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Cyprus’s Short-Term Rental Boom Spurs Sweeping Regulatory Overhaul

by THEFUTURE.TEAM

May 26, 2025

Rapid Market Expansion

In a dramatic shift within the Cypriot tourism sector, short-term rental properties have surged sixfold in under three years. With an estimated 12,000 to 13,000 properties on the market, only 8,375 currently comply with registration requirements enacted in July 2021. This unprecedented growth is prompting authorities to tighten regulatory oversight and reinforce tax compliance measures.

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Key Trends and Regional Hubs

Data submitted by the Deputy Ministry of Tourism illustrates a notable upward trend: 4,765 accommodations were recorded by April 2023, providing 21,636 beds. This figure increased to 7,001 by April 2024 and reached 8,375 units by mid-May 2025. Leading the charge are Paphos and Famagusta, which together account for over two-thirds of the registered listings. Paphos boasts 3,957 rental units with 17,802 beds, while Famagusta follows with 1,702 properties and 8,728 beds. Other regions, including Larnaca, Limassol, and Nicosia, maintain substantial yet comparatively lower numbers.

Enhanced Enforcement and Compliance

The regulatory framework mandates that only officially registered properties, displaying their unique registration number in all advertisements, may be leased. Digital platforms like Airbnb and Booking.com are compelled to enforce these rules, facing stringent penalties for unregistered listings. Since the commencement of inspections, authorities have documented 52 complaints against unlicensed operators, and the Tax Department has initiated focused audits addressing VAT, income tax, and other contributions.

Legislative Reform and Future Directions

In an effort to align national practices with an impending EU regulation due to be enforced on May 20, 2026, the parliamentary Commerce Committee is reviewing a landmark bill. This legislation will require platforms to provide regular, detailed reports on short-term rentals and compel landlords to disclose registration details transparently. The Deputy Ministry of Tourism is set to act as the principal regulatory authority, ensuring adherence to data registration and compliance requirements.

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Sklavenitis Cyprus Sets A New Standard For Employee-Centric Benefits

by THEFUTURE.TEAM

September 12, 2025

Investing In Human Capital

In a bold move that underscores the growing importance of human capital in today’s business landscape, Sklavenitis Cyprus has taken innovative steps to ensure its workforce is both valued and supported. The supermarket chain has introduced a policy to pay a 14th salary to all employees—including those from Papantoniou Supermarkets—cementing its status as the sole retailer in Cyprus to implement such a comprehensive benefit.

A Significant Investment In People

This initiative is far from symbolic. With an estimated total cost of €2 million, it represents a committed investment in the company’s most valuable asset—its people. By providing an additional salary, Sklavenitis reinforces a culture of inclusivity and fairness, acknowledging every employee’s contribution to its success.

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Robust Benefits For Long-Term Stability

Complementary to the 14th salary, the company has launched a robust benefits program designed to address both financial and personal security. An Automatic Cost of Living Adjustment (ATA) of 12.56 per cent ensures that wages remain aligned with inflation, safeguarding real income stability for its team members.

Comprehensive Health And Life Support

Sklavenitis further enhances employee welfare through access to a Group Life and Health Insurance Plan and a Provident Fund co-funded by the employer. These measures not only provide immediate protection but also empower employees to plan confidently for the future.

Exclusive Perks And Incentives

The company extends its commitment beyond conventional benefits by offering store discounts, a birth allowance, and holiday gift vouchers valued at €100 during both Easter and Christmas. These additional perks enhance employee satisfaction and underline Sklavenitis’ people-first ethos.

A Strategy For Mutual Success

In an industry where employee engagement directly impacts customer satisfaction, Sklavenitis’ comprehensive approach stands out as both a progressive and strategic business decision. By investing in its workforce, the company not only nurtures a supportive workplace but also drives superior corporate performance, setting a new benchmark for responsible employment practices in Cyprus.