demand for rental properties

canyavuz


Joined: 22/02/2009
Posts: 363

Message Posted:
26/12/2011 00:10

Is there actually as much of a demand for rental properties, like estate agents here state? Trying to block out their crooked nature and work out if there actually is!

Allan


Joined: 28/12/2010
Posts: 40

Message Posted:
30/12/2011 13:57

If you can rent reasonably, there is no real demand, just hype by certain parties.

samblaney1985


Joined: 10/09/2008
Posts: 159

Message Posted:
17/02/2012 12:13

my one bed apartment lets on average 10-12 weeks of the year, and is currently rented for 6 weeks this year already. there have been adverts for holidays to north cyprus on tv in the UK recently, hopefully the investment in tourism in NC will bring in more rentals for everyone

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
17/02/2012 12:31

not enough supply of rentals that makes the demand

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
17/02/2012 12:32

people do not fell secure enough to buy in trnc because of all the horror stories and red tape by trnc goverment

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
17/02/2012 13:00

It is not just about feeling secure buying but there has also been some real horror stories regarding renting out properties to tenants that don't pay their rent. This wouldn't be so bad if you could move to evict after a few months but it is taking years and substantial legal fees to make this happen. People are also leaving massive electricity bills for owners to pay.



Holiday rentals will never make you rich and there is a low demand in comparison to other Med resorts but it would appear a safer bet.

Agobard


Joined: 20/08/2008
Posts: 271

Message Posted:
17/02/2012 15:39

In my experience, the rental market is slower now than it was a year or so ago - for long term rentals that is. Probably due to the amount of property available which seems excessive. I also believe that holiday rentals are being badly affected by the cost of getting here.

reyntj


Joined: 26/01/2011
Posts: 229

Message Posted:
17/02/2012 15:57

i reckon it depends where you have property if its near the centre of kyrenia i think there there is short supply because of all the students and workers in kyrenia hotels etc and also other people want to live there.but outside in some places much less demand.i would be very careful in choosing tenants over here though.

davpat


Joined: 23/08/2011
Posts: 225

Message Posted:
17/02/2012 16:07

message 5,someone has bought the property that is for rent though!!

Mindy



Joined: 27/10/2008
Posts: 1210

Message Posted:
17/02/2012 20:31

I agree fully with the concerns of renting a villa long or short term to people you do not know from Adam.

One would hope tthat your property would be looked after well, but unfortunately this is not the case for some.

I would like to offer my villa to rent but wonder if it is worth the worry, especially as the Tenant always seems to have the upper hand in a dispute (i.e.) law on their side. It is definitely a gamble......

ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
17/02/2012 20:58

Having owned rental property here myself, Perhaps I have been very lucky with My tenants but certainly the Horror stories where in the back of My mind, Tenant No2 has just bought the place, the monies in the bank and I no longer have to worry about whats going to need replacing/repairing, huge Bills being run up.

Mindy



Joined: 27/10/2008
Posts: 1210

Message Posted:
17/02/2012 21:08

Ttoli

I am so pleased for you, it is lovely to hear that it all worked out for you. LIfe is a gamble as they say...

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
18/02/2012 12:44

mindy meet and greet expat clients only i know that sound unfair but the horror stories seem to be from turks and cypriot tennants no offense to bonifide people..





davpat sorry didnt understand your reply

Mindy



Joined: 27/10/2008
Posts: 1210

Message Posted:
18/02/2012 13:55

Cyprusairsoft

Thanks for your advice, will keep thinking about it. I think Davpat was saying, You said people aren't buying here because of the problems with Government, and yet a renter bought your property. Lucky for you I say.

ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
18/02/2012 13:57

Mindy, I read Davpats comment as somebody had to buy the property in the first place in order to rent it out to a tenant.

suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
18/02/2012 15:07

Read the article in Cyprus Today.

Mindy



Joined: 27/10/2008
Posts: 1210

Message Posted:
22/02/2012 16:04

Suehowlittle!!

Can you enlighten me please on what is in Cyprus Today regarding renting property.



I am In UK so have no access to Newspaper.

Thanks

suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
22/02/2012 16:13

There was an article in the paper that told of a British man's efforts and expense of getting a tenant out who would not pay his rent and did damages and left unpaid bills etc. The courts took I think 6 years to order him out and to pay but he fled the country back to Turkey under a false name - therefore the monies are unrecoverable.



The poor owner has had a nightmare.



I also had a neighbour who bought an apartment (with a tenant in) I think he (Cypriot) bought it cheaply because the British owner had simply had enough and sold it to him. I know for a fact that rather than go into litigation he simply offered the Turkish family £5,000 to leave within one week. They took him up on his offer and left. In the end he still got a bargain, but what a cost in terms of money and misery to the original British owner.



I have had my apartment in Girne stood empty now for a year. I would never rent it out to anyone, could not bear the anxiety it could cause.

Mindy



Joined: 27/10/2008
Posts: 1210

Message Posted:
22/02/2012 17:09

Thankyou for that update on Newspaper story, it is a minefield for sure..