The Cyprus Real Estate Agents Registration Council has voiced strong support for new legislation that would bring tighter oversight to daily rental properties, a move they say is long overdue.
This week, the council participated in a House commerce committee session where a bill was under discussion to toughen regulations surrounding self-catering accommodations. The proposed changes would also introduce new penalties for violations—something the council sees as essential.
Ongoing Concerns Around Short-Term Rentals
In a formal statement, the council laid out a series of serious concerns about the unchecked growth of short-term rental platforms like Airbnb. They argue that these rentals are distorting the local housing market by reducing the availability of homes for long-term tenants—driving up prices across the board.
They also flagged zoning violations as a major issue. Many of these short-term rentals are operating well outside the designated tourist zones, sidestepping planning laws in ways that could have lasting consequences for communities.
Impact on Tourism & Public Safety
The council didn’t stop at housing concerns. They warned that the current lack of regulation threatens to damage Cyprus’ reputation as a quality tourist destination. Without proper oversight, properties that don’t meet safety or quality standards are slipping through the cracks.
There’s also a financial cost. The council highlighted the significant gap between officially registered accommodations and those being marketed on platforms like Airbnb. This mismatch suggests widespread tax evasion and lost revenue for the state.
Call for Action
Council president Marinos Kineyirou emphasized the importance of acting quickly to implement these regulations. “We were among the first to raise the alarm about the consequences of unregulated daily rentals,” he said. “It’s encouraging to see more organisations and lawmakers stepping in to push for meaningful reform.”
Kineyirou concluded by stressing that proper legislation is vital—not only to protect consumers and the real estate sector—but also to preserve the integrity of Cyprus’ tourism industry and its overall image on the international stage.
Source: Cyprus Mail