Insider Business Airbnb bookings 50% cheaper than at hotels

Airbnb bookings 50% cheaper than at hotels

Overnight stays booked on Airbnb are half the price of rates at three, four and five star hotels in Cyprus and this explains the sharp rise in bookings via the electronic platform in recent years, according to KPMG’s Cyprus Real Estate Market Report-The Insights.

Specifically, the average overnight cost via Airbnb in 2018 was 52% cheaper compared to bookings at the Mediterranean island’s three, four and five-star hotels.

The annual report outlining the key trends and major drivers of the real estate market also showed that a total of 37,862 bookings through Airbnb were made in 2018, marking a rise of 71% year-on-year.

In addition, 4,538 active property listings were recorded as at February of 2019 and the overall number of guests stood at 48,359, of whom 3,534 were domestic and 4,825 international. This marks a rise of 41% year-on-year.

The largest revenue from Airbnb services was recorded in Paphos with a yearly total of €48 million, followed by Famagusta with €11 million, Limassol with €8 million, Larnaca with €3 million and Nicosia with €2 million.

The most expensive overnight rates via Airbnb for August 2018 (the month most in demand) were recorded in the free areas of the Famagusta district at €148 per day compared to €188 per day which was the average rate for  three, four and five-star hotels. Then followed Paphos with €132 per day compared to €199 for hotel of three, four and five stars.

Next comes Limassol with €82 per day compared to €196 for three, four and five-star hotels, then Larnaca with €73 compared to €129 for also three, four and five-star hotels and finally Nicosia, the capital, with €53 compared to €122.

 

Read more:

https://in-cyprus.com/airbnb-in-cyprus-most-popular-with-russians-britons/

Top Stories

181 new cases of COVID-19 on Tuesday

The Health Ministry announced 181 new COVID-19 cases on 27 October, out of 3,589 laboratory tests, taking confirmed infections to 3,817. The break-down of new...

President Anastasiades and Turkish Cypriot leader to hold first informal meeting next Tuesday

President of the Republic of Cyprus Nicos Anastasiades and Turkish Cypriot leader Ersin Tatar will hold their first informal meeting on the 3rd of...

FM: Turkey’s actions not conducive to Guterres’ efforts over Cyprus

Cyprus’ Foreign Minister Nikos Christodoulides said on Tuesday that Turkey’s illegal actions undermine peace and stability in the region and are not conducive to...

State Health Services Organization confirms hiring of nurses

The State Health Services Organization confirmed today to the nurses’ trade unions that the decision for the hiring of new nurses to man Hospitals...

200,000 rapid COVID-19 tests ordered

The Health Ministry announced that 200,000 antigen rapid COVID-19 tests have been ordered within the framework of the measures taken to manage the new...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...