Regulatory changes can either incentivize or deter property owners from renting out their spaces, leading to shifts in supply and, consequently, pricing. You’re a property owner or a potential tenant; you need to stay updated with regulations to navigate the market effectively. Our index gives clear insights for you to rent or be keen on market rates. It represents a decrease of about -43.05% from the previous month. September brought another shift in the market.85% from August.42 for 1-bedroom to 3-bedroom villas.55.97 per month. Below we provide a comprehensive analysis including month-on-month comparisons to guide your rental decisions.82%.84 per month.45% possibly influenced by seasonal demand or other factors, highlighting the rental market’s dynamic nature.70 per month.08%. They gained significant attention from renters for various reasons. They like houses over condos because of spaciousness, privacy, and the serene atmosphere matching those seeking a comfortable, home-like environment.18 per square meter. Surprisingly, the average rental prices for villas are consistent among these nationalities.
Many tenants come to the area for its modern. Compact living spaces for their stay.50 per month. Villas ranging from 2 to 4 bedrooms boasted features of an infinity pool, fully equipped kitchen, and provided breathtaking sea views.17 per month.10 per month marking a decrease of around 16% from the previous quarter.94 per month.23 per month ranging from 1 to 3 bedrooms. On the other hand, houses, specifically 1 to 5 bedroom villas, boasted features like private pools, outdoor salas, and full western kitchens.42 per month. However, villas saw a broader range in pricing.94 per month.42 in Q3.10 in Q3.94 indicating an 18% decrease. A total of 248 villas and 68 condos have been the focal point of property deals, boasting an average median rental price of 527,336. Properties cater to a diverse range of tenant needs with 40% of tenants seeking holiday homes, 27% for personal use, and 15% viewing them as investment opportunities.49, also popular among holiday renters.
Given the consistent growth in demand, especially from international tenants, we project a 10-15% increase in the median rental price for villas over the next year. The modern amenities and strategic locations, especially those with beach views, will continue to attract renters. Modern amenities also significantly elevate your property’s appeal allowing you to command higher rental prices. Homeowners Vs. For example, ensuring your property is in pristine condition; think about renovations or upgrades particularly in key areas like the kitchen, bathroom, and outdoor spaces. Besides, you always stay updated on the latest market trends. You can appeal to a wider tenant base and ensure consistent occupancy throughout the year by providing short-term and long-term lease options. Adjusting your rental prices in line with market dynamics. Ensuring your property offers competitive value will keep it attractive to potential renters. It’s essential to compare amenities, views, and accessibility to ensure you’re getting the best bang for your buck with prices varying widely based on location. You can negotiate. During the low season, you will find better deals; always talk to landlords about terms and prices to get the best deal. These often come with a more attractive price tag than their short-term counterparts, giving you both stability and value. Several factors in shaping rental prices including seasonal fluctuations, new developments, and local regulations are important. For homeowners maintaining properties and offering flexible rental terms can maximize returns while tenants should negotiate and research to secure the best deals.
Among these rentals, over 100 units were villas and 29 were condos. The average rental price for condos during this period was approximately 84,807. Villas, on the other hand, featured a median rental price of 57,450. Below are lists of the factors you will understand the rental market dynamics on the island. The cyclical pattern is evident in the significant price reductions observed in the third quarter of both years. For instance, new developments in 2023 might present more upscale amenities or increase the supply of rental properties leading to competitive pricing. Conversely, during off-peak seasons, the demand drops, leading to reduced rental rates. Such developmental shifts in the market directly influenced the varied rates between condos and villas across the years. As these new properties set new benchmarks, homeowners might adjust their property rates to remain attractive to potential renters. In 2022, the dramatic drop in prices was influenced by new local regulations favoring short-term rentals or introducing new taxes.
The information helps renters identify the best times to secure favorable rent deals. Down below we provide you with insightful, updated analyses and breakdowns to navigate this vibrant market landscape. On the other hand, townhouses gained traction starting at 30% in 2018 and climbing steadily to reach 38% by 2022. Condos as a smaller segment increased between 6% and 8% reflecting a niche yet stable demand. Villas consistently held their ground with their allure of space and privacy, making up around 45% of the market throughout these years. Houses including townhouses, command 57.9% of the market. Zooming into 2023, the trends are distinctly evident. The boom in tourism with the upcoming winter holidays will naturally drive up short-term rental prices especially for villas catering to travelers seeking luxury stays for up to three months. Several dynamics have been at play here. Improved infrastructure from better roads to enhanced amenities bolsters the appeal of townhouses, especially among those eyeing longer-term residencies. Even though the condo segment is smaller, it remains strong.