In Cyprus 2% of houses are on Airbnb
A staggering 2% of homes in Cyprus are being utilized as accommodations listed on Airbnb, highlighting concerns about housing availability and regulatory oversight.
The data, focused solely on Airbnb listings, signifies a larger trend of properties being transformed into investment assets rather than meeting housing needs.
With 8,510 homes listed on Airbnb alone, it’s estimated that the total number of residences used for tourism purposes nationwide could be as high as 16,000. This surge in short-term rental properties is underscored by the revelation that only about 6,700 accommodations are officially registered with the Deputy Ministry of Tourism.
The financial allure of Airbnb is evident, with earnings varying significantly across regions. Analysis from AirDNA indicates that in popular tourist destinations like Famagusta and Paphos, annual earnings can range from 13,000 to 63,000 euros per year per accommodation.
In Ayia Napa and Protaras, for example, average annual incomes soared by 27% and 43% respectively compared to the previous year, reaching up to €62,900.
