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31 March 2020

The coronavirus epidemic is gradually spreading all over the world

The coronavirus epidemic is gradually spreading all over the world.

Countries, one by one go to the quarantine and restrict air traffic. Among the population there aregrowing anxiety. At the same time, while the pharmaceutical market produces protective things, tourism is struggling in agony. People are afraid to go abroad and, in some cases, even with a great desire they can no longer to do this.

Summer time is coming, and it’s time for vacations. But already today the fate of the short-term rental market in Cyprus and the tourism sector is a quite big question.

It is not a secret, that for many Cypriots the short-term rental is a gold residential. However, it seems, that 2020 season will go according to the different scenario.

According to the forecast, the short rental market will exceed demand this summer in Cyprus.

So, it will be very problematic to rent out all available residential real estate in Cyprus.

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If tourists continue to cancel their reservations, that is quite expected, then the number of available real estate objects for short-term rents will increase, as a result.

Of course, the companies that manage short-term rental in Cyprus are thinking how to avoid such losses. But the situation is problematic, because nobody knows when the epidemic will stop and everyone will return to their usual live. 

Source: In-cyprus

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