To rent or purchase an apartment or residence the usual way is by searching through the local newspapers and specialized press, as well as websites, and using the provided contact details of the owners. Estate Agents are also a good source, but you must consider that a commission fee will apply accordingly.
The Cyprus Association of Estate Agent Entrepreneurs (TEL +357 22 88 97 59, EMAIL email@example.com) and the Estate Agent Registration Council (TEL +357 22 889759) may be contacted for information on Estate Agents in Cyprus.
Prices for renting or buying vary according to neighborhood, district, region, distance from urban centres and facilities, building indices, etc. Therefore, before choosing to rent or buy an apartment or property, it is a good idea to research prices (locals, colleagues and EURAXESS Cyprus staff are good sources of double-checking how ‘reasonable’ or not a price is) according to the area and other factors relevant to your budget, interests and circumstances.
Indicatively, in recent years, the purchase price of an apartment ranges from €1,700 to €2,500 per square metre (m²), while construction cost (house) is about €1,000 per m² and sites range from €200,000 to €500,000. An unfurnished, relatively new apartment may be rented for prices ranging from €10 to €15 per m². It is relatively easy to find and rent an apartment in Cyprus, with more availability during the winter-off season. Many apartments are offered at short- to medium-term rentals. Some flats are available furnished or partially furnished, while the rest typically come equipped with a fully fitted kitchen and built-in cupboards/ closets.
If you need to have your money safely deposited and/or you wish to receive loans, it is suggested that you visit the website of the Central Bank of Cyprus to retrieve details and information about Banks Operating in Cyprus. You may then contact or visit branches of Banks to acquire information opening accounts, receiving loans, etc.
Apartments and houses usually ran on contracts for a period of one or two years with the possibility of renewal. For these longer-term leases, tenants are usually required to pay the equivalent of one month’s rent as a deposit and one month’s rent in advance when the contract is signed. Deposits are refunded upon expiration of the contract/lease, except when the owner/ landlord keeps part or all of it to cover damage. You should keep in mind that before signing the lease, it is important to clarify: its duration and possible increases in the rent, the possibility of renewal, the deposit and how it is refunded, which utilities are included (if any), and who holds keys to the property. It is also suggested that you confirm whether subletting is allowed, what superficial changes (if any) are allowed, whether pets and/or smoking is allowed and whether there is available parking and/or storage area.
As a tenant/ renter you may insist that a formal lease agreement in English be drafted and signed, laying down the agreement and your rights as a renter. All concessions made to the renter or repairs promised should be included, with an appendix stating the current condition of the property, furniture, and fittings. The owner/ landlord should confirm, in writing, any additions to the contract as well as the termination of the contract itself. If however, an English language lease is not available/ achievable, then colleagues and EURAXESS Cyprus staff are again a good way to double-check.