Shortterm rentals like those on Airbnb are driving up housing costs in Cyprus, making longterm rentals unaffordable for many. The Cyprus Real Estate Agents Registration Council has called for a ban on these rentals to address the issue, as soaring prices are straining renters’ finances.
In recent months, inflation has caused consumer prices, particularly for essential goods like seafood and fresh meat, to surge, impacting household budgets significantly. By May, inflation had risen to 2.7%, driven by increased costs for agricultural products leading to a 1.82% food inflation for JanuaryMay 2024.
In March 2024, Cyprus consumers faced steep price increases in essential goods, with olive oil prices surging by 61.7%. The Consumer Price Index highlighted that painting services and fresh fruit and potatoes also saw rises of 14.9%, 14.5%, and 12.4% respectively, while prices for other edible oils, sugar, and garden furniture dropped by 18.9%, 17.6%, and 11.8%. These fluctuations reflect the challenges consumers face in managing their budgets amidst economic volatility, requiring careful planning and adaptation to navigate the changing financial landscape.
