It is seen that the rent rates in Turkey are tried to be brought under control with new regulations. However, the same is not the case for Cyprus. Rents in Cyprus increase according to the decisions of the landlords. Since there is no specific legal regulation, it is possible to see house rents doubling. Unregulated Cyprus rental rates may change during the year according to different dynamics. Cypriots are asked to apply the 25% increase rate regulation in Turkey in Cyprus as well. Read on to find out how much rents will increase in Cyprus in 2023, and what you need to know about rent hike rates!
General Information About the Rental Market in Cyprus
House rental dynamics of houses and workplaces in Cyprus are different. Market dynamics also vary according to regions. The location of the house and the housing equipment are among the factors that affect the rent. With the development of a particular area, rental prices may increase in that area. The Cyprus rental market follows the economic development of Cyprus. In this respect, the return of the investment to be made in the right place will also be quite satisfactory.
How Does the Rental Market Work in Cyprus?
The rental market in Cyprus is shaped according to the development processes of the regions where the houses are built. Newly built housing projects can make a certain area valuable. Qualifications such as the vicinity of the university and the seaside are effective in determining rents. Rental increases in Cyprus may vary according to changing economic dynamics.
Which Topics Are Included in Rental Agreements?
When renting a residence in Cyprus, a lease agreement is signed between the parties. The detailed address-type and features of the residence, the validity period of the lease, the intervals at which the payment will be made, the annual increase amount, the electricity – Details such as who will pay for water and natural gas, the fixtures of the house, the amount of the deposit are the details in the rental agreement. If you do not know much about this subject, getting professional support will be extremely beneficial in terms of protecting your rights.
How Are Rental Fees Determined?
The rental fees in Cyprus are determined according to the city where the residence is located, according to the structural features of the residence, and according to the location of the residence. Houses by the sea are seen as more valuable in terms of rent. The houses around the university are also considered to be valuable houses in terms of rent. To find out the prices of flats for rent in Cyprus, you can find our website click here.
Rent Fees and Increase Rates in Cyprus in 2023
In Cyprus, rental fees and hike rates are not subject to a certain regulation. Changing economic and sociological conditions will affect Cyprus rental fees 2023 rates. It is estimated that house prices may double in 2023 due to the changing economic and sociological conditions in Cyprus.
How are the Rental Fees in Cyprus in General?
The rental fees in Cyprus vary in price ranges depending on the location of the residence. New housing projects may offer more advantageous opportunities in terms of buying and renting a house.
How Have Rental Rates Changed in Past Years?
The Cyprus rental market has always been very active. In terms of the developing TRNC, rent increase rates have varied according to economic and sociological conditions in the past years.
How Much Could Rental Increase Rates Be in 2023?
It is observed that there is an uncontrolled increase in house rents in Cyprus. Rents may double in 2023. Buying a house in good areas already can be a good step to make big profits.
What Tenants Can Do Against Rent Increases
The rent increase should be made in accordance with the contract. The rent increase rate is determined in the lease agreement. It is possible to take legal action against landlords who do not comply with this. In rent increases, you can complain about the increase that is not suitable for the increase rate by looking at your contract.
Is There a Right to Object to Rent Increases?
There is a right to object to the rent increase in cases where the rent increase rate in the contract is not complied with. The lease agreement is the mainstay here. The details of the contract between the landlord and the tenant are therefore very important. It is necessary to pay special attention to the amount of rent increase when making a rental agreement. It is possible to apply to legal remedies for increases above the rent increase amount determined in the rental agreement.