Rent Property in Cyprus

Gingerbeard

My fiancee and I bought a luxury one bedroom apartment in Limassol, Cyprus recently and I want to rent it out long-term to help with the loan repayments. I'm not sure how to go about this and would really apprecite any advice.

Thanks

ircoha

Gingerbeard wrote:

My fiancee and I bought a luxury one bedroom apartment in Limassol, Cyprus recently and I want to rent it out long-term to help with the loan repayments. I'm not sure how to go about this and would really apprecite any advice.

Thanks

This is going to be tough, very tough:)

Long term rentals in such places are very difficult to get and particularly for a one bed room, I presume there are "loads" of them there.

Long term rentals are generally done for the large apts.

The other thing to remember is that the weekly rental on a longterm will be much, much lower than what you might achieve in the "summer rental " season. In addition the long term rent will be fixed so u cant expect it to go up during the summer!


U might be better off letting it at easter/ summer/ midterm, get a brochure for similar and crunch the numbers.

Anyway u have 2 main ways of doing this: recruit a local letting/apt management agent to try let it.
Try advertise it your self in places like buy and smell, etc or create your own website

You might ask the agent u bought it from re ideas.

Good luck:)

Riviera

Luxury one bedroom apartments are not going to be rented out long-term in Cyprus (at least not at the price you need for the mortgage). Holiday resorts like these tend to be inhabited by less-than-rich locals, who can't afford luxury apartments.

My advice would be to go for short-term rentals. Definitely. Whatever about in Cyprus, but in Nice, France, short-term rents for one week are the equivelent of one month's long-term rent. No surprise that investors go for short-term all the time. This way too, you can use the apartment yourself when its free.

To do short-term lets, you can use a local property management company or try yuorself. For a property management company, they will charge you a percentage of the rent, and market your apartment. Alot of these property managers in resorts like Cyprus tend not to be that motivated about sales, so research them well. Insist on references. Always.

Managing the property yourself requires, at minimum, a cleaner for a few hours per week. Its time-consuming, but potentially very lucrative.

What part of Cyprus did you buy in??

In Nice, I know people who bought for a holiday home but never use it - the weekly rents are so good. They can run into a few thousand euros per week in the right locations. So they receive a multiple of their mortgage, and just stay in a better apartment or a nice hotel instead!

chump

Hey, do you have any pics of this luxury pad?

Might get a few takers here. Maybe throw up a map of the area aswell.
Oh and what sq. footage is it?

Gingerbeard

I appreciate all of the advice. Going out myself for a couple of weeks. Its in Limassol. I have some pics which I will post later along with other details. It really is very nice. We paid a bit above the norm as it really is a great property. My "agent" is useless. Told me that she would secure a long-term letting very quickly at premium rent but that was about 3 months ago.

I'm worried about the property being damaged if I let it out on a short-term basis. Might be easier to vet one long-term tenant. Do like the idea of having it available to use ourselves occasionally though plus the extra cash would be very helpful.

hmmm

You "paid a bit above the norm" and you don't know how to rent it. Is this an investment or some sort of Cypriot construction industry charity that you're running?

Gingerbeard

hmmm wrote:

You "paid a bit above the norm" and you don't know how to rent it. Is this an investment or some sort of Cypriot construction industry charity that you're running?

Hmmm why did you bother wasting your time and my time posting a reply? All I asked for was advice. I paid above the norm because it is an "above the norm" property and I'm doing my best to find out the best way to rent it. What concern is it of yours WHY I'm doing it?:mad: