Renting Property in North Cyprus
Are you looking to rent a property in North Cyprus?
There are many properties for rent in Cyprus, and the northern part has a wide choice of property types in every major town, city and village. Many people who have made a permanent move to North Cyprus chose to rent a property before committing to purchasing one.
With the recent issues due to Covid-19, the rental market has seen a significant surge, with North Cyprus property owners deciding to rent out their villas and apartments in 2020 as they have chosen to remain in their home countries. Real estate companies and estate agents in North Cyprus have been inundated with homeowners requesting their property be placed on the rental market.
Healthy North Cyprus Rental Market
Luckily the holiday rental market in North Cyprus has remained relatively healthy, as the local population, who have also suffered curfews and travel restrictions for some month still want their holiday time!
Kensington’s resort in Bafra, Thalassa Beach Resort, is one such place that benefitted from this situation with a period of time of being fully booked during July and August.
The property owners at Thalassa, who use the Rental Program available, also benefitted of course.
Going back to the benefits of renting property in North Cyprus, should you be looking to relocate. For many it is a good idea to look at a period of 6 months to 1 year, for renting a villa or apartment, just to see if a longer term move is right for them.
Easy Rental Process
Renting property in North Cyprus is a relatively easy process, and done mainly direct through developers or estate agents. The usual term for a North Cyprus long term rental starts at 6 months to 1 year and then renewable on an ongoing basis. 2 deposits are the norm, however with many estate agents these days, the financials are 2 deposits, 1 rent and also now 1 commission for the agent. It was not common practice for rentals in North Cyprus until a few years ago, but now seems more based on the Turkish system.
With Kensington, however, it is still 2 deposits and 1 deposit. The registration of the rental contract itself is now generally done by the tenant, which should be done at the local tax office. At the time of writing, the cost is a one off 13% of the rental contract if in GBP Sterling, and 8% if in Turkish Lira. This percentage also applies to the additional monthly tax, which is also due on all rentals, long term or short term holidays.
Benefits of renting property in North Cyprus
The other benefit of renting a home in North Cyprus is to help determine which area you may wish to settle more permanently. We all have a good idea of what our ideal might be about where we want to live, be it up a mountain or by the sea, but you may end up feeling the opposite once you are in situ of course! Property types also are another thing to consider. When looking at property to rent, you may fall
in love with a beautiful 4 bedroom villa with private pool, central heating, huge garden and all mod cons. But, in reality, do you need something that big, that will take a lot more budget to run than say, a 3 bedroom bungalow with a little patio garden and communal pool? There are many things to think about when researching. At least, when renting property in North Cyprus, you have a period of time to determine what property type you may wish to live in on a more full-time basis.
Property to Suit Your Budget
Another benefit of course is being able to manage a budget too. Renting real estate in North Cyprus usually means that the landlord is liable for any costs involving maintenance and breakdowns, so you should feel comfortable in that regard. Costs for utilities can vary, depending on property type,
and whether you are liable for pool and garden maintenance in addition to the rent. If you are aware of all that before you rent your property, you can at least understand where your extra costs will be and can budget with that in mind.
Kensington can provide a range of rental property within its portfolio, for either long term or short term holidays and our team will help guide you through the rental process.
From luxury Girne/Kyrenia town apartments to larger 5 bedroom coastal villas, as well as a wide range of property at Thalassa Beach Resort, you can find something to suit your needs.
Please feel free to contact us for further information via email at firstname.lastname@example.org or call us on +90 533 868 5125 or +90 533 854 7004. Or check out our rentals website www.kensingtonrentals.com