Rental property in Limassol, Cyprus
The long-term rental market in Limassol 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 before they buy or relocating families from some of the Arab states where they are working, but they have found rental costs up to 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 in this sector, with the easy commute to private schools in Limassol being a key factor, so anywhere along from the road or outlying towns like Souni, Kolossi, Erimi and Pygos and Parakleisia are popular. The typical rent for a modern and furnished property with a swimming pool is of the order of €1,400 per month with maintenance included.
Limassol’s tourist strip is popular with foreign workers, especially in the hospitality and entertainment industry, who want easy access to work and nightlife where they also mix with the posh crowd who want luxury beachfront apartments. Prices for a simple 1-bedroom duplex or apartment in Limassol are usually around €400 per month, 2-bedrooms furnished between €700-800 and elegant and stylish 2-bedrooms on the beach (Limassol Seafront) can be around €1600 and up.
The domestic market is also buoyant as Limassol has relied less on tourism within its economy with inner-city areas like Mesa Gitonia, Polemedia and Agios Athanasios popular requests. 3-bedroom family apartments start at €700 and villas and houses without a pool, a less important requirement for Cypriots, start at around €1,000-1,200 per month. Long-term rental properties in Limassol can be furnished or sometimes unfurnished, where you can normally 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 long-term rental market demand in Limassol strong, there is evidence of plenty of buying to allow investors to return to the Limassol market for bargains and the potential for a return. Reasonable return on your investment through long-term rentals. in Limassol.