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Tips For Before You Enter The Cyprus Property Market

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Travel & Leisure - Vacations

Written by Tim Martins

Thursday, 13 March 2008

Buying a second house is what most people do these days. If you're buying a piece of land or buying a property in Cyprus you'll find it's the best investment you'll ever make or maybe your second. But just how do you pay for your mortgage for that second home?

by TimMartins

If you are ever thinking about making a property investment you need to consider the possible rental income that can be made. Luckily in Cyprus things have never been better and you will have no problems whatsoever in consolidating your investment. There are very high benefits during the peak seasons and winter tends to slow down a bit, although you shouldn't have any problems in breaking even.

You may be wrong in thinking that buying a second property is out of your reach, and in fact you could even be better off by buying one. On average a mortgage monthly repayment in Cyprus is around 1000 Euro (about 750 pounds). On the other hand the average rental income per week is around 1000 Euro, meaning you not only can cover your mortgage but you also walk away with an average of 3000 Euro rental income per month.

Now you must understand that in winter you might only get one or maybe two of a months rented out, and the rent is lot lower, infact the rent can be halved, so if you work it out a Cyprus winter (which is like a British Summer) last for around 4 months of the year, you would need to have your Cyprus property rented out two weeks a month for four months.

So although we have covered the only negative aspect being a 4 month break even winter period, on the positive side the earnings in the summer are about three fold the winter rates, so an average yearly rental income would work out at about 7000 Euro. Apart from that extra income your property will also have appreciated in value and don't forget that you too have the opportunity of taking a couple of breaks a year in the Mediterranean sun.

Doesn't all this sound interesting? You can actually let your money do the earning while you just ease off a bit and enjoy life. If you think that you need to find out more then head straight on over to cyprusinformer.com where you will be given excellent guidance on how to get started on the property ladder in Cyprus and how to rent it out at a profit.

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Find out more about this Free Cyprus Holiday Rental on-line magazine written by the Holiday Critic Tim Martins and check out this Cyprus Travel Tips Blog