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

UK Cypriot students not alone-food parcels start today

The foreign ministry is intensifying its support campaign for Cypriot students in the UK, starting with the launch of a food parcels programme today,...

379 booked in past 24 hours for breaking decree

Police booked 379 drivers and pedestrians in the past 24 hours for breaking a stay at home decree that allows people to leave the...

Police intensify Paphos restriction checks following violations

Police will be intensifying restriction violation checks in Paphos, as yesterday saw an increase in the number of people not adhering to the restriction...

Cypriot, UK FMs discuss issues concerning respective nationals amid coronavirus pandemic

Cyprus Foreign Minister Nikos Christodoulides had on Saturday evening a telephone conversation with his British counterpart, Dominic Raab, to discuss developments regarding the coronavirus...

Windy with possibility of showers, dust from this evening

Weak low pressure is affecting the area while there will be dust in the atmosphere from Sunday evening until Wednesday, the Met Office said. Today...

Taste

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....

Classic Pastitsio

Prepare the mince sauce: heat the butter in a pan and sauté the mince with the onion and garlic until nicely browned, mixing well....

Grilled vegetable and goat cheese rolls

Brush the vegetables with olive oil and season. Heat a pan/griddle and cook them carefully until golden on both sides, making sure their shape...