For many people, owning a home in Cyprus is a reality that was only once a dream. Whether for permanent living, use as a holiday home or a buy-to-let business opportunity, property on the island now forms an increasingly significant part of their personal assets.
Although the benefits of visiting or living in Cyprus are in many ways priceless, getting a financial return on your investment can also make very good business sense, and it is relatively straightforward to arrange.
Hestia Homes has extensive experience of working with clients to manage and make the most of their property portfolios. We work with property owners across the Republic of Cyprus, but predominantly in the Paphos and Limassol districts.
Hestia Homes advertise properties for rent and sale, or our services on these international property portals, directories and websites;
So, if you have a villa, apartment or townhouse with unused capacity we can help you develop a reliable revenue stream from long-term rentals. Short term and holiday lets can be uncertain in a shifting economic climate and require a great deal of 'hands on' local management. When organised professionally, setting up long term rentals can reduce overheads and provide an assured cash flow.
In Cyprus, long-term rentals are typically for a 12 month term although different lengths of tenancy with furnished or unfurnished options can be arranged by mutual agreement between the landlord and the tenant. Hestia Homes are able to provide two levels of service to landlords for long term rentals in Cyprus, according to preference.
Our 'Let Only' service is ideal for landlords who are in Cyprus and prefer to manage things themselves. We will advertise and promote your property for rent to local and worldwide audiences, arrange and accompany viewings, help with the screening of potential tenants and arrange for the signing of a tenancy agreement along with collecting the first month's rent and the agreed deposit (typically equal to one month's rent).
Our 'Full Management' service is available in Paphos and Limassol and goes beyond our 'Let Only' service, whereby we prepare an inventory of fixtures, fittings, furniture and effects for your property and take the tenants to the electricity authority and council office to transfer the utility bills into their name. We deal with the tenant on your behalf, carry out periodic inspections, supervise the collection of rent and pay into the nominated bank account with monthly statements. Hestia Homes are the initial point of contact for maintenance issues that arise during the tenancy (using your appointed workman if provided). At the end of the tenancy, we check the property and handle the return of the damage deposit.
This complete package service is perfect for owners/landlords who do not live in Cyprus, or alternatively for those who may live here but prefer to engage the services of a professional property rental company to look after their investment and generate valuable income.
Whichever option you prefer, there are common issues that need to be dealt with when renting property in Cyprus. To aid the smooth commencement and termination of a property rental and maintain a good landlord/tenant relationship, it is important for both parties to have read, understood and agreed to any clauses in the tenancy agreement.
Listed below is a brief insight into the important practicalities of transforming your property into an investment designed to give you a stress-free return. Hestia Homes can guide you through the process and the level of rental income you can expect for the type of property in a particular location.
You should make a full inventory of the contents of the property and its fixtures, fittings, furniture and effects, both inside and outside of the property, noting any obvious dents, scratches and marks. This document should be signed with the tenancy agreement, or on the commencement date of the rental. Each party retains a copy of this written evidence as to the contents and condition of the property at the start of the rental.
We even recommend using an inventory for un-furnished property! Your property may have white goods, air conditioning units with remote controls, fitted blinds, bathroom fittings, etc. A schedule of dilapidations is a statement as to the condition at the start of your rental.
You must maintain, at all times and be responsible for insuring the property against fire, earthquake and such other risks deemed necessary. You should make your insurance company aware that your property is rented and arrange suitable public liability cover.
Tenants are responsible for the insurance of their own personal effects and belongings (contents insurance) and must NOT assume or rely on your insurance on the property.
You, or your managing agent, must note the meter readings on the commencement date of the rental term. All utility bills (electricity, water, municipality taxes / refuse collection) and the liability for their payment should be transferred into the name of the tenant.
Most municipalities in Cyprus charge a deposit against the property's water consumption, and again this must be paid by the tenant for the duration of their occupation.
In our experience we have seen numerous landlords rent their property, but they themselves are in arrears on water or municipality charges. It is essential these accounts are settled in full upon commencement of the tenancy.
Upon commencement of the tenancy, you would normally expect a deposit equal to at least one month's rent as a security deposit to cover possible damages or breakages.
The deposit should not be used as rent for the property and should be returned swiftly upon the tenant's vacation of the property.
The tenancy agreement will be made for a fixed term, typically one year. Unless different terms are agreed, you or the tenants should serve the other party with 2 (two) months notice (on the anniversary date) of the termination of the tenancy if they do not wish to extend it.
During any tenancy, we recommend you carry out periodic inspections of the property. This also gives the tenants the opportunity to make you, or your managing agent aware of any defects or issues with the property. However, you MUST give the tenant(s) sufficient notice (a minimum of 24 hours) of your intention to enter and inspect the property, and if at all possible try to arrange a mutually convenient time for the inspection.
In many cases, rental rates can be inclusive of swimming pool cleaning and garden maintenance. This should be clearly specified in the tenancy agreement and agreed by both parties prior to commencement of the tenancy.
Ensure your property is clean, secure and that any fixtures, fittings and contents are in good working order. You should look after and maintain your investment, as in this way most problems will be avoided and a good relationship will be experienced with your tenants.
Disclaimer: Whereas these pages have been read and approved by independent lawyers in Cyprus, Hestia Homes UK Ltd & Hestia Ltd cannot accept any responsibility for the accuracy. The details are provided for guidance purposes only. Any decision to sell or purchase a property should be based on advice and verification from your lawyer.
