July 23, 2024

Compartilhavel

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Renting Property in Limassol, Cyprus

2 min read

The market in Limassol for long term rentals remains strong, despite much poorer figures in other areas of Cyprus, such as Larnaca and Paphos. Limassol still has a healthy influx of expats, British and other nationalities, either renting on a try before you buy basis or relocating families from some of the Arab states where they are working but have found rental costs are as much as 4 times higher than in long term rentals in Limassol, Cyprus.

Most have families so 3 bedroom villas or townhouses, ideally with pools, are popular with this sector with a key factor being easy commuting to private schools in Limassol, so anywhere along the highway or outlying villages such as Souni, Kolossi, Erimi and Pygos and Parakleisia are popular.The typical rent for a furnished, modern property with pool being in the order of €1,400 per month with maintenance included.

The Limassol tourist strip is popular with foreign workers particularly in the hotel and entertainment industry, wanting easy access to work and the nightlife where they also mingle with the chic set who want beach front luxury apartments. Prices for a simple 1 bed maisonette or apartment in Limassol is typically €400 per month, a furnished 2 bed €700-800 and a smart, stylish 2 bed on the beach (Limassol Seafront) can be anything from €1,600 upwards.

The domestic market is also buoyant with Limassol having been less dependent on tourism within its economy with city centre areas such as Mesa Gitonia, Polemedia and Agios Athanasios popular requests. 3 Bedroom family apartments start at €700 and villas and houses without pools, a less important requirement for Cypriots, being in the region of €1,000-1,200 per month. Properties for long term rent in Limassol can be furnished or sometimes unfurnished, where one could typically deduct around €100 per month for an unfurnished apartment and €150-200 for a villa as a rough guide.

With house prices generally low and the demand for long term rental market in Limassol strong, there is evidence of plenty of buy to let investors returning to the Limassol market to pick up bargains and the potential to achieve reasonable return on their investment through long term rentals in Limassol.

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