/

Airbnb type accommodations regulated by law

3477 views
1 min read

Cyprus MPs have voted in a law regulating short-term rentals through online Airbnb-type platforms which must be registered.

The law bringing an end to unlicensed short-term accommodations was approved at a House plenary on Friday.

The bill was tabled by EDEK MP Elias Myrianthous with ruling DISY MP and president Averof Neophytou.

The law regulates short-term rentals through the creation of a register to be managed by the Deputy Ministry of Tourism.

The law was voted in with a majority of 52 in favour and two against.

MPs have scrapped a clause in the law which made it necessary for flat owners to obtain the consent of the building’s management committee.

An amendment tabled by AKEL, the Solidarity Movement and EDEK, means owners will be able to rent their property freely after obtaining permission from the Deputy Ministry of Tourism.

Regulating these types of accommodation units is expected to upgrade the island’s tourism product as it will monitor some 20,000 units which were operating without any supervision.

According to the Cyprus Hospitality Report issued by KPMG last August, bookings through the platform increased significantly by 68.9% during 2018.

The net room occupancy rate in 2018 reached 52%; lower compared to the average of 70% of hotels and other hospitality establishments.

The initial draft of the law was tabled by Myrianthous and Neophytou back in May 2018.