Vacation rental

A staggering 2% of homes in Cyprus are being utilized as accommodations listed on Airbnb, highlighting concerns about housing availability and regulatory oversight.

The data, focused solely on Airbnb listings, signifies a larger trend of properties being transformed into investment assets rather than meeting housing needs.

The European Parliament have approved new data-sharing rules that clamp down on illegal short-term rentals to protect the residents of European cities - many of whom face shortages of affordable housing.

The spread of short-term tourist lets via online platforms such as Airbnb has put pressure on the housing market in many places, as it cuts the availability of long-term rentals.

The government will adopt a wait-and-see attitude this year in order to assess the effects of the newly legislated framework on the short-term residential rental market.

The legality of short-term rentals in Greece's designated residential areas lies in the hands of the Council of State.

Revenues from the accommodation tax imposed on hotels, rooms for rent and short-term rentals are increasing, according to the 2024 budget.

In 2022, there was a 27% increase in Airbnb income in the occupied territories, with the annual revenue per accommodation unit reaching 24,000 euros. Speaking before the Cypriot Parliament's Trade Committee, Konstantinos Karakontis, the president of the Association of Self-catering Accommodation, also mentioned a projected 50% increase for 2023.

Alamy Photo

Authorities are working on new regulations for short-term rentals, which business associations say are severely impacting hotels in Antalya, one of Türkiye's major tourist destinations.

Antalya Governor Ersin Yazıcı has declared that unregistered rentals to foreign tourists will be subject to inspection, following the decision from the Culture and Tourism Ministry regarding the imposition of taxes on short-term rental services in the tourism industry.

Fifteen years on from its founding, rental platform Airbnb is making record profits while authorities across the world are coming up with a variety of regulations to keep it from further disrupting the housing market and property owners using the platform are trying to skirt those rules.

Estimates for third-quarter profits range from $3.3-3.4 billion.

The soaring demand for short-term rentals is gravely affecting the performance of hotels, which has necessitated the need for new regulations and taxes on short-term rentals recently proposed by the Culture and Tourism Ministry, a tourism sector representative has said.