| Renting The usual practice in Cyprus, especially among young people and couples in the cities, is to rent a home. There are an adequate number of apartments for renting, chiefly in small buildings, and a small number of houses and country dwellings are available. As a general guide, the monthly rental for an unfurnished apartment of average size (with about 100m2 of floor space and two bedrooms) varies from €350 - €700 and is usually paid in advance at the beginning of the month. Water, electricity and heating costs are not included in the rental. The cost of renting depends on the location of the building and on factors such as the level of equipment in the accommodation. Apartments and houses are usually rented on the basis of a contract for a period of one or two years with the possibility of renewal. A deposit equal to one or two monthly rental amounts is usually requested; the deposit is refunded when the contract expires, except when the owner withholds part or all of it to cover damage.
Purchase Cyprus has plenty of dwellings for purchase. With regard to borrowing, interested persons should contact the banking institutions for an explanation of the terms. Generally speaking, loans have a term of up to 25 years. The delivery of a house, apartment or business premise etc. for which planning permission was applied for after 1/5/2004 is subject to VAT at 15 per cent. Interested persons are advised to contact estate agents and the VAT service for clarification about any exceptions. Loans are usually granted for up to 80 per cent of the real estate value.
Further Information Cyprus has plenty of newspapers, both Greek-language and English-language (including specialist publications), which publish advertisements for the renting and sale of real estate. There are also estate agents who specialise in finding property for sale and rent. The majority of the population (about 70 per cent) lives in the urban areas. The Nicosia district has about 40 per cent of the population of the areas under the control of the Republic of Cyprus. In recent years property prices have been rising both in and outside the urban areas. About 70 per cent of dwellings are owner-occupied. About 25 per cent of all dwellings are apartments. |
