Cyprus-Forum.com

[lpm10]

Can anybody give me an idea of how many weeks rental I could expect to get on a good quality 2 bedroom apartment in Paphos or Larnaca areas.
e.g Peyia or Oriklini?

[fox]

Come again??

[cyprusgrump]

I can only speak for Pissouri but the place is awash with rental properties at the moment…

[nhowarth]

Hi lpm10,

I was speaking with someone who has a very nice 3 bedroom house, close to the beach in Paphos - and not overpriced. He's getting 2.25% ROI/annum.

The place is awash with properties for rent - most bought by 'investors' who didn't do their homework and who are now licking their wounds and trying to get out.

Do not go into the Cyprus property market on a buy-to-let strategy - you will most probably find that rental yields are much lower than 'promised'.

A number of developers offer 'guaranteed rental income' for the first one or two years. Needless to say, the cost of this has been factored into the selling price.

Regards,

[lpm10]

Oh well I guess it is better to find out before you sink a chunk of cash into something!
I was in Cyprus in June & I was surprised with the amount of property on the market.
Shame though I really liked the place but I will have to restrict things to holidays or re - think the strategy altogether.

[nhowarth]

Hi lpm10,

> I was surprised with the amount of property on the market.

There's well over a years production of property on the market at the moment chasing too few buyers.

There are also concerns over the quality of much of the 'investment' property. There are a couple of artcles by Antonis Loizou that are well worth reading. You can find them at:

http://www.aloizou.com.cy/documents/for ... ecline.htm and

http://www.aloizou.com.cy/documents/sup ... ndards.htm

IMO you'd be better off investing for the long-term rental market rather than relying on the vagaries of the tourist market. Look at the residential areas in the commercial centres of Limassol & Nicosia - OK you will not get such a high weekly return, but overall your prospects will be better.

Regards,

[lpm10]

Thanks for the advice I will definately be having a long hard think about my next move!

[Bill]

Can anybody give me an idea of how many weeks rental I could expect to get on a good quality 2 bedroom apartment in Paphos or Larnaca areas.
e.g Peyia or Oriklini?

I will be putting my good sized two bed apartment up for rent eary next year.

I fully expect to get 52 weeks rental every year --- the reason for this is that I will opt for long term rental .

I've looked at the rental market -- checked on owners sites re how many weeks they have booked up this year -- worked out the cost of servicing the apartment in between lets -- then costed the possibility of damage and replacement of damaged items --- believe me it doesn't leave much money left out of the few weeks income renting out to holiday makers.

Now because supply way outstrips demand you have to have a very special property --in a good location -- and market it agressivly to make any money .

With a long term rent you can forget about high electric and water bills-- no longer worry if the place is ready for the new holiday makers -- just sit back and see the money drop in your bank account every month.

You don't have to be good at maths to work out that 12 months at £250 a month is better than 3 weeks at £200 a week -- and less worry too

Bill

[simonwjones]

I can only speak for Pissouri but the place is awash with rental properties at the moment…

Pissouri a wash with rental properties?

[cyprusgrump]

As is most of the island as you can see from the posts above – mainly caused by over-supply.

We used to have a lot of forces families living off-base in long-term accommodation but I believe the rules where changed a couple of years ago and it is more difficult to get permission to live off-base now.

Consequently, a Cypriot friend of mine that used to have people queuing-up to stay in his apartments (we lived there for two years while our hose was being built) has three empty and is desperate to get people in.