Short-term rental properties are increasing in popularity in Cyprus, quickly becoming a mainstay in the accommodation choices of both travellers and locals, according to Yiannis Kotzias, general manager of operations at Phaedrus Living, a proptech residential rental platform.
“This is a natural progression considering the global momentum short-term rentals have gained, and Cyprus, being a tourist destination, is no exception,” Kotzias said in an analysis piece released this week.
Moreover, he explained that the growth of the short-term rental property market has been fueled by the investment community, with a growing number of investors acquiring or even constructing houses and apartments to generate returns through this utilisation of real estate.
“The dynamic nature of the market is reflected in statistics provided by the AirDNA platform,” he said, noting that by late January 2024, active short-term rental properties in Cyprus exceeded 15,400.
“The number of available properties for short-term rental increased annually in major cities of free Cyprus,” he added, noting that Nicosia saw a 25 per cent rise, followed by Limassol with 17 per cent, Larnaca with 9 per cent, and Paphos with 3 per cent.
According to Kotzias, based on the reasons identified by the company itself, property owners and investors are attracted to shor