Hotel projects grow as Airbnb is to be regulated

October 25, 2018

New hotels are sustaining a construction industry boom as hoteliers also go ahead with renovations and expansions, despite challenges posed by private self-service accommodation units.

ACCORDING to data released by the Cyprus Statistical Service, hotels are at the heart of the progress the building sector is witnessing. New hotels, refurbishments and expansion projects have multiplied by eight times in the first seven months of the year, compared to the same period in 2017. From January to July, hotel projects corresponding to 83,000 sqm. were licensed, compared to just 10,000 sqm. of projects licensed last year.

The 730% increase also accounts for one third of the licenses for new building projects.

Continue reading at source:  Cyprus Property News