It may seem absurd to suggest that there could be distinct advantages in Cyprus property rent rather than purchase but that may well be the case in certain circumstances. The writer has always been quick to expound the benefits of property ownership in Cyprus especially in relation to Cyprus holiday villas or apartments. However a growing argument for long term rentals in Cyprus particularly by retired couples and even some families too. The great news for them is that there is no shortage of all kinds of properties available to rent all over the Island including the major holiday resorts. The question most readers will be asking however is, are there any advantages to paying rent rather than buying Cyprus property using a conventional mortgage?
A growing number of retired couples are selling up at home and moving to Cyprus to take advantage of the mild climate and more relaxed life style on the Island. These upwardly mobile pensioners don’t want to be tied down by the burden of Cyprus home ownership and prefer instead to rent. They have calculated that the interest on the money from the sale of their U.K. properties is sufficient to cover the rent on a Cyprus property. They are then at liberty to move from place to place with ease, free from any of the hassles involved in buying and selling property. Moreover should they need to return to the U.K. for whatever reason they would still have the benefit of their assets in cash at the bank.
Other older couples have chosen the Cyprus property rent option to avoid such things as inheritance tax and the possibility of the U.K. government liquidating their property assets. This is often the case should they need to go into care or nursing homes later in life. By either giving their property assets to their children or selling them off completely they put them beyond the reach of the Exchequer. The other advantage seen in such an arrangement is the pleasure of seeing their children benefit from their inheritance whilst the parents are still living. With Cyprus and the U.K having reciprocal tax and pension arrangements these couples can even have their pensions paid straight into a Cyprus bank account too.
In the case of Cyprus holiday rental properties there is no sense at all in renting such a house or villa because the rent would be based on the holiday market. The cost of renting these properties on a weekly basis would be astronomical and totally unfeasible for anyone considering a long term contract. Such as people actually moving to Cyprus or wishing to spend the whole winter there. Many Cyprus holiday property owners are willing to negotiate realistic rates for longer term rentals especially during the winter season. The difference in prices between holiday rentals and long term property rent is huge to put it mildly. Long term rent in Cyprus is always a cheaper option because the market is self regulated by the average wage which in turn dictates the real affordability of rents.
The ironic twist is that many Cyprus properties earning long term rent are often on the same street as identical houses generating four times the amount from holiday lets. So if you fancy living in a luxury Cyprus apartment or even a Villa with your own private swimming pool a long term rental could be just the ticket. With the Cyprus property boom continuing unabated there is a huge choice of property available for long term rent and no shortage of willing tenants either. A good proportion of these Cyprus properties will be owned by the former owners of the land because that’s how the developers pay them, with houses rather than cash. So if you like the idea of a home in the sun but don’t want to buy perhaps you should consider a Cyprus property rent.