articles | 24 August 2022

Cyprus Airbnb rentals starting to pay off

Cyprus’ Airbnb industry is enjoying a comeback following more than two years of lockdowns and travel restrictions, as it grew by 20% in tourist resorts in the second quarter of 2022 compared to last year.

According to AirDNA, a well-known, trusted resource for vacation rental research providing comprehensive holiday rental data and analytics worldwide, Airbnb properties in Cyprus’ coastal regions have taken off.

The average occupancy frequency in tourist resorts was 69%.

AirDNA data shows that 1,438 properties were listed with Airbnb in Protaras in the second quarter of the year, increasing by 29% compared to the 1,191 active in the same period of 2021.

Some 1,219 active properties in Protaras have been busy, with a daily average price of €196 and a monthly rental frequency of 63%.

AirDNA estimates the average revenue for a single Airbnb property to be around €2,437 a month.

Paphos had 1,554 properties listed with Airbnb in the second quarter, up 18% annually. Some 1,419 were rented out with an average daily price of €68.

The rental frequency was 67%, which means that, on average, Airbnb owners in Paphos had an additional income of €900.

In Limassol, there are 546 properties listed, up from 469 in the same period last year.

A total of 456 were rented out during the second quarter with a rental frequency of 77%, at an average price of €77 per night. As a result, Airbnb owners in Limassol earned €960 a month.

In Larnaca, properties included on the international platform grew 19%, with 1,246 rental properties up from 1,004 last year.

AirDNA notes 1,053 were active in the district, with a €60 daily average price and a 70% rental frequency rate generating monthly revenue at an estimated €762.

Source: Financial Mirror

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