Short-term rentals are driving up flat prices and causing accommodation shortages for students, particularly in coastal cities, according to the president of the Cyprus real estate agents association Marinos Kineyirou.
Kineyirou told state broadcaster CyBC that the diversion of flats to platforms such as Airbnb has significantly reduced the supply of long-term rentals, pushing prices upwards. He suggested that authorities should consider restricting or abolishing short-term rentals to address the issue.
As the new academic year approaches, Limassol remains the most expensive city for renters. One-bedroom flats in Limassol cost between €1,000 and €1,100 per month, nearly double the price in the capital, Nicosia, where similar properties range from €600 to €700. Larnaca and Paphos follow with prices between €500 and €600.
Two-bedroom flats in Limassol command €1,400 to €1,500 monthly, compared to €800 to €900 in Nicosia and Paphos, and €700 to €800 in Larnaca.
Kineyirou noted that Limassol’s steep prices are also attributed to increased demand from foreign workers, particularly in the IT sector.
“This is largely due to the fact that short-term rentals have absorbed part of the supply of properties for long-term or student rentals,” Kineyirou said.
He added, “Unfortunately, today, everyone is converting residential apartments into tourist ones, and we wonder who ultimately controls the zones and licenses.”
Kineyirou called for a review of current practices, stating that “serious consideration should be given to discontinuing or restricting short-term rentals to avoid creating problems for those seeking apartments for rent and for organised tourist complexes.”
Source: Philenews