Until recently, it was difficult to rent out your property in Cyprus, as you had to spend time registering the property in the cadastre.
However, after the Cypriot Parliament passed a bill that regulates the short-term rental of real estate through online services, everything became much easier.
Property owners got more time to record the fact of short-term renting out their property. The new law also removed the requirement to obtain the consent of the house committee or, in case of its absence, all apartment owners to rent out one particular property through Airbnb.
Another change is the abolition of the concept of a "residential zone". That is, if previously renting out by law was not possible everywhere, but only in areas designated in the city planning plan as a "residential zone," now any object can get permission to rent out, you just need to submit an application to the cadastral service and be listed in the register.
By the way, all these factors combined to popularize Airbnb in Cyprus. Today, it is one of the top platforms for short-term rentals in the country. Interestingly, interest in the service is constantly growing not only among property owners but also among tenants who actively use it.
Thus, according to recent data from the representative of the Ministry of Tourism of Cyprus Marios Tsianakas, over the past year, the number of offers for rent in Cyprus through the popular service has increased significantly to 6.7 thousand. At the same time, about 30 thousand beds are available for locals and tourists.
If we look in detail at the cities of Cyprus:
- Larnaca has 2,036 residential properties available. The average cost of their short-term rentals is 60 euros per day and the average booking rate is 72%. In a month, a property owner in this Cypriot city can earn about 798 euros from renting out.
- There are 1,946 residential properties available in Limassol. Their average short-term rental rate is €78 per day and the average booking ratio is 78%. In a month, a property owner in this Cypriot city can earn about €1,011 from renting out.
- There are 1,524 residential properties available in Paphos. Their average short-term rental rate is €70 per day and the average booking ratio is 76%. In a month, a property owner in this Cypriot city can earn an average of €966 from renting out.
- There are only 70 residential properties available in Paralimni. Their average short-term rental rate is €76 per day and the average booking ratio is 96%. In a month, a property owner in this Cypriot town can earn about 858 euros from renting out a property. Over the year, the growth of interest in housing objects in Paralimni amounted to 25%.
- There are 1,124 residential properties available in Ayia Napa. The average cost of their short-term rentals is 121 euros per day and the average booking ratio is 60%. In a month, a property owner in this Cypriot town can earn about €1,463 from renting out a property.