The small but very cozy island of Cyprus, at first sight seems to new visitors not touristy and, at the same time, overloaded with foreigners, shopping and resort restaurant business.
But already after a few weeks of life on the island, holidaymakers leave the seaside streets filled with souvenir stores and restaurants step by step, because from that moment their eyes begin to see a completely different Cyprus. Many of them are hopelessly and permanently doomed to fall in love, many, soon, come not only to rest, but also to live.
As a permanent or temporary place of residence, Cyprus is chosen by various categories of people, from students to businessmen. But, regardless of the ultimate goal of their stay on the island, everyone has to solve their own famous “housing problem”. In addition, in the initial stages, most people prefer to rent a house.
It is worth noting that the property rental price in Cyprus is one of the highest among the EU countries.
But to find the right home on the island is not as easy as it may seem at first glance. To resolve this issue it is worth turning to professionals who know all the nuances of the market and can always offer the best option at a reasonable price. But if you are already dealing with this issue on your own, you should be prepared for the fact that you will have to spend weeks and sometimes months in search of the ideal rental apartment or house.
What factors affect the cost of real estate in Cyprus?
Generally, the period from mid-April to late October is the tourist season in Cyprus. In the spring, the activity of tenants increases gradually, so real estate prices rise smoothly, reaching a peak in mid-summer. Renting a property in July and August is not the best decision, because in these months the prices usually soar by at least 20-25%.
The excitement is caused by tourists, who look for an apartment or a house by the sea for recreation. During this period, the gap between supply and demand shrinks, and the market turns to the side of the landlord. At the peak of demand, landlords have the opportunity to rent housing on more favorable terms. There are often cases when owners, taking advantage of the situation, try to revise the rate for existing tenants.
The period from November to March on the island – “off season”. Therefore, respectively, and real estate rental prices at this time decreases. In November, there is a stabilization of demand, and in December – a slight decline.
The “golden” time for the rent of real estate in Cyprus is January-February. Because by winter a good stock of bargains in the market, due to the low activity level of tenants. This means that to find a good apartment quickly and affordably becomes a reality.
Pay attention to the fact that profitable rent housing in Cyprus is as challenging as finding a rental property.
Here a key role played by seasonality. For homeowners the most suitable period for renting is the tourist season. Many Cypriot owners prefer to rent property for short-term rentals – to tourists.
In July and August, the peak season, landlords have the opportunity to earn several times more than in the case of long-term rentals. Although those who make deals with tenants from June to September also tend to rent at inflated prices.
Seasonality also has a small effect on changes in rental rates for long-term leases already in place. If the expiration of the contract falls in the summer, it is usually the time when the landlord increases the rental rate. But keep in mind that each situation is different, and it is not necessarily the time when the landlord will decide to raise the price.
After the peak of tourist activity there is a lull, which lasts from November to March. Here, the demand for rents decreases, followed by the prices of apartments.
Every year the situation repeats cyclically, virtually unchanged.
But it is worth understanding that there are circumstances that have a major impact on the real estate market. Among them are political and economic factors.
Although the lack of tourists has not brought the rental sector to a complete standstill, it has changed markedly as many landlords have started to transfer their assets into long term rentals.
Thus, renters had the opportunity to find an offer 5-10 apartments in the desired area, bargaining, and then opt for the option that best suits your needs.
The more interesting the apartment, the more the owner has a chance to find good tenants.
Also, do not forget that time in renting is money, so the owners of the apartments in Cyprus should not wait for the “season”. An objective appraisal of the property and a little bit of financial investment can give a much better result than waiting and principles.
Cyprus has quickly become one of Europe’s most desirable...
