FAQs

Q. I have been told I cannot rent out my apartment because it does not have a CTO licence. Is this true?

A. It is not illegal to rent out a property that does not have a CTO licence. In fact pretty much all of the self-catering apartments in Cyprus do not have a CTO licence. This is because one of the restrictions of the CTO is that the build density cannot be be more than 57% - which rules out nearly all apartment blocks straight away. According his is unlikely to change in the next 5 years and probably beyond that too.

If developers built to only 57% density (as opposed to the current 80 - 90%) you can imagine what that would do to the prices. They would have to double overnight.

The CTO licence also requires that you have 24 hour concierge and gates to the entrance. Again this is very rare with apartment blocks.

It is true to say that some of the larger tour operators will not deal with property that does not have a CTO licence and that has always been the case.