The Deputy Ministry of Tourism of Cyprus reports a growing market for short-term rentals. This market is regulated, and listing on online platforms requires obtaining a license. Penalties are provided for violators.
According to Marios Tsanakas, a representative of the Deputy Ministry of Tourism, there are currently over 6,700 self-catering accommodations in Cyprus capable of accommodating over 30,000 people.
The demand for short-term rental services has increased due to the younger generations’ desire to remain flexible while traveling. Additionally, combined with cheap flights, Airbnb apartments offer the opportunity to reduce the overall cost of the trip.
The Cypriot economy also benefits from the fact that tourists using short-term rentals rent cars, use public transport, go to shops and restaurants.
In addition, the Deputy Ministry of Tourism reminds property owners that advertising and renting their apartment on a short-term basis through such services is only possible after obtaining the relevant license from the Deputy Ministry of Tourism and entering the property in the register of self-catering establishments.
You can apply to register your property in the registry online.
Renting out a property without a license is punishable by imprisonment for up to one year and/or a fine of up to 5000 euros. In case of a repeated violation, the fine will be considered up to 200 euros for each day.
