What is the best season to rent out or sell your property in Cyprus?
Because of today's quarantine measures, the answer has changed. A new era is coming for human life and real estate is no exception. But not everything is as critical as it may seem!
Despite all changes in our life, there are things that will remain unchanged in the near future - one of them is tourism.
Our island has made a lot of money off of tourism for many years: new people, more money, new opportunities.
Therefore, if you want to rent out your property (which will provide you with a stable passive income every month) or sell it, then you definitely need to choose the right season.
Many people underestimate this factor, although it is one of the most important, because there are seasons when you cannot do anything with your property because of:
What is the problem with the weather? - you ask.
It should be noted again that Cyprus is a tourist island and 70% of consumers are tourists who move here for various reasons. Seasons such as late fall, winter and early spring are usually not popular. And if there are no tourists, then you will lose a very large number of potential customers.
Unfortunately, we live in turbulent times and now we must try to orient ourselves according to the situation, especially in the “lockdown”. But the situation is twofold, you can find both pros and cons.
If you want to buy property in Cyprus:
- The price of real estate has fallen, because at the old prices it is no longer relevant as many have significantly reduced their income. Many cannot afford their usual standard of living, so they have to cut costs.
- Winter is the best seadon for you, because property prices at this time are significantly reduced due to a small amount of demand. It should also be borne in mind that during the lockdown prices beat all anti-records.
- Find a real estate company and look at the reviews, be sure to contact the professionals.
- Be sure to save a reserve budget.
If you want to rent out or sell property in Cyprus:
The end of April, May and the summer season are more suitable for you, when there is a tourist boom.
Let's take a look at all the seasons with their nuances.
We would like to emphasize once again that the worst choice of the month for real estate sales is January, and the worse season is winter. Then a logical question arises: "Why?" Because of:
- Holidays. New Year's holidays, other weekends and holidays are the time when local people go on vacation or celebrate something, interest in real estate drops significantly.
- Closed banks. Usually, banks are closed on New Year's holidays, and most people take out real estate on a mortgage, which has its own nuances and difficulties in this season.
- Significant price reduction. When selling, you will have to make a big discount, because the demand for real estate this month is reduced.
Then comes spring, one of the best tourist seasons and the most suitable time for sales. Here we can observe two of the best months - the end of April and May.
- "Tourism boom". As already written above, these months are the best in terms of weather conditions, and in terms of the flow of first tourists.
- Rising prices. Prices start to rise and the real estate market is slowly thawed. The most active movement in the market occurs precisely in these spring months, when the most profitable deals are concluded.
- Competitiveness. The demand is growing, which means that the chance of finding your "five-star customer" is increasing significantly. More and more offers and buyers appear on the market.
Now, let's take a look at the summer season.
Everything is very stable here, as tourists begin to arrive. Many stay on the island for much longer than planned, because when people come here, some of them decide to buy property and to move here in the near future. Therefore, the summer season is a "warm-up" for the autumn season, which is the "second wave" of good sales.
So, the last season to consider is autumn.
It is the second ideal time to sell your property. The best months are September and first half of October. We can see this from the following:
- Final decision. After a dizzying vacation, it's time to return home. After staying in Cyprus for a certain time, some decide to stay here. This means that the client finds his real estate company and starts searching for property.
- Favorable prices. Price fluctuations begin, so during this period it is easiest to negotiate or conclude a better deal.
- Last chance. Before the winter season, prices begin to fall, because, nevertheless, people have to go back, their vacation ends, and normal working days begin. It will become more and more difficult for you to make profitable deals because the market starts to "go into hibernation".
From this we can conclude that the most profitable seasons for renting out and selling real estate are late spring and early autumn.
You can read and learn everything about Cyprus real estate, complexes, developers and various procedures on DOMLiVE.
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