The advise is always 'Don't rely on rental income to cover the mortgage' but I don't know th Cyprus rental market at all so can't really comment.

Perhaps if she pitches the property at the right price, advertises it well and most importantly doesn't use it herself in the peak school holiday weeks, she might just stand a chance!

Fiona, I think you are definitely right to be concerned for your friend.

I booked a villa in early February and got a very good deal. The villa is in Ayia Triada, about 20 minutes from Protaras. My son had stayed there last year and it is really nice with the communal pool next door to the villa garden. Most of the time he had the pool to himself and that was in July.

Now the reason I am 'rabbiting' on is because, since then, he has only had another booking for one week in October......... Not good........

Fortunately I am going for 4 weeks which no doubt helps his rental calendar, but altogether he only has a total of 5 weeks (one in April), for the full year.

What I have found is most of the owners are far too greedy in the prices they are asking. Think they have to 'wake up and smell the roses' as Cyprus is now awash with rental properties.

There!, my tuppence worth ( for what it is worth )

Cheers,
Jinty

thanks- I was pretty sure as we had done some research a couple of years ago when we thought of buying as in investment. Things haven't changed then

No, and to be honest Fiona it can only get worse when they change to the euro........

We have a massive love affair going with Cyprus tho, so will still pay the prices.......

Cheers,
Jinty

Hi Fi,

I've only just spotted your message. As 'jan400' pointed out, relying on rental income to cover a mortgage is not a good idea.

There are a lot of holiday lets available in Paphos - and more are being built every day. Tourist arrivals have fallen in recent years and even the Government is concerned about the impact on the economy. In Limassol for example, a number of hotels have been converted (illegally) into 'buy-to-let' apartments & sold to unsuspecting expatriates.

Your friend may be lucky, maybe not. But she shouldn't bank on getting more than a 4% (gross) return on her investment.

(You can find info on the Cyprus property market on my website)

Cheers,

Nigel (aka EPHMH)

she has been told that she should go for long term rental and that she will get this. I hope this proves to be correct. Thanks for all the info- its much appreciated.

If your friend goes for long-term rental they need to bear in mind that the weekly income is much lower than for short-term holiday lets.

There's a good website that has plenty of advice & information about renting. It's at: http://www.laymyhat.com/

Regards,

Nigel

hi Nigel
I think her best bet is a long term rental as she is not IMO going to get many weeks booked on short term rental. Thanks for the website- I had forgotten to give her that one- even though I have it in my favourites!