Read the article in Greek here
Cyprus has rejected a proposal to limit the number of short-term rental properties a person or company can register. Cyprus Rejects Proposal to Cap Short-Term Rentals, and although the Attorney-General’s office dismissed the plan, discussions on how to regulate the growing short-term rental market, including platforms like Airbnb, are still ongoing.
Purpose of the Proposal
The Deputy Tourism Ministry had proposed limiting the number of properties a person or company could register in the self-catering accommodation register to just two. This move was aimed at addressing the rapid growth of short-term rentals and ensuring fairness in the tourism industry.
Concerns Over Unfair Competition
Deputy Tourism Minister Costas Koumis explained that the law change aimed to curb unfair competition. He highlighted that many foreign investors were buying several properties, converting them into short-term rentals, and operating them without following hotel regulations, which gives them an advantage over traditional hotels.
Rejection but Ongoing Discussions
While the proposal to cap short-term rentals was rejected, the topic is far from over. Cyprus Rejects Proposal to Cap Short-Term Rentals, and the House Commerce Committee will continue to review the broader regulatory framework, including new EU regulations on the short-term rental sector.
Cyprus’ decision to reject the cap on short-term rentals does not end the debate. Ongoing discussions will shape the future of short-term rental regulation in Cyprus.
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Source: Cyprus Property News
