Where to Buy Property in Cyprus

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Coral Bay/Peyia Village

Peyia village is in Paphos.  It is becoming a very popular destination for Brits who are buying property here, as it is very close to the area of Coral Bay with the increase of shops, restaurants, bars and night clubs these days.  The best sandy beach in Western Cyprus is only a short drive away from Peyia village, which is why this village is so popular.  The majority of residents are English.  In fact, in Paphos alone there are many English people living here and renting long term.  There are villas and flats for sale in Peyia and Coral Bay.  For instance, the cheapest price is for a mini flat accommodation being just a studio apartment at a price of 42,000 euro these days.  A mini flat is ideal for the single person or an investment.

Villas for rent and for sale attract many types of people from the UK, such as, retired couples and families.  Most villas are rented with private swimming pools.  The rent of a three bedroom villa with a private pool, unfurnished or furnished will cost approximately 550/600 Euro per month in Peyia, but it will cost slightly more if in Coral Bay.  This would be a good quality home with a downstairs toilet and one main bathroom and an en suite to the master bedroom with balconies overlooking Coral Bay beach.  A two bedroom bungalow without a pool can cost approximately 400 Euro per month to rent with an en suite and main bathroom.  A two bedroom apartment can cost 250/300 Euro per month in Peyia.  Compare to renting in the UK, it is comparatively a lot cheaper.  Most people settling in Cyprus always rent first, because they do not want to be tied down, in case living abroad does not work out for them.

Property Real Estate Agents

Property real estate agents renting to a client long term in Cyprus do not require references in most cases.  A holding deposit of one or two month’s rent is required.  Sometimes with a particular property a landlord will require six month’s rent in advance and this is in place of references.  This shows that the tenant is making a commitment to stay and will not leave the country without paying.  This sort of thing has happened before in Cyprus and now Agents and Landlords are trying to take precautions against this happening.  A tenant will sign a Tenancy Agreement, but it still doesn’t stop them from leaving.

It is very easy in Cyprus to go out and find a property to rent without having to worry that references are needed.  It is like this, because most people may only stay for a year or even just six months, because they are either travelers or they have come to work in Cyprus.

Also, when it comes to buying property, there are many private property sales adverts in local newspapers trying to sell their property.  Going to a real estate agent is not always needed when looking for a villa or an apartment.  Most Cypriots in Cyprus prefer not to sell their property through a real estate agent, because they will be charged a 5% commission once it is sold.  Finding private property sales adverts are relatively easy.  All you have to do is look at a supermarket’s notice board in the area, such as, Philippos supermarket in Peyia or Papantonios supermarket in Chloraka, and you will see plenty of adverts there from private owners.  This is the best option if you want to sell or rent a property urgently or even find one urgently without going to a real estate agent.

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