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.