how to rent my apartment - use property management company or direct ?

dvb123 Contributor

Member since 11 July 2022

dvb123Contributor19 August 2023 18:35:05

121

Hi guys, We moved to my wife's country as our mother in law passed away at the General Hospital and wife did not want to stay in Cyprus due to sad memories.

I don't think me and my wife will return to Cyprus for a while. How do I rent my apartment in Peyia ?

1) Should I use a property management company ? If yes, can you please recommend me a property management company ?

2) Is it even possible to rent the apartment year round or better to sell it as it is located in the hills of Peyia approximately 1 km away from city center. The name of the apartment is Peyia Valley apartments by G&V Hadjidemosthenous Ltd .

3) Is it possible to pay electric bills, water bills online and taxes without living in Cyprus ? I am worried that I will miss a tax bill and the property maybe auctioned by the municipality of Peyia. In USA it is quite common for cities to aggressively foreclose properties if you miss two tax bills in a row.

4) Is 800 Euros per month rent reasonable for area ?

Toon Cyprus Expert

Member since 04 June 2011

ToonCyprus Expert20 August 2023 05:56:51

10214

Yes I would suggest you do use a management company ..... I recommend Aimie Bloss she is very good and she is 100% reliable and honest... https://www.facebook.com/cyprushomes4holidays. And https://www.cyprushomes4holidays.com/. They can do both long term and manage short term too...which would give greater returns on investment

2 bed apartments are in high demand right now and yes 800 per month is currently the going rate for tenants and many people will pay that.. long term tenants would possible require a slightly lesser rent. Especially as to the location of the property. Whereas 75 a night would be average for short term holiday let's but it also carries licensing requirements, cleaning and admin management costs. Long term lets don't require licensing and have lesser managing costs. But both require registration/taxation on declared income..

Selling outright is also not a bad idea if you have no intention of coming back to it why have the hassles etc... BuynSell agents seem to be very good at selling quickly.. you may even find a decent profit on the sale.

All bills can be paid online via JCC smart application and web . Just arrange to have the bills sent to you by email or paid by direct debit.

Good luck