short-term rentals — short-term rentals — The association of Cyprus tourist enterprises (Stek) has raised serious concerns regarding the short-term holiday rental market following a recent Audit Office report. This report supports Stek’s long-standing view that current legislation inadequately governs the sector, prompting renewed calls for a comprehensive overhaul.
According to Stek, the Audit Office’s findings reveal significant weaknesses in the supervision and enforcement of online short-term rental platforms. These shortcomings, they argue, pose serious risks not only to the safety of visitors but also to the credibility and quality of Cyprus’ tourism industry. The association stated, “The weaknesses in the supervision and control mechanisms for electronic short-term rental platforms constitute a significant risk to the safety of users and may have a direct negative impact on the credibility and quality of Cyprus’ tourism product.”
Stek emphasised that for years, it has warned about the existing legal framework, which suffers from both serious provisions and implementation failures. They highlighted that many accommodation providers continue to operate and advertise without the necessary licences, while effective inspections remain limited. Furthermore, they noted that cooperation between relevant authorities is insufficient.
In a related event, more than 200 representatives from Cyprus’ innovation and entrepreneurship ecosystem gathered for The Bash 2026, hosted by the Research and Innovation Foundation (RIF). This annual networking event, themed “Let’s Cheers to Innovation Together!”, provided a platform for startups, investors, and policymakers to forge new collaborations aimed at shaping Cyprus’ future.
Meanwhile, Freedom Holding Corp. identified significant opportunities for Europe in the artificial intelligence sector during the 30th Annual Economist Government Roundtable held in Athens. Paul Meeks, Head of Technology Research at Freedom Capital Markets, remarked that Europe has the potential to secure a pivotal role in the digital ecosystem, despite the United States currently leading AI investments.
On a different note, Cypriot entrepreneur Elias Orfanou is pursuing ambitious goals with his tour booking platform, TravelX, which he began developing during the global tourism downturn in 2020. Now based in New York, Orfanou is expanding his vision beyond tours to encompass a broader travel ecosystem that includes hotels and AI technology.
In the energy sector, Andreas Poullikkas, a former chairman of the Cyprus Energy Regulatory Authority, provided insights into the Great Sea Interconnector (GSI). He clarified that the project’s costs will not directly lead to higher electricity bills for consumers, as they are regulated under a European framework designed to ensure fairness in cost recovery.
Security threats affecting global maritime trade have been highlighted by a recent drone attack on commercial ships off Odesa, which underscores the dangers of navigating conflict zones. The attack resulted in the tragic death of a crew member aboard the Tanzania-flagged Atlas Bey, while the condition of the crew from the Liberian-flagged vessel remains unclear.
In business news, the Cyprus Chamber of Commerce and Industry (Keve) has initiated a public consultation to address the excessive ‘gold-plating’ of EU legislation by member states, aiming to simplify regulations that hinder business competitiveness.
The Cyprus Trading Corporation (CTC) recently announced an increase in its direct holding in Ermes Department Stores Plc to 86.275%, following a successful mandatory takeover bid. The move reflects ongoing consolidation in the retail sector.
Meanwhile, Lordos Hotels confirmed the dispatch of a dividend payment to investors, despite challenges in the tourism sector affecting occupancy rates. The company’s decision to pay the dividend shows confidence in its long-term viability.
In regulatory news, the Cyprus Securities and Exchange Commission (CySEC) has called for participation in two public consultations launched by the European Anti-Money Laundering Authority, aiming to shape new EU anti-money laundering rules.
Lastly, the Financial Wellbeing Institute (FWI) has partnered with Mastercard to improve financial literacy in Cyprus, particularly among young people, addressing ongoing challenges in financial wellbeing as highlighted by the Financial Wellbeing Index 2025.
