Cyprus is a popular holiday and tourism destination. And one of the most beloved cities of Cyprus by Russian-speaking tourists is Limassol. With the help of this article, we want to give you an idea of where in Limassol is the best place to buy property for rent.
Perhaps you are considering Limassol to buy a property in Cyprus for yourself. In this case, in the article you can also find out more information that you will need to make the right decision. But still, the main message of this article is to consider all the most popular tourist destinations in Limassol, where your property will not be idle. So you will make a profitable investment and be able to recoup your investment in a short time.
Renting property in Cyprus in Limassol: earning strategies
There are two ways to profit from the property purchased in Limassol: long-term and short-term property rental. Of course, each option has its pros and cons.
- Short term rental. This method is considered more profitable with the right approach. But it should be borne in mind that you will have to constantly ensure that the house is not idle and look for new tenants. And in the intervals between the eviction of some guests and the settlement of others, you will have to carry out thorough cleanings or allocate a budget for a housekeeper. As you can see, this option requires your regular presence in Limassol in order to control all the ongoing processes. Or at least you will have to hire a reliable person for this. But there is also a nice bonus: in between guests, you can use the accommodation for your own vacation.
- Long term rental. This method is much more convenient than the previous one. You can buy a property in Limassol, rent it out to one guest, earn a steady income and enjoy the occasional setting. You do not have to regularly look for new guests and there is less risk that the house / apartment will be idle.
Where is it profitable to buy property in Limassol
First of all, you should decide on the place where you plan to buy property in Cyprus. And here it is better to focus on the amenities for your potential tenants – mostly tourists.
Most often, tourists want to live within walking distance from the sea and are willing to pay more for housing by the sea in Cyprus. In addition, it is desirable that there are restaurants, shops and places of entertainment nearby.
What property to buy in Limassol within the city
To begin with, let’s take a closer look at the city of Limassol as a place where you can profitably buy property in Cyprus. It is both a popular tourist destination and the business center of Cyprus.
If you have a big budget, then it is best to pay attention to the limits of the city itself. Two-bedroom apartments by the sea in Limassol in a new building will cost from 400,000 € to 4,000,000 € or more. At the same time, secondary housing in a house of 10-15 years of age can be found from 220,000 €, in a house of 20-35 years of age – from 150,000 €. You can buy a villa by the sea in Limassol for 2 – 10 million €.
If you want to rent out property only during the holiday season, then it is better to take into account houses and apartments located along the coast. This is a popular tourist area, where all vacationers are looking for housing in the first place.
The period of increased demand for housing on the beach in Cyprus lasts from May to October. At this time, you will not have to make any special efforts to rent out property in Cyprus. Out of season it is better to try to find one permanent tenant.
On the other hand, if you, regardless of the season, are more interested in long-term rental, then it is better to look for a property closer to the center. It is desirable that there are schools, shopping centers and everything necessary for life nearby. So there will definitely be a great demand for housing. And you will receive a stable profit and recoup the possible costs of maintaining real estate in Cyprus.
Inexpensive property in the suburbs of Limassol
On a more limited budget, you can consider Limassol’s surrounding suburbs and villages. Here it is quite possible to find accommodation even within 50,000 €.
But not all of the areas are suitable for acquiring real estate for rent, so let’s immediately discard unsuitable options. These are mountain villages in the Limassol region. Yes, they are very beautiful and popular among tourists. But their location can become unprofitable for you.
For example, these are the villages of Omodos, Lofou, Kyperunta and Lania. Despite its atmosphere, mountain air and beautiful nature, not every tourist will choose these destinations. The fact is that the path to them is very long and tiring: you have to climb the mountain along a long winding road. Limassol itself is far away, and in the villages there is not always everything you need, there are few youth and entertainment here. So these are rather more exotic destinations.
It is best to consider areas with more convenient locations. For example, you can profitably buy property in Cyprus in the village of Souni, the suburbs of Pyrgos, Paraklisha, Kalogiri Agios Athanasios and some other suburban areas with similar amenities. In contrast to the previously mentioned mountain villages, these places are considered budget-friendly to buy and at the same time common among tourists.
Short-term rental property in Cyprus in Limassol: cost
Renting a property bought in Limassol by the day, you will have a good income.
- Renting an apartment will bring 50 – 200 € per day;
- Renting a house or villa – 200 – 500 €.
Such a big difference in price appears due to the variety of housing in Limassol. There are many options for buying and renting, so many factors will influence the determination of the exact cost of renting per day. Without experience, it is difficult to figure them out on your own. But you can consult with a real estate agency and get professional help with pricing.
However, do not forget about the costs of renting real estate:
As a tenant, you can factor in the cost of utilities, use of television, and more in the cost of daily rent. But if you have a private house, you will have to organize the maintenance of the garden and the pool, as well as the supply of housing with furniture yourself. In addition, there are seemingly insignificant expenses for bed linen, towels, dishes. In fact, they also hit the wallet.
Property in Limassol Marina
Among all the past options, the Limassol Marina area stands out separately. This is a detached complex within Limassol. The real estate here is located on the territory of the old port, and this unusual fact is in great demand among tourists. This is a luxurious area, where each villa has its own berth for a yacht.
But, accordingly, real estate prices here are many times higher than in other parts of Limassol. Villas in Marina will cost 3-5 million €. And the price of apartments starts from 2 million €.
Where is it more profitable to buy property in Limassol: summary
We have listed the main options for which real estate in Limassol is better to invest your savings in and tried to discard all unsuitable options.
The main conclusion of this article is that there are different options for real estate to buy in Cyprus, and it is up to you to choose the location and type of housing.
But it is important to understand: the more you invest and the better the purchased property, the higher your rental income. In order not to be mistaken and to purchase the most successful option within your budget, you can turn to experts with many years of experience. A real estate agency will help you find the most suitable option and profitably buy a home in Limassol.