Airbnb

The turnover generated by the accommodation of guests in short-term rental accommodation has increased significantly compared to previous years and is now approaching 30% of the turnover made by hotel units.

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

Property owners and managers who rent out properties through short-term rental platforms such as Airbnb and Booking.com, freelancers who will activate their card terminals for the first time from January 2024, the 20,000 professionals with low incomes but high gross profits, and those who bought real estate with cash will be the priority for inspections by the Independent Authority for Public R

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.

EU countries and European Parliament lawmakers are set to agree on light touch rules for Airbnb next week, three people familiar with the matter said on Friday.

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.

The Independent Public Revenue Authority (AADE) will expand its partnership with digital services platforms after the encouraging results from its current collaborations.

A bill, now at its draft stage, will make such collaborations mandatory, with recalcitrant platforms fined up to €500,000 and suspended from trading in Greece.