°µÍø½ûÇø

There has been a recent surge in the registration of properties rented online, including those listed on public social network platforms

By law, properties must be registered with the Deputy Ministry of Tourism in order to be advertised and offered for short-term rentals. Despite this requirement, a large number of these properties remain unregistered.

Estimates suggest that approximately half of the 15,000 accommodations advertised on various platforms are not officially registered.

Recent efforts by the Deputy Ministry of Tourism and other services have led to a continuous rise in registrations. According to data obtained by Philenews in mid-September, the number of registered properties reached 7,800, an increase from 7,312 in July. This means 500 accommodations were added to the registry in less than two months. In comparison, there were only 4,765 registered properties in April of last year. The current figure of 7,800 registered accommodations represents roughly 35,000 beds.

A significant number of registration applications are still pending approval, according to a source from the Deputy Ministry of Tourism, indicating that the registration process is actively progressing. There is also the possibility of another campaign being launched to combat illegal rentals; a move hoteliers are pushing for due to their claims of unfair competition.

Registration fee and penalties

The registration fee for self-catering accommodations in the registry is €222 for a three-year period. Registration is completed online via the Deputy Ministry’s website, with specific details and certificates required.

Under current legislation, anyone operating a self-catering accommodation without a registration permit, or whose permit has been revoked, is committing an offence. On conviction they face a prison sentence of up to one year, a fine of up to €5,000, or both. If the offence continues after conviction, additional fines of up to €200 per day may be imposed.

Source Cyprus Property News