Property rentals ..

North and south the Russian influx has pushed up rental and sale prices.

I think Airbnb and booking.com have contributed to rental increase due to landlords preferring a higher daily rate during peak season vs monthly rentals .

Usually smaller island nations and territories like Guernsey have restricted areas for non-locals to prevent rents from rising too much for locals.

I suspect property investors from Israel are a significant factor in what's happening now ..

I am currently trying to find an affordable 1 bed apartment in peyia coral bay area for a friend and it's proving to be impossible.

I also think a lot of property has been snapped up by local residents with short term lettings revenue appealing to them to supplement their income in a cost of living crisis and bank deposits earning nothing... .. taking many properties out of the long term letting market.

I think Airbnb and booking.com have contributed to rental increase due to landlords preferring a higher daily rate during peak season vs monthly rentals .
Usually smaller island nations and territories like Guernsey have restricted areas for non-locals to prevent rents from rising too much for locals.
-@dvb123

A lot of larger countries are now restricting and putting in tougher rules for  AirBnB.

I suspect property investors from Israel are a significant factor in what's happening now ..
I am currently trying to find an affordable 1 bed apartment in peyia coral bay area for a friend and it's proving to be impossible.

I also think a lot of property has been snapped up by local residents with short term lettings revenue appealing to them to supplement their income in a cost of living crisis and bank deposits earning nothing... .. taking many properties out of the long term letting market.
-@Toon

Malta is another prime example of that.

@SimCityAT absolutely..

@Toon maybe latchi harbor area has cheaper rentals !

@dvb123 aye but my friend works in the village and has a secure job

@Toon  i was surprised to learn during a senate hearing of the Legislature of Hawaii USA, just last month, that there is a political movement in Hawaii aimed at meeting the same problem in that  state of the US: too many people from the outside buying property at ever higher prices and making homeownership near impossible for locals. For anyone familiar with US law, it is easy to see that any solution would likely require amending the US Constitution. Very hard to do. Yet the problem is real and begs for an answer.

In my effort to rent  short term in Nicosia, I also learned the reality of locals taking over rental properties to profit from more lucrative short term renting. At that time, two people I contacted controlled all available units within a certain range in Nicosia. Both were keen to get me out of Airbnb into direct contract by Facebook or WhatsApp. And I had the impression that they had control of the units only to the end of August, which confirmed they were renting those units themselves.  I encountered that game played by expats while in Ecuador. In fact, for a few months I was sub-renting from a US expat, who used one of the bedrooms occasionally, while living in a unit he purchased in another town. Bottom line, this can only mean higher rent  for visitors. I must confess the experience was unpleasant and made me aware of the vulnerability of foreign visitors. I decided to wait until the  Fall or Winter.

@antoniodistefano9 yes commercial opportunist greed seems to have increased in Cyprus

And no real signs of abating....

Am seeing studios at €700-€1000 per month

One bed flats from €800

2bed flats from €900-1200-1700

Townhouses and villas ... At ridiculous monthly rates

@Toon try London, 2 bed flat, long let, £1800 pm

I know a friend of mine bought two 2 bed.flats in universal in Paphos and he's getting €1700 a month each  in rents

It is all about return so depends on the cost of the property against rental. In the UK 15 years ago this would have been about 8% return in rural Essex. With the way house prices have gone in the UK it is about 3% as rents are lagging behind because they are set annually. Next rent review will be a shock for tenants just like the poor people coming out of fixed int mortgage deals now. I heard some people are facing over 1k mortgage increase per month! The bubble will burst it's just a matter of time but there will be impact on some in a bad way for sure. Cyprus will go the same way. It will never return to old prices.

The thing is, someone must be paying the rent otherwise it would not happen.

Influx of high worth individuals & highly paid professionals from Ukraine Russia and Israel and company relocations startups etc. Very attractive tax Regime's for these and they can afford high rent's and property purchases forcing the local citizens out... Not to mention the greed of local commercial opportunists

Sadly it's having it's impacts and those impacts are spreading.....

@Toon I thought that was more of a problem in Limassol and not really in the Paphos area

Greed is spreading... 

@Toon it is greed at the end of the day. I feel sorry for the locals as it is getting harder for them to find somewhere to live.

@MacGeorge8035 Totally agree.... Mortgages even harder to get on top of all that . Banks have really tightened up..

paying 2500 per month for 3 bed villa with a pool - large outdoor plot and its brandnew clean and modern, funny when you tell the locals the act shocked and tell you that you can find it for half that price.

However when you ask them to show you... they cant!

Rental rates are ludicrous almost everywhere

And unfortunately some landlords are becoming greedier and more unscrupulous. A family we know had been in their rental for 8 years, checked with landlord they could continue to rent and he said yes for at least 2 or 3 years they asked could they decorate and obviously he agreed so they spent eu 800 painting it. The landlord then gave them 2 weeks notice saying be wanted it for a family member!

I have just looked for a short term rental in the Paralimni area for 4 months. I have been quoted €2300 per month for a 2 bed apartment. This is through AirBnB. I looked at an apartments yesterday, again 2 bedrooms. They wanted €1400 per month. It was a s***hole. Going to see something tomorrow, again 2 bed apartment €1500 per month for 4 months, supposed to be brand new. Shocked absolutely shocked at how much people want for such crap places.

I am using AirBnB, does anyone know of any short term letting agents in the East of the Island.

@Dee56 it won't be for a family member these shysters will immediately put it in the open rental market for double....

@MacGeorge8035 few and far between I'm afraid I have been looking for some time now .. failed so far

@Toon that is my experience too

@Toon 100%

We have just come back from looking at a 2 bedroom apartment in Kapperis. It was small but clean so we have decided to rent it for the 4 months we will need it. We got it for slightly less than we were expecting €1400 instead of €1500 per month.

What I found astonishing was some of the claims being made in the advertising for example the complex is new, it is in fact over 10 years old, there is a new fridge freezer and washing machine, modern furniture. The fridge freezer and washing machine are clearly old maybe they are second hand so “new to them”. The modern furniture is some of the basic items from IKEA.

The place is clean and functional so we will manage for the few months we will be there. I am starting to see a side to some locals I don't like. It appears they can be a little economical with the truth.

Like most estate agents.. I've just witnessed an agent lying to prospective buyers or tenants about our closed communal pool ...

@Toon In the case as it is through AirBnB I don't think it is an agent but the host themselves.

@Toon  it is interesting what you said about locals moving to short term let's. The bungalow I rent now has been rented out as long term lets for over 10 years. But our landlord told us last week that when we move out they are going to change over to short term letting.