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Landlords Advice
The Cyprus Property letting market has become increasingly fluid as the credit crunch takes affect, with a definite change in priorities over the past few Months.
We are noticing many second home owners,with holiday villas and apartments in Cyprus, are now looking to rent out long term, due to its stability, and income potential on monthly basis.
Running costs and paying the mortgage are now becoming a greater concern, for home owners, in europe, therefore the property they purchased in Cyprus for the family, is now having to be rented, for income they require. We have clients that are putting their own Cyprus property up for let for a variety of reasons, including redundancy,and high exchange rate costs. Owners of Cyprus property are now noticing long term renting of their property is a must enabling the owner to sit out the current market difficulties and keep the mortgage paid."
The key message to landlords is that possible tenants now have more choice than they did earlier in the previous years, meaning a decent demand for long term rental property in Cyprus, however rental expectations need to be lowered.
Our advice to those with Cyprus rental properties to let is to be realistic with rental charges. There are a great number of prospective tenants seeking Cyprus rental properties, so the market remains a positive one. We advise better to have the property let than standing empty.
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