Paphos Life

Hi I’m looking to rent a 2 bed apartment somewhere not too far away from the tourist area of Paphos and have been quoted 600€ a month for rent which surprised me as I was expecting more like 300-400€ a month am looking to rent for 12 months
Any help of advice would be appreciated

Rent is a % of value. An owner needs at least 5% per annum. On €300 that equates to a €72,000 property. However, communal fees, water and more need to come off the rent, so n0t many properties are valued at less than €72k and very few below €60k which is where €300 per month really hits.

Flossie has summed it up really, it's a landlord's market at the moment and rents have been rising for a while now!


Shane

But, if complexes are forced to close their pools this summer, will this affect the number of tourists wanting to holiday in them? If that happens will the rental price of apartments on complexes without a pool be reducedc if they are empty?

Dee

ApusApus wrote: ↑Sun Mar 03, 2019 9:39 pm Flossie has summed it up really, it's a landlord's market at the moment and rents have been rising for a while now!


Shane

Not in my properties, they haven't! In fact, just last night I reminded one tenant that the lease ends 30 April, but if a renewal is wanted, I will not increase the rent. I feel what I am currently asking is a fair rent, the tenant is reasonable and I happen to know is not in a well paid job. I would far rather keep this tenant than have to find another, unknown quantity as it were, even at an increased rent.

Kili01 wrote: ↑Mon Mar 04, 2019 3:46 pm But, if complexes are forced to close their pools this summer, will this affect the number of tourists wanting to holiday in them? If that happens will the rental price of apartments on complexes without a pool be reducedc if they are empty?

Dee

Unlikely, Dee. The general way over here is, if it doesn't sell/rent then either hang on to it until it does, or put the price up!

I have a few friends who had their rent increased so much that they couldn't afford it, their landlady said all Paphos rents are increasing, she obviously wanted to make more money.
Apparently the property is still empty 6 months later as the renters that she had lined up to move in decided not to rent it after all.
In my opinion it served the greedy so and so right

Its the same the World over, rents are based on supply and demand, a couple of years ago it was a renters/ buyers market, now the economy is on the up, its the opposite, as for the people moaning about greedy landlords, spare us the lectures please, because every property owner of whatever nationality would try and get the most rent they could, its the way of the World.

We live in a 2 bedroom apartment with communal pool and allocated parking. Incoming tenants are happy to pay €150 per month more than we are paying!

So, if people are prepared to pay the higher amounts then it makes it even more difficult for those on lower incomes.

WHL wrote: ↑Tue Mar 05, 2019 9:11 am Its the same the World over, rents are based on supply and demand, a couple of years ago it was a renters/ buyers market, now the economy is on the up, its the opposite, as for the people moaning about greedy landlords, spare us the lectures please, because every property owner of whatever nationality would try and get the most rent they could, its the way of the World.

Whilst I agree with your "supply and demand" comment, I do object to being lumped into your "every property owner of whatever nationality would try and get the most rent they could" generalisation. See my post earlier.

LIKE..

I think you need to differentiate between the 2 types of landlord! There are those that have a spare property or 2 that doesn't owe them so they can take a different view on their potential "investment" and choose whether or not to take advantage of the opportunity. Then there are those that buy to let and therefore they are looking to maximise their investment because at some point in the future the rental market may take a down turn!


Shane

PW in Polemi wrote: ↑Tue Mar 05, 2019 6:11 pm

WHL wrote: ↑Tue Mar 05, 2019 9:11 am Its the same the World over, rents are based on supply and demand, a couple of years ago it was a renters/ buyers market, now the economy is on the up, its the opposite, as for the people moaning about greedy landlords, spare us the lectures please, because every property owner of whatever nationality would try and get the most rent they could, its the way of the World.

Whilst I agree with your "supply and demand" comment, I do object to being lumped into your "every property owner of whatever nationality would try and get the most rent they could" generalisation. See my post earlier.

OK 99.9% of owners