The success of the Cyprus Investment program over the years has resulted in an increase of investment in property. Through investment in property, many have realised the benefits of renting property, specifically the benefits of short term letting.
International apps such as Airbnb and other platforms have enabled owners of properties to rent their property for short periods of time to holiday makers. Short term lettings are on the increase, since 2018 short term lettings on rental platforms have risen significantly. According to statistics from Airbnb 120,000 visitors from 125 countries chose short term lettings in 2017-2018.
Economic Benefits of Short Term Letting
For those who have or are thinking of purchasing a holiday home in Cyprus, the benefits of generating an income when the home is not in use from short term letting is very appealing. Essentially it is a win win situation, alongside the Cyprus Investment Program high net worth individuals are able to invest in Cyprus property and gain citizenship.
As many of these individuals travel for business or have homes in other countries the option of letting the property short term to holiday makers is ideal. Others also benefit from the process from cleaners of the property to taxi drivers, the process generates more jobs in Cyprus and thus benefits the economy as a whole.
Increasing Tourist Numbers
The demand for short term lettings is supported by the increase in tourism to Cyprus. As Cyprus is now recognised as an all year holiday destination new tourism records continue to be set, for example in February this year arrivals of tourists reached 105,571 from 101,481 in February 2018, recording an increase of 4.0%. The figures are set to increase at a steady rate guaranteeing a stable flow of tourists that need accommodation thus generating a reliable income for those who rent properties.
High Demand for Tourist Accommodation in Cyprus
The increase in holiday makers who use short term letting is no secret to investors. People are seizing the opportunity of the Cyprus Investment Program by investing and renting one or more properties to meet the demand for tourist accommodation. This is reflected in the property market, sales during the first two months of 2019 has seen an increase of 18% compared to 2018. Now is the ideal time to invest in Cyprus Property for personal, commercial use or both. SkyPrime can help you find the perfect Cypriot property with a selection of luxury seafront villas in Cyprus.
Skyprime are experience in processing applications for the Cyprus Investment Program.