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How much will the holiday homes be rented in 2021

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How much will the holiday homes be rented in 2021

Buying a holiday home is one of the victims of the coronavirus. Prices this year will be relatively low levels of rent and sales compared to 2019. Already in 2020 the decline was large and the downward trend in prices seems to continue this year until the situation with the coronavirus pandemic is not clarified.

Revenues worldwide and not only in Cyprus are declining, investment and tourism flows have stalled, demand will be quite reduced and the expected attractive packages offered by hotels will be highly competitive. Panos Danos, CEO of the real estate company Danos & Associates, talks about a sharp, even temporary drop in prices in Paphos, Larnaca, Paralimni and mountainous Limassol, where interested buyers from Germany, the United Kingdom, his countries Gulf, China and Russia in 2018 and 2019 were actively looking to buy real estate.

Mr. Danos continues that, for investors from non-EU countries, an additional incentive was the possibility to obtain citizenship in Cyprus. Program which stopped. The pandemic, the consequent economic recession and the end of the Cyprus Investment Program, are pushing demand and prices.

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How much will the rents decrease due to the coronavirus in 2021 Rent rents are coming Rentals : What is valid in Cyprus and the comparison with other countries

Due to the coronavirus the rental prices of beach houses in the province of Famagusta will be between € 8 – € 14 per sq.m. from € 10 – € 12 per sq.m. in 2020 and € 18- € 22 per sq.m. which was in 2019, with the fall reaching 36.36%. In the province of Larnaca the rental prices of beach houses are projected to be € 6 to € 10 per sq.m. from € 8 to € 10 per sq.m. in 2020 with prices remaining at the same levels. The difference is big if the comparison is made with 2019 when the rental prices were between € 15 and € 20 per sq.m. In the province of Limassol, rental prices for holiday homes per square meter are projected to be € 16 to € 35 per sq.m. from € 20 to € 40 which was in 2020 with a fall of 12.5%. In the province of Paphos the rental prices of seaside houses are expected to be between € 8 and € 14 from € 10 to € 12 per sq.m. which was in 2020. The fall in rent for holiday homes in Paphos is estimated at 16.6%.

The coronavirus also affects the selling prices of holiday homes with levels in some cases falling in the 2015 season. The comparison is made with 2020 where prices had fallen sharply due to the effects of the coronavirus. According to the estimates of the Danish and Associates office, the sale prices per square meter for the seaside houses in the province of Famagusta are projected to be € 2,000 to € 2,700 from € 2,300 to € 2,800 in 2020 and the fall reaches 13%. In the province of Larnaca the sales prices in the holiday homes are expected to be at approximately the same levels as in 2020. Specifically it is projected to be € 2,000 to € 2,700 per sq.m. compared to € 2,200 – € 2,700 in 2020. In the province of Limassol the selling prices holiday homes are projected to be between € 3,000 to € 4,500 from € 3,500 to € 4,000 this year in 2020. In Paphos province estimates for holiday home sales prices are between € 2,500 to € 3,600 from € 2,800 and € 3,000 per .m which was in 2020.

Source: www.philenews.com

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