Short-Term Rental Market in Cyprus Sees Significant Growth

The number of registered short-term rental properties in Cyprus has grown substantially, nearly doubling over the past two years—from 4,765 to 8,248 properties.

Deputy Minister of Tourism Kostas Koumis shared these figures following a meeting of the Parliamentary Tourism Committee, where proposed amendments to regulate self-catering short-term rentals were discussed.

According to Koumis, in April 2023, there were 4,765 properties registered, offering 7,138 beds. Today, that number has jumped to 8,248 properties, with a total bed capacity of 36,640. He added that once all pending applications are processed, the number will rise even further. At present, 1,275 applications are awaiting approval, and another 1,170 are still under review.

While acknowledging the economic benefits of short-term rentals, Koumis pointed out that the sector competes directly with hotels, creating regulatory challenges. A proposed legislative amendment to address these issues has been submitted to the Legal Service for review. However, he stressed that different areas of Cyprus, such as Nicosia and coastal regions, require tailored regulations to account for their unique needs.

The deputy minister also noted that 2024 was a record-breaking year for Cyprus, both in terms of tourist arrivals and revenue.

“In just two years, we have fully recovered from the loss of the Russian market, achieving over 25% growth in both arrivals and revenue,” he stated.

Looking ahead, 2025 is expected to be another strong year for tourism. One of the key priorities for the coming period is extending the tourist season beyond the peak months to ensure sustainable growth.