The Real Estate Agents Registration Council has urged authorities to put an end to daily short-term rentals, citing concerns over consumer protection, the property market, and the country’s international tourism reputation.
During a meeting of the House Committee on Energy, Trade, Industry, and Tourism on Tuesday, the Council outlined the growing challenges posed by unregulated short-term rentals. It warned that the rapid expansion of this sector is reducing the availability of long-term rental properties, contributing to rising rental and property prices—an issue worsened by high interest rates and inflation.
International and EU Regulations
The Council pointed to cities such as Barcelona, New York, and Athens, where authorities have imposed full or partial bans on short-term rentals to protect housing affordability and prevent unfair competition. It also referenced the European Union’s recognition of short-term rentals as a growing issue, with new EU policies aiming to enhance transparency, data collection, and regulatory measures.
Safety, Consumer Protection, and Fair Competition
A major concern raised was the lack of regulations governing short-term rental properties. Many of these accommodations fail to meet essential safety and quality standards, putting consumers at financial risk and leaving them vulnerable to exploitation by unregulated estate agents. The Council emphasized that it is the government’s responsibility to establish clear legal frameworks to ensure fair competition and proper oversight.
Additionally, discrepancies between registered short-term rental properties and those advertised online make enforcement difficult. The Council stressed the need for a dedicated registry to legalize and monitor unregulated accommodations.
Without stricter controls, the Council warned, Cyprus risks damaging its reputation as a tourism destination and undermining licensed accommodation providers who comply with government regulations.
Source: www.news.cyprus-property-buyers.com