New laws for owners letting property on Rental platforms

The deputy tourism ministry said on Monday that renters operating on platforms such as Airbnb have registered about 2,000 units with the government, ahead of the February deadline to do so.

A source at the deputy ministry told the Cyprus Mail that they are satisfied with the number of short-stay units that have signed up as the government works towards regulating the sector.

“No one will have missed the train, of course anyone who decides to start renting out on such platforms after February will be able to sign up,” the official said.

Deputy tourism minister Savvas Perdios told daily Phileleftheros that it will be illegal to advertise or rent out such properties after February 7 if they have not signed up to the deputy ministry’s registry. The registration fee is €222.

Parliament passed the law to regulate short-term rentals through platforms such as Airbnb and booking.com in early 2020.

Those caught renting out or advertising such stays without having signed up will face fines and penalties.

Perdios explained that it will be very easy to weed out those renting illegally, as any advert for a property will have to include its registration credentials. If those are not clearly visible on the post, any user can then report it to the authorities.

It was further explained that each property signed up to the registry will be assigned a number which will then be provided to the online platforms, ensuring the property advertised is approved by the government.

The platforms also agreed to provide authorities with transaction-related information which will help with taxation.

Governments worldwide have sought to regulate the short-term homestay market – Airbnb was founded in 2008 – amid complaints of rising rents and claims of disruption.

According to KPMG there were 23,120 active listings on AirBnB and HomeAway in 2019. Assuming that number has remained the same, 20,000+ units have yet to register.

From 7th February 2023, owners who rent or advertise properties and who have not obtained a licence face up to one year imprisonment and/or a fine up to a maximum of €5,000.

To obtain a licence, please refer to. https://www.news.cyprus-property-buyers … d=00164825