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Are restrictions on short-term rentals in Cyprus just around the corner?

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Cyprus Real Estate Agents Registration Council сalls to "reduce" and "do something" about the country’s short-term rental sector.

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According to Cyprus Real Estate Agents Registration Council, at least 6,700 accommodation units in Cyprus are officially registered for tourist rentals. However, in reality, the number could be more than 15,000—this estimate is based on modest counts of active listings on aggregator sites like Airbnb and others.

Here's the annual potential rental income from short-term rentals in various cities in Cyprus:

  • Nicosia: €13,500
  • Limassol: €25,200
  • Larnaca: €18,300
  • Paphos: €24,800

The top earners in Cyprus in terms of annual rental income are Protaras with €61,300, Ayia Napa with €46,200, and Peyia with €55,800.

For the local government, this situation could mean reduced tax revenues. While specific strategies to address the issue with short-term rentals have not yet been proposed, there is a high likelihood that solutions will be introduced in the coming months.

Context

The implementation of restrictions on tourist rentals is becoming a widespread trend, for example in Spain, Greece, Finland, France.

Source: Cyprus Mail

Photo by Andrea Davis on Unsplash

Quoting conditions of Prian.info materials

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Are restrictions on short-term rentals in Cyprus just around the corner?

Cyprus Real Estate Agents Registration Council сalls to "reduce" and "do something" about the...

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