Paphos dominates Cyprus' short-term rentals
Short-term rental properties in Cyprus are experiencing significant growth, with 8,071 licenses issued or renewed, providing a total of 35,894 beds, according to the Deputy Ministry of Tourism. Paphos leads with the highest number of accommodations, followed by Famagusta, Larnaca, Limassol, and Nicosia. Data from Eurostat reveals a 15.4% rise in overnight stays at such properties during January–September 2024, reaching 4.8 million stays compared to 4.1 million the previous year, with August being the busiest month.
Despite this upward trend, concerns over unlicensed properties persist, as the Deputy Ministry confirmed ongoing violations. Current legislation requires all short-term rental properties to be registered and licensed, with penalties for non-compliance including fines and imprisonment.
Criticism from the Cyprus Real Estate Agents Registration Council highlights the economic impact of these rentals, citing their role in driving up housing costs and limiting long-term rental availability. The council has called for a ban on short-term rentals to address rising rental prices and housing shortages.
The issue remains a topic of debate, as the government seeks to balance tourism growth with housing affordability and legal compliance.