Short-term rentals in Cyprus developing faster than hotel business

Short-term rentals in Cyprus developing faster than hotel business

There are currently more than 15,000 properties in Cyprus that are actively rented out for short-term stays. Their number has increased significantly over the past year. For example, in Nicosia the growth was 25%, in Limassol – 17%, in Larnaca – 9%.

The average annual income from renting out a property varies depending on the city. In Nicosia it is €13,500, in Limassol – €25,200, in Larnaca – €18,300, and in Paphos – €24,800.

What are the reasons for this growth?

There are several reasons for the growth of the short-term rental market in Cyprus.

  • The rise of tourism: Cyprus has become a popular tourist destination in recent years. This has led to an increase in demand for short-term accommodation.
  • The growth of Airbnb: Airbnb has made it easier for people to list their properties for short-term rent. This has made it more accessible for people to invest in short-term rentals.
  • The economic crisis: The economic crisis in Cyprus has led to many people looking for alternative ways to make money. Short-term rentals can be a good way to generate income.

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