Top 5 Factors Affecting Rental Prices in Cyprus

5 факторов, повышающих арендную плату на Кипре
7 June 2021 DOM LiVE

The cost of renting an apartment in Cyprus is made up of a variety of factors. Each region of Cyprus has different nuances.

Nevertheless, it is possible to generalize some points. They will be discussed below.

1. Distance from the sea.

Proximity to the sea plays a very important role even for long-term rentals. It's especially important for foreigners who are just going to Cyprus to enjoy going to the beach, the view of the azure coast from the window and other pleasant moments.

The closer the sea is, the more expensive the apartment will be. Seafront apartments (or in the immediate vicinity from the beach) are usually the most expensive. Both in terms of buying and renting. In the summer season, prices for short-term rent can rise 2-3 times compared to the winter!

Long term lease is a little easier. The price for an apartment will either be fixed high, or it will rise for the summer season - this is necessarily prescribed in the contract and negotiated in advance.

As a rule, the rent during the season for a seafront apartment in Cyprus rises by 10-20% compared to the off-season. This is not a very big difference, so many tenants are ready to agree to such conditions in order to live near the sea for a long time.

Things are different if the property is 5-10 minutes from the sea. Price increases are possible in the midst of high demand for short-term. It may be 100% expensive, but this is not always useful. The price for long-term tenants during the high season is either not increased at all, or increased by 5-10% by prior arrangement.

2. Development of infrastructure.

If there are stops, kindergartens and schools, large supermarkets, shops, markets, hospitals, health and beauty studios, cafes and other necessary facilities within walking distance, then the price of an apartment in Cyprus will be higher.

The difference in rent between an apartment in a busy place and on the outskirts can reach 50-70%, although more often the fluctuations between more or less the same real estate are about 20%.

As in any other country, it is more expensive to rent housing in the city center in Cyprus than in the outskirts. Exceptions are the luxury areas of Paphos, Limassol and Larnaca. Although they are located far from the center, they have an excellent location, their own infrastructure and proximity to the sea.

3. Renovation, design, furniture.

The interior decoration of the apartment, its interior and atmosphere is what can significantly increase the rent.

Here are approximate figures that will help you understand the difference (the area of ​​housing and its location is assumed to be the same):

  1. Simple fresh renovation, all necessary furniture and household appliances: + 10%.
  2. High-quality repairs, all furniture and appliances, thoughtful design (which, by the way, can be done by you): + 20%.
  3. Expensive renovation with excellent furniture and appliances, designer's work: + 30-50%.
  4. Renovation and luxury furniture: + 100% and higher.

You can imagine that 3 apartments of the same layout and area, facing the same place, are rented in the same house. For example, an apartment with a simple renovation and furniture will cost €600 per month, an apartment with an expensive renovation will be €800 euros per month, and luxury apartments will cost €1500-2000 per month.

4. Apartment in a residential complex.

Residential complexes have additional services. This is the private parking, gym, swimming pool, indoor playground, and other pleasant advantages. This increases the cost of maintaining an apartment, and hence its rent.

Residents can pay for apartments in a closed residential complex 20-30% more, but at the same time, they are provided with maximum comfort.

5. Services of an intermediary company.

Often foreign citizens buy an apartment in Cyprus in order to rent it out later. It is both a safe investment and a way to get passive income. Moreover, the ability to apply for permanent residence in Cyprus under a simplified system.

But renting out housing remotely is not an easy task. It is not always convenient to fly to the island to solve different problems. Therefore, there are management companies which can help. They take care of all the difficulties associated with finding tenants, drawing up a contract and making payments.

At the same time, management companies charge a commission for their services. As a rule, this is 20-30% of the rental price.

How profitable to rent an apartment in Cyprus: advice to owners

A cozy apartment is a guarantee that tenants will be interested in it. If you have a bright, clean and comfortable apartment, you can (and should) ask for a little more rent price than the average on the market. Therefore, an apartment that is good in every sense is a benefit for the landlord.

There are a few more tips for homeowners:

  1. To quickly and reliably rent an apartment, contact a trusted agency, such as DOM Real Estate portal, where specialists of different profiles will help you.
  2. Be sure to attach an inventory of the property with photographs to the lease, and take a deposit. This will protect you from trouble and will help out in controversial situations.
  3. After each tenant moves out, do at least light repairs and a general cleaning. If you are renting out for a short term, then repairs will be needed 1-2 times in high season, and at your discretion in low season.
  4. If you are just looking to buy an apartment in Cyprus for rent, then take a look at the developing areas of Limassol, Paphos or Larnaca. Today they are inexpensive and will bring average income, but tomorrow the profit may double.
  5. When renting out luxury housing, entrust all matters to professionals. If you have middle-class housing, then the opposite is true - you need to learn to solve almost all issues without assistance, this will save a lot of money.

To find good and conscientious tenants, avoid common mistakes.

How to rent an apartment in Cyprus profitably: advice for tenants

Nobody wants to overpay for bad conditions. Therefore, you need to look for a middle ground - the optimal ratio of price and quality.

How can you save money by renting an apartment:

  1. Check your home for cracks, leaks, and other minor troubles. This will help you not to overpay for water and heating.
  2. Do you like the apartment, but they want to refuse you because of the presence of small children or animals? Offer to double your deposit. This will add confidence to the apartment owners.
  3. Choose places not in the very center and not near the sea, but a little further away. An extra 5 minutes of walking or driving can save a lot of money.

So, prices for similar-looking housing can be very different from each other. It all depends on many factors, but it is advisable to pay attention to the most important of them.

If you are at the stage of looking for an apartment in Cyprus, then take a look at the DOM Real Estate. The portal presents the largest database of real estate on the island.

Read more:

  • Where to live in Limassol? Coastline vs mountains (link)
  • Paphos Real Estate Market Overview (link)
  • Paphos vs. Limassol. All the pros and cons (link)
  • What is the best investment in 2021? (link)
Source: DOM LiVE
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