The Real Estate Agents Registration Council has proposed ceasing daily rental accommodations as a measure to safeguard consumers, stabilize the property market, maintain tourism quality, and preserve the nation’s international reputation.

On Tuesday, the Council took part in a session with the House Committee responsible for Energy, Trade, Industry, and Tourism to share their perspectives and concerns about short-term rentals in the property sector.

The Council pointed out that the growing trend of short-term rentals is diminishing the availability of properties for long-term leasing. Coupled with escalating interest rates and inflation, this trend is exerting upward pressure on rental costs and property values.

They referenced examples from cities like Barcelona, New York, and Athens, where restrictions on short-term rentals have been enforced partially or fully to safeguard the housing market and avert unfair competition.

The European Union has acknowledged short-term rentals as a regulatory challenge. In response, a new EU directive is set to enhance transparency and data collection to inform appropriate legislative strategies.

The Council underscored the current lack of regulations in the sector, which leaves many properties below par in terms of safety and quality standards, risking consumer safety and leading to exploitation by unregulated real estate agents.

Additionally, the Council highlighted the government’s obligation to establish a legal and regulatory structure. Such a framework would define clear property standards concerning safety and suitability, while ensuring fair competition in the marketplace.

A major concern is the discrepancy between registered and online-listed accommodations. The difficulty in monitoring short-term rentals has led to efforts to create a registry to legitimize and regulate unlisted properties.

The Council emphasized that the existing situation harms the nation’s tourism image and places licensed accommodations adhering to government standards at a disadvantage. This plea seeks to level the playing field by aligning market practices with fair and regulated standards.