Renting A Property in Cyprus
Want to rent a property in Cyprus? We’ve got all the basic and most up to date information you’ll need this year.
If you are traveling through Cyprus for the summer, or perhaps, have relocated to the island due to a lucrative employment opportunity then you may need to rent a property on this breathtaking island with modern amenities and tropical sunshine which attracts potential tenants and expats from all over the world.
There are many travelers, expats and investors who seek to rent apartments, condos and houses on the island to rejoice the peace, tranquility and beauty it has to offer. If you’re looking to rent a property in Cyprus, you need to consider a wide range of factors.
The rental prices in Cyprus depend on a wide array of factors. First and foremost, it is important to strategize the time of the year when you are hunting for a rental. Prices tend to rise during mid-April and they remain high throughout October. The rental prices begin to drive down in November, which is a great time to enter the market.
Your rental payments will depend on the duration of your stay. Long-term rentals tend to cost much lesser, and tenants are required to make payments on a monthly basis. The location also makes a significant difference to the prices. For instance, rental rates are much lower in Paphos, Larnaca, and Nicosia, while Limassol is one of the most expensive cities on the island.
Properties that enjoy close proximity to the beach also tend to boost higher rents.
What’s the Process?
Once you have decided upon the ideal rental that meets your requirements, you will be required to undertake a contract and agree to the terms put forward by the landlord. If you seek to terminate your contract and move out before the specified date, you will have to pay a fee.
Tenants can either make their rental payments on a monthly basis, or clear their dues for an entire year before moving in. These specifications typically tend to vary on the basis of the contractual agreement. You will also be required to make a security deposit, which is equal to the monthly rent and is made in order to cover any possible damages or unpaid bills should you decide to move out.
If you are renting for a longer period, the landlord is likely to ask you to transfer the utility bills, such as water and electricity, under your name. You will also be required to make utility payments.
For more news on renting in Cyprus click here.