Cyprus and Airbnb properties

Toon Cyprus Expert

Member since 04 June 2011

ToonCyprus Expert22 March 2024 04:43:28

10037

An alarming 2% of dwellings in Cyprus are now listed on Airbnb, raising concerns regarding housing availability and regulatory oversight.

This data, exclusively focusing on Airbnb listings, reflects a broader trend of properties being repurposed as investment assets rather than addressing housing demands.

With a staggering 8,510 homes listed on Airbnb alone, estimates suggest that the total number of residences utilized for tourism purposes nationwide could reach up to 16,000.

This surge in short-term rental properties is underscored by the revelation that only approximately 6,700 accommodations are officially registered with the Deputy Ministry of Tourism.

The financial appeal of Airbnb is apparent, with earnings varying significantly by location. Analysis conducted by AirDNA reveals that in popular tourist destinations such as Famagusta and Paphos, annual earnings per accommodation can range from €13,000 to €63,000.

For example, in Ayia Napa and Protaras, average annual incomes experienced remarkable increases of 27% and 43% respectively compared to the previous year, reaching levels of up to €62,900.

Regulating Airbnb and other rentals

In January 2020 a new law came into force that requires those wishing to rent their property as self-catering accommodation and short-term holiday lets to obtain a license.

The new law 9(I)/2020 amended the current ‘Law on the Regulation of Establishment and Operation of Hotels and Tourist Accommodations of 2019 (N. 34(I)/2019)’ and is designed regulate the operation and licensing of self-catering accommodation in Cyprus.

Once obtained, the license is valid for three years and is automatically renewed on payment of the specified fee.

Those violating the law face a fine of €2,000 and repeat offenders €4,000.

Further information on licensing may be found at

https://www.news.cyprus-property-buyers … d=00164825

Source Cyprus Property News

Gordon76 Active member

Member since 10 November 2024

Gordon76Active member10 February 2025 18:20:13

I was thinking of renting an Airbnb property for around 5 to 6 months in Cyprus to see if Cyprus would work for us for long term

I would have an Irish Passport and my civil partner a UK one

As I see it I would need a yellow slip for such a stay ( ie over 90 days ) under current rules

This would mean I have to provide proof on a 1 year rental agreement

Is there any way I can reside in an Airbnb for only 6 months ( or a few days under that ) without a 1 year rental agreement ?

thanks

gordon

Toon Cyprus Expert

Member since 04 June 2011

ToonCyprus Expert11 February 2025 04:53:35

10037

Technically no as if you intend to stay longer than 90 days even EU nationals are obligated to register.. however yi may be lucky that there is not a great effort in checking EU nationals ..

Your partner being non EU will be checked and passport stamped on entry and exit ..if an overstay occurs then a potential 3 years ban is possible.

One idea might be to apply for residency appointment at back end of the initial 90 days that would allow a stay until the appointment date and beyond but only because of delays in appointments currently standing at three months (Paphos anyway) until the earliest appointment date ..that delay is of course dependent on district as some districts operate faster