If you are planning a vacation in Cyprus or want to stay here for a long period of time, the thought of renting a property has probably crossed your mind. We are going to tell you about the things you need to know and consider to make sure your search goes smoothly.
You can certainly always stay at a hotel, but this might be a pricey option. An individual room at a four-star hotel can cost you 120 euros/night and up (though this rate also depends on the location of the hotel and the season). This is why many travelers choose to find a rental apartment or house.
Rental prices in Cyprus
Rental prices depend on several factors.
The first thing you’ll need to consider is your dates: prices go up beginning in mid-April and stay high through the end of October. Beginning in November rental prices will go back down.
How much you’ll pay for your place also depends on how long you plan to stay there. Long -term rentals (6 months and up) will cost significantly less. You will be billed on a monthly basis. If your stay is shorter than 6 months, then you can expect to be billed on a daily basis and to pay a lot more.
Prices also depend on the location: the most expensive homes are located in Limassol, while rental prices for Paphos, Larnaca and Nicosia are lower and fall within the same range. Distance to the beach is another important factor. What you’ll pay will also depend on the condition of the property and its amenities.
Here is the approximate breakdown of the prices for 2017:
Peak season: 25-30 euros (one bedroom apartment, short-term lease, average condition, 7 minutes to the beach); if you are interested in renovated apartments/houses, you can expect to pay twice or three times this amount.
Those who are renting long-term can expect to pay around 450 euros and up for the same type of apartment or house, and around 550 euros for a two bedroom place. This is the rate for Limassol. Renting a place in Paphos, Larnaca and Nicosia will cost you a lot less.
Off-season: 12-15 euros (one bedroom apartment, short term lease, average or good condition, 7 minutes to the beach), 20-25 euros (two bedroom apartment, short-term lease, average or good condition, 7 minutes to the beach).
Once in a while long-term rental prices will go down during the off-season and you will be able to find a good apartment for 350 euros a month, albeit with some effort.
Payment and signing process
Once you decide to rent something, you will need to sign a contract agreeing to all of its terms. If you decide to move out and terminate your contract prematurely, you will most likely have to pay a fee. When you move in, you will need to pay your rental price (either for a month or a whole year, depending on the terms of your contract) and a deposit (which will be used to cover any damages, bills or in case you decide to cancel your contract). The deposit usually equals your monthly rental.
If you plan to rent long-term, you will most likely be asked to transfer the water and electricity account under your name, which means you’ll have to pay a deposit fee at one of the local utility offices (to learn more about this process, read our article about utilities in Cyprus).
So essentially to get all set up you will need to sign a contract, pay your monthly rent and deposit, take care of utilities (if you are renting long-term) and voila — the place is all yours!
How to find a rental property
You can try finding a property through a real estate agency or agent, whose fee is covered by the owner of the property. You can also try any of the following websites (which we recommend):
If you run into any problems with your new apartment or house, talk to its owner or the agent you worked with.
We wish you the most welcoming stay in Cyprus!
