Short-term rentals registration in Cyprus surge, says Deputy Minister of Tourism

The number of registered short-term rental properties in Cyprus has increased significantly, reaching 8,248 properties from 4,765 in April 2023, Deputy Minister of Tourism Kostas Koumis has said.

He was speaking after the 18 February meeting of the Parliamentary Committee on Tourism, and added that the discussion concerned the implementation progress of the legislation regulating the operation of self-catering, short-term rental accommodations.

Regarding the tourism outlook for 2025, the Deputy Minister referred to the dual record in revenues and arrivals achieved in 2024, while also noting that 2025 was expected to be equally strong. He emphasized that the key challenge was the extension of the tourism season.

The Deputy Minister pointed out that, with the completion of pending applications, the registration rate will increase even more. Currently, 1,275 applications are awaiting approval, while an additional 1,170 remain pending due to the applicants.

Koumis said the increase in registrations was due to targeted awareness campaigns by the Deputy Ministry. In April 2023, the registry included 4,765 properties with 7,138 beds, while today, the number stands at 8,248 properties offering a total of 36,640 beds.

“The issue requires a holistic approach,” Koumis said, adding that an amendment to legislation to address the issue has been submitted to the Legal Service for scrutiny. He noted that different destinations within Cyprus, such as Nicosia and coastal areas, require different policy approaches.

While acknowledging the economic contribution of short-term rentals, Koumis noted that the sector competes with the hotel industry, presenting regulatory challenges.

“The broader tourism experience is shaped by the overall image of a destination and the first impression given by its hospitality sector,” he said.

Tourism revenue and arrival records

Regarding 2025, Koumis said he was optimistic that it will be another record year for Cyprus’ tourism sector, after record revenue and arrivals in 2024.

“In a two-year span, we have fully recovered from the loss of the Russian market, achieving a more than 25% increase in both arrivals and revenue,” he said.

Koumis added that the primary challenge was to extend the tourism season to maintain growth beyond the usual peak months.

(Source: CNA)