The average rental prices for properties in areas popular with expats in Cyprus can vary greatly depending on the location and type of property.
For example, in the tourist hub of Limassol, one-bedroom apartments can cost anywhere from €500 to €800 per month. Meanwhile, a similar apartment in the capital city of Nicosia may cost between €400 and €600 per month.
Larger properties, such as three-bedroom apartments or villas, can cost upwards of €1,000 per month, especially in more upscale areas like Pafos. However, prices can also vary depending on the time of year, with rental prices often being higher in the peak summer months.
Rental Caps in Cyprus
There are currently no rental caps in place in Cyprus. This means that landlords and property owners have the freedom to set their own rental prices, which can sometimes lead to high rental costs in popular areas.
Deposit and Return Rules
The amount of the deposit required when renting a property in Cyprus can vary depending on the landlord, but it is typically equal to one month’s rent. The deposit is usually paid at the start of the tenancy and is held by the landlord as security against any damages or unpaid rent at the end of the tenancy.
The rules for the return of the deposit at the end of a tenancy are specified in the lease agreement. If there are no damages or unpaid rent, the deposit should be returned in full. If there are damages or unpaid rent, the landlord can deduct the necessary amounts from the deposit before returning the remainder to the tenant.
It’s important for tenants to carefully read the lease agreement and understand their rights and responsibilities before signing. If there are any disputes over the return of the deposit, they can be resolved through the Cypriot legal system.
Seasonal Changes in Rental Prices and Availability
The price and availability of rentals in Cyprus can change depending on the time of year. During the summer months, when the island attracts a large number of tourists, rental prices can be higher and the demand for rental properties can increase, causing some properties to be fully booked.
However, during the off-season, rental prices can be lower and there may be more properties available for rent. This can be an opportunity for expats to negotiate better rental terms or find more affordable rental options.
It’s also worth noting that some landlords may prefer to rent out their properties on a long-term basis, rather than on a short-term, seasonal basis. This means that rental prices and availability may not change as dramatically during the off-season.
