. According to experts, the volume of supply of high-quality commercial real estate has dropped sharply since April this year.
The average price of a square is 15-30 euros per month. However, you can find a compact office in the center of Larnaca for 200-300 euros. A larger office in a beautiful modern high-rise in Limassol will cost 3500 euros per month.
The cost of a square per year depends on the location and purpose of the premises. Options suitable for production, warehouses and offices in high-rises with a sea view are in high demand now.
It is usually faster to search for premises through an agency, since local realtors are well acquainted with the specifics of the real estate market for business and can even select an option remotely. Nevertheless, you can also search for outdoor advertisements on the houses of the desired area and advertisement websites.
The only thing to get a state license for certain types of business, you have to invest in repairs, install equipment and more. Rooms that are ideal as a workshop are not always suitable for a wellness center.
A peculiarity of Cyprus: long-term rentals are not denied here due to such nuances as the lack of a fire escape.
There is no concept of “short term commercial lease” here. If the premises are generally suitable, but you are planning to remodel something, you should inform the tenant in advance and register in the contract. Expect some landlords to raise their rent for this.
For all additional questions, you can contact the owner, the management company of the house or the realtor with whom you entered into an agreement.
In the next article in this series, we will talk about how and where to certify a lease in Cyprus.
Interested in housing in Cyprus? Visit the DOM Real Estate website. The portal has the largest database of real estate in the country - from residential to commercial. Choose and contact professionals who will help you make the right choice!
- TOP 5 areas of Limassol for real estate investment in 2021 (link)
- Permanent residence permit in Cyprus (link)
- Why is it better to buy property in Cyprus in winter? (link)
- TOP 6 apartments in new buildings with breathtaking views in Cyprus (link)
- Limassol District Beaches (with Photos) (link)
- Rules for inspecting an apartment / house you want to rent in Cyprus (link)