Buy to let in Cyprus

Cyprus has long being an attractive destination for investors whose main aim is to buy property to let. Going about it the right way can be a fantastic investment. If you don't do your homework though it can be a financial disaster.

The buy to let market in Cyprus now represents 30% of the foreign purchasers with returns in the region of 6-8% of the property value.

Making the right choice will make the difference.
Before you leap be prepared to:

- Outlay a deposit of at least 20% of the property value towards the purchase price. We advise our clients to go as high as 40%.

- Maintain the property to a standard where it will constantly attract tenants.

- Pay for maintenance.

- Engage the services of a property management company. This gives your tenants the comfort of knowing that there is somebody there for them all the time.

Our top tips for success

- When buying look at the property from the tenants point of view. Be objective and leave very personal tastes out.

- If you don't have the time for a property that needs a lot of work look for a new property.

- If you have the time and money you may consider a property that needs some work. This way you may be able to customise it for your market. Remember these are not the days when you can place an old property on the market and find a tenant for it. You need to bring it up to mint condition otherwise you may find it difficult to rent.

- Investigate and find out which properties and which areas are in demand. Our offices can guide you on this as well as the rent that you may expect to get for the property.

- Obviously location is very important. This is the number one consideration for tenants. Popular properties are conveniently located for local amenities, public transport, restaurants, place of entertainment and bars.

- Look for up and coming areas. Areas that are undergoing improvement, through new buildings, shops or public transport links. You are looking ideally for an area where property values are likely to increase in the future. With increase in the desirability of the location so will demand and prices. These areas are not yet too expensive. One of the best ways to spot these areas is to look at the shops. A sudden influx of trendy shops is a good sign of change.

- Find out what service charges are levied on the property as this will have a big impact on your rental income. This applies particularly on new developments in Cyprus that may include gyms, parking, landscaped gardens and more than one swimming pool. Choose a development with low maintenance.

- Consider a first-floor apartment when looking to buy an apartment in Cyprus as they are considered more secure for the tenant and still accessible to most people.

- Consider the approach to the property. Is access easy? If in a development block does the block look inviting?

- A garage or off-street parking is great and always a real bonus.

- A property getting good natural light will be easier to let and to sell.

- Bathroom showers are essential.

- Is the kitchen large enough and with lots of cupboards?

- Make sure the purchase price you are paying is the market price.

- Popular does not mean in the heart of the tourist area. These Cyprus properties are seasonal and may not provide such good returns. Your best bet is in residential areas close to facilities that tenants will be looking for.

- In furnishing your property consider and find out what features make a property desirable to your tenants. Kitchens are always important. Stainless steel are very favorable with built in appliances, matching toasters, microwave ovens, kettles and accessories go a long way too. Modern bedrooms with some fine artwork are a must. Artwork throughout the property works wonders in injecting colour to an otherwise blend scheme. Do not purchase cheep towels and linen. White or creams are the colours to go for.

If you are planning on furnishing your property our expert team can take care of all this for you down to paintings prepared in-house and with colours of your choice.

- Do not charge unrealistic rentals. Research the market conditions thoroughly. With our 0% commission you will achieve maximum results and your rentals will be more than realistic.

- Keep the property well maintained. The engagement of our property management will surpass your expectations.

- A property in first-class conditions lets more easily. It is your best interest that the property is presented in the best possible condition.

- If you are renting privately please respond to enquiries immediately. It will make all the difference.

Using our service

You can easily enter the letting market using our Company. There are a number of benefits of using us for your buy to let in Cyprus:

- Experience in the field.
- Exposure of your property.
- Reduce all your costs drastically. Look at our services and schedule of costs. You will be amazed.
- We will handle everything from meeting and greeting your tenants, inventories, preparing tenancy agreements to collecting rentals etc.
- 0% commission on rentals.