Renting property in Cyprus
All sorts of rental properties are available in Cyprus, including apartments/flats, detached/semi-detached houses, townhouses, houses with land, city and beach properties, as well as luxury villas. Properties are available furnished, partially furnished, or non- furnished. This is also usually negotiable with the landlord. For instance, if the property is partially furnished, you may be able to negotiate some additional add-ons for either slightly extra or for locking in a longer contract period. Often rental prices may also be negotiable with landlords/agents.
Long term rentals in Cyprus
Although property rentals take place throughout the year, many students (foreign and local) tend to start looking and booking just before the school season begins in September. As such, it is highly advisable to begin the process of searching slightly in advance and before the summer season.
Apartments and houses are rented on for contracted period, usually one or two years. This can then be renewed. Although more rare, six month rental are also available, but tend to be slightly higher priced. For longer-term rentals, landlords usually require the tenant to pay the equivalent of one month's rent as a deposit and one month's rent in advance. The deposit is refunded when the contract expires, except when the owner withholds part or all of it to cover any damage or in cases where the tenant breaches his contract.
Commonly, tenants pay for all utilities, including water, electricity and heating costs, as well as common expenses (body corporate) if part of a build complex. Cost of renting depends on location of the property and on various typical factors such as size, available amenities, and age. Prices are generally highest in Nicosia as it is a year-round market, attracting most students (foreign and locals), foreign residence that are here as long-term (i.e. non-seasonal) professional workers (e.g. major companies, embassies, UN and other NGOs, etc), as well as national government and administration workers. Rents are lower in regional areas, as well as in Pafos, Larnaca and Limassol, although properties with sea view or close to the sea are usually considered premium and cost extra.
Short term rentals in Cyprus
Usually revolves around holiday homes, with the busy period being during summer and on either end of summer. This is also when prices are at their highest - due to greater demand. If you're looking for a short term rental during this period, it is highlight advisable to search and book well before in advance. You should have no issues finding short term property rentals in winter, whilst prices are significantly less.
For short-term rentals, of less than 6 months, rental price often includes all utilities.
Renting a house or apartment/flat in Cyprus
Decide on your requirements and then plan accordingly
- Location in Cyprus
- Rental budget
- Property characteristics
- Searching and viewing rental properties
- Signing the Lease
- Terminating the Lease
Location in Cyprus
Clarify what is most important to you and your lifestyle before choosing a location. Do you want to be close to the city centre or further out. Distance to place of work or study, surrounding amenities and facilities, i.e. schools, kindergarten, grocery, parks, entertainment and places to eat. The good thing about Cyprus is that the structure of the city-country allows for all such amenities to be placed in almost every area. So ideally you would choose to rent in a location that is close to work/school. Although much smaller than other cities in Europe, Cyprus also has its fair share of traffic, especially since most roads are quite old and small. Try to avoid crossing town, and try to find a location that allows easy access to the main arterial roads and the highway.
PrimeStar Estates will speak with you to clearly understand your lifestyle and thereby make appropriate recommendations for areas to rent.
Set yourself a manageable budget and stick to it. Once you know your price range, then this can save time in searching for properties. Remember, the monthly rental price is only for the rent. You will have additional expenses in utilities, body corporate (if in a building complex), furniture, and of course the deposit. Do not be tempted to look at properties beyond what you can comfortably afford.
Search for property to rent on PrimeStar Estates and look at the local prices, both to make sure that your budget is realistic and to get a better understanding of what your budget is likely to obtain.
There are many other options to consider, particularly the type of property. This will very much depend on your personal situation and lifestyle. Consider the following:
- Flat, detached/semi-detached house, townhouse, studio, room/flat
- Sole or joint tenancy
- Length of tenancy period
- Furnished or unfurnished
- Number of bedrooms and bathrooms
- Covered and uncovered balcony space
- Undercover parking, or even just a designated parking spot - ensure this is the case
- House with land and garden
Searching and viewing rental properties
Once you have a better idea of what you are after, it's much easier (and more efficient) to start the search process. There are so many ways and places to search for rental properties these days; so many property newspapers, magazines, and of course websites and portals. Actually, information overload can make things so much harder.
Often it is much easier and more successful to simply approach an estate agent, tell them exactly what you are looking for and let them do the work for you. They will show you their current listings, explore other networks and channels to match up more options, and then drive you around to the most suitable properties and help explain the entire process.
Estate agents offer a FREE rental service: here is the best part, this service is absolutely FREE. In Cyprus, real estate agents do not make any commission from helping you find a rental property. They simply take the first month rent from the landlord letting out the property. So it costs you absolutely nothing to have an expert such as PrimeStar Estates do the running around leg work.
Signing the Lease
Once you found a property you're happy with, you need to secure it by putting down a holding deposit. PrimeStar Estates will then begin the administrative process of renting it out. Before paying a deposit and signing any lease it is important to clarify:
- the duration of the lease
- specify current condition of the property, furniture, and fittings in the contract
- whether the lease can be renewed
- amount of the deposit and under what conditions it is refundable
- which utilities are included
- when exactly the landlord can raise the rent - maximum 8% every 2 years
- who else has keys to the property
- are you able to sublease the property, i.e. rent out a room
- what changes are you allowed to make to the property
- are pets allowed
- is smoking allowed, and
- is there designated parking available - make sure this is written in the contract!
No obligation direction and guidance. Begin the process of renting property in Cyprus with PrimeStar Estates, enquire today