The short-term rental market in Cyprus is rapidly growing, attracting the attention of both travelers and investors.
Yannis Kotzias, General Manager of Phaedrus Living:
“This is a natural progression, considering the global momentum of short-term rentals, and Cyprus, being a tourist destination, is no exception.”
Why is short-term rental profitable?
- Increased financial gain:
- Average annual rental income in Nicosia: €13,500
- Limassol: €26,200
- Larnaca: €18,300
- Paphos: €24,800
- Protaras: €61,300
- Ayia Napa: €46,200
- Peyia: €55,800
- Flexibility:
- Ability to increase daily rental rates during peak demand periods.
- Opportunity for investors to use their own property:
- Investors can plan their vacation by simply blocking the dates they want to use.
How to reduce risks?
- Diversification: storing real estate in different locations to avoid depending on seasonality.
- Services of management companies:
- Cleaning coordination
- Repairs
- Maintenance
- Gardening
- Marketing
Conclusion:
The short-term rental market in Cyprus continues to grow, offering attractive opportunities for investors.
The high competition in this area requires property owners and investors to use strategic marketing and the services of management companies.
With the growing demand for short-term rentals from tourists, this sector will play an increasingly important role in the Cypriot economy.
Disclaimer:
- The information provided in this article is for reference only and does not constitute investment advice.
- It is recommended to conduct your own due diligence before making any investment decisions.
