Landlords Guide
Renting Your Property in Cyprus: Key Considerations for Landlords
As a landlord in Cyprus, renting out your property on a long-term basis involves several key steps to ensure a smooth and successful rental process. At Fox Realty, we offer comprehensive support to landlords in Limassol and Paphos, helping you navigate the rental market with ease.
Long-Term Rental Agreements and Deposits
When you decide to rent out your property, it's important to understand the terms of a long-term rental agreement. As a landlord, you require the tenant to pay a breakage deposit, equivalent to one month's rent, along with the first month's rent. The last month's rent, paid by the tenant, is typically held by the landlord. This amount is returned only after a thorough property inspection confirms no damages and verifies that the property is returned in its original condition. This includes checking the inventory list, if applicable, as well as taking meter readings and ensuring the tenant provides proof that all bills have been settled.
Rental Agency Fees and Property Management
A finder's fee is paid by the landlord to the rental agency for advertising the property and securing a tenant. This fee is equivalent to one month's rent plus VAT for long-term rentals. At Fox Realty, we offer custom property management packages tailored to your needs, providing additional services to simplify the rental process.
Utility Transfers and Bill Management
Transferring the electricity bill to the tenant’s name costs €18. For EU citizens, a deposit of €50 is required, while non-EU citizens need to pay a €250 deposit. Many landlords choose to keep utility bills in their own name, as they remain liable if the tenant fails to pay. Rent and utility payments can be collected directly from the tenant. We recommend setting up a standing order to streamline the payment process for both parties.
Taxes and Additional Costs
By default, refuse, sewage, and council taxes are paid by the landlord for both holiday and long-term rentals. These costs can be around €125 per year, varying between municipalities. In some cases, landlords may choose not to include these fees in the rent price, but it is essential to inform the tenant before signing the rental agreement. We advise all landlords to include a clause in the rental agreement detailing responsibilities for these taxes.
Communal Charges and Amenities
Communal charges depend on the property's size and amenities. To simplify matters for both parties, landlords should consider including these charges in the rent. This approach ensures transparency and helps avoid misunderstandings.
Contact Us for Expert Assistance
At Fox Realty, we are dedicated to assisting landlords with all aspects of property rental in Cyprus. Whether you're renting out properties in Limassol or Paphos, our expert team is here to provide guidance and support. Contact us today for more information and personalized advice on managing your rental properties effectively.