How to earn Holiday Rental Income from North Cyprus property
Many of our NCI property seekers wish to view apartment or villa properties which they can rent out to holidaymakers. Property buyers see holiday let income as a return on investment and as an ongoing contribution towards the ongoing costs of ownership.
The good news is that if you purchase wisely, you certainly can make a great income from your holiday let apartment or villa property. In this article, we offer advice on making your holiday rental business as successful as possible in Northern Cyprus. Plus, we help you decide whether your income expectations are realistic or not. We can also offer no-obligation, informal telephone consultations before your visit to guide you to the properties which will most suit your rental needs. Just call NCI in UK or Cyprus: +44 207 112 8086, WhatsApp +44 7799 212425 or +90 548 861 0600. We can also help you arrange your inspection visit.
Some North Cyprus property seekers are unrealistic about the process involved in achieving holiday let income on their new villa or apartment property. Here are some questions to ask yourself:
Questions to ask about buying holiday rental property in North Cyprus
- Are you willing to do the MARKETING yourself to get your guests?
- If YES, this would involve running your own villa or apartment website entry on sites such as Air BnB or Owner’s Direct. Your choice of properties to purchase will be wider as you can purchase on sites which do not offer proactive lettings. Properties will be cheaper, as proactive services tend to be available on larger, more exclusive sites with slightly higher prices. This is pretty much the only way of renting out villas.
- If NO – this would inform us to guide you to APARTMENT properties for sale on apartment sites which offer “proactive lettings”. Your choice will be narrower and properties will cost more, however, this takes away the need for you to be involved at all – perfect for busy business people. Here is a link to East Coast properties or Bafra properties with proactive lettings. Here are properties near Kyrenia with proactive lettings.
- Management Liaison – Are you willing to organise and liaise with a local management company over the handover (cleaning, meet and greet etc) and the arrival of your guests?
- If YES, again this will give you more choice of properties to view. You can consider a villa or apartment.
- If NO, again this will inform us to guide you only to apartment sites which offer a full rentals management service as above. East Coast apartments, Bafra properties or near Kyrenia
- Are you expecting a RENTAL GUARANTEE in your contract?
- If YES, we will only show you apartment properties on sites which offer rental guarantees. We are not aware of villas which offer rental guarantees. Please note, that such guarantees are usually only for the first 1-2 years. Our experts can guide you to the properties we know will rent easily year after year, with or without a contractual rental guarantee.
- Personal Use – will you use the property during the year?
- If YES, we would obviously exclude properties which are only suitable for all year (full time) rentals. There are some apartment sites which offer rental guarantees but allow you to choose up to 4 weeks per year for personal use.
- If NO, you can also consider an all-year rental investment. This would work for villas or apartments quite close to a city such as Kyrenia or Famagusta.
- What % return do you expect per year?
Rental guarantees are only available on very few apartment properties. Those that do exist are usually set at around 6-7% of the sale price. However, it’s possible to earn far more than this in the right properties. 9-10% can be realistic in certain locations. However, if you are expecting more than 10% you may have over expectations and you must be realistic about the initial set up costs in the first year or two. These can include furnishing (if not furnished), advertising (if needed) and generally building up your business.
- Are you expecting ALL YEAR rental income or just in the May – October season?
Your holidaymaker clients who come in the winter would either come for a city break OR would need an indoor pool. So, if you have a beachfront or close to beach property on a shared site with no indoor pool, you will rarely get holidaymakers booking in the winter.
If YES – you should be guided to a holiday apartment property with access to an indoor heated pool. Or you should consider a property close to the city which can attract all year lets.
If NO – this is more realistic. Swimming pools can be used from May to October, so this is the main season. Aiming for 18 weeks of rental per year is realistic for the right property. Shared pool or private pool can attract holiday let guests, although some visitors only wish to have a villa with a private pool.
What features do North Cyprus Holiday Let guests need?
If you invest wisely, you can make a higher income from holiday lets than from all-year lets. Here are some features which holiday guests prefer:
- Shops & restaurants: A property which is walking distance to some facilities (shops, restaurants, bars etc). Even if guests have a car hire, they don’t want to drink and drive. Being close to a bar is a real plus. Others may not wish to hire a car at all. This is harder to achieve, as apartments near large supermarkets are in short supply. But not impossible. Please note, it’s easier to get a property near restaurants than near to supermarkets.
Here is a link to properties with access to restaurant/bar.
- Onsite Facilities
- A property which has a shared or private pool. A swimming pool is essential for a good holiday let business
- Other on-site facilities: Indoor heated pool (for all year rentals), gym, mini market, children’s facilities, onsite restaurant. The more there are, the more you will attract guests, but you may pay more in site fees for more facilities. So this has to be weighed up.
- Bus Service: This relates to the need or not for car hire. Some sites have bus services to the nearest town or beach. This is a real boon for holiday lets. Others are on the dolmus or bus routes. The nearer your property is to the city of Kyrenia or Famagusta, the more buses there are likely to be, or the cheaper and shorter the taxi ride.
- Bedrooms: If you have a 1-bedroom property, make sure you have a sofa bed in the sitting room to sleep 4 in all. The more guests you can include, the more demand you will have.
- Child-Friendly: Parents will be thinking of their child’s safety. It’s not necessarily a boon to have a penthouse or very high-up property. A safe site with a nice garden, large terrace and perhaps even some small section of a private garden is a great help for children, as well as play areas. Ground floor apartments can be cheaper per m2 and will rent just as well.
Let our North Cyprus International (NCI) experts help you!
Complete the questionnaire
To get our suggestions for the best property for you to purchase, please complete our easy online questionnaire by clicking on the link HERE. Please be sure to include in the notes section as many answers to the rental questions above as possible.
Informal Telephone Consultation
We have 16 years’ experience and can also offer no-obligation, informal telephone consultations before your visit to guide you to the properties which will most suit your rental needs. Just call us in UK or Cyprus: +44 207 112 8086 WhatsApp: +44 7799 212425 or +90 548 861 0600 , email: firstname.lastname@example.org. We can also assist with your inspection visit.