# Renting Your Property



## PeteandSylv (Sep 24, 2008)

Hi everyone and Happy New Year

Can anyone offer any guidance as to how many weeks of the year we would be likely to rent a property as holiday lets? Looking at listings there seems to be very few bookings showing so some feedback from those who let their properties would be helpful.

Peter


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## Veronica (Apr 5, 2008)

PeteandSylv said:


> Hi everyone and Happy New Year
> 
> Can anyone offer any guidance as to how many weeks of the year we would be likely to rent a property as holiday lets? Looking at listings there seems to be very few bookings showing so some feedback from those who let their properties would be helpful.
> 
> Peter


Hi Peter,
The demand for holiday rentals has dropped off a lot this past year so I hope that you do not need to rely on rental to pay a mortgage.
Many of the developers will give very rosy figures for rentals which even in the past have rarely been achieved.
There is however more and more demand for long term rental these days as more people are coming over and renting for a year or more before deciding whether to buy so unless you want to keep the property available for your own use at times long term rental may be the best way to go.

Regards Veronica


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## yummymummy150 (Sep 8, 2007)

HI it is going to be hard this year,you need to be flexible with price. discont for early booking
add few things like a welcome pack ect . we did ok last year early yet to say how it will go 
it has to be worked at, hope that flights&€ will not put off repaet bookings.
Tricia


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## PeteandSylv (Sep 24, 2008)

Thanks for your prompt replies. We have no mortgage to worry about but want a feel for the number of weeks renting we could inject into our business plan. I agree that some of the figures banded about are too high and so I'm looking for a realistic idea from those who know.

Peter


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## BabsM (May 24, 2008)

Hi there. welcome to the forum.

I have been renting out our apartment in Oroklini for the last few years. I had a target of 12 weeks holiday lets for the first year and actually achieved 14 and 16 weeks for the second year. 

This year we had a footballer with one of the Larnaca football teams in as a long term rental. We had a 12 month contract but he walked out after 3 months leaving us with large unpaid bills. The tale was that he couldn't pay the bills because he wasn't being paid by the club. 

BabsM


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## sandra allen (Jan 8, 2009)

*Renting*



PeteandSylv said:


> Hi everyone and Happy New Year
> 
> Can anyone offer any guidance as to how many weeks of the year we would be likely to rent a property as holiday lets? Looking at listings there seems to be very few bookings showing so some feedback from those who let their properties would be helpful.
> 
> Peter


Hi there

As to your question of holiday lets, as a Rentals Manager in Cyprus I could honestly say that you will be very lucky to fill your property for the holiday season. The problem being that travel agents are doing such good deals that tourists are opting for package holidays. The best bet is to go for either mid term (1-6 months) or long term (7 months an up).

Sandra


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## BabsM (May 24, 2008)

With respect Sandra, I think that depends where your property is in Cyprus and what it offers. I don't know what will happen this year but ours was booked solidly with holiday lets from the middle of June to the end of August last year. Judging by the enquiries, I could have let it out for September and October too had we not stopped taking bookings.

But then it is important to be realistic and not expect to rent it out for 52 weeks a year with holiday lets because that won't happen, hence why I set a 12 week target.


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## sandra allen (Jan 8, 2009)

*Renting*



BabsM said:


> With respect Sandra, I think that depends where your property is in Cyprus and what it offers. I don't know what will happen this year but ours was booked solidly with holiday lets from the middle of June to the end of August last year. Judging by the enquiries, I could have let it out for September and October too had we not stopped taking bookings.
> 
> But then it is important to be realistic and not expect to rent it out for 52 weeks a year with holiday lets because that won't happen, hence why I set a 12 week target.


I can understand what you are saying, but that was last year. We have many landlords coming to us to change over to long term rental as they did very little last year on holiday lets.

Fingers crossed you do as well this year as last.

Sandra


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## grumpy (Nov 10, 2007)

Sandra, last year we rented out our complex in the Universal area Paphos and achieved 85% occupancy on all units througout the year. We know this year will be more difficult and owners will have to be much more flexible with rents, terms, periods etc etc. This year we do not expect as high an occupancy on holiday rentals and are switching some to longer terms. We aim to achieve 65% occupancy this year as a realistic target.


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## PeteandSylv (Sep 24, 2008)

Thanks for the replies to my original question which has made interesting reading. You seem to be looking at a more depressed year in line with everywhere else but with a time lag compared with the UK. This indicates lower volumes of rental, lower prices and, I believe, a housing price correction to come.

We've now decided that buying to do short term lets is likely to have too low a return to make sense right now especially if property prices were to drop as in the UK.

So its back to plan A: come over, rent, then buy and sit on our backsides waiting for interest rates to rise!!

Peter


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