Short-term rental professionals
The activity of renting out property short-term in the most popular parts of the center of Athens is rapidly evolving into a field for professionals.
The areas where the issue of a new Property Registration Number (AMA) will not be allowed from January 1, 2025 are precisely those where the management of the assets has obtained a professional character – that is, they are controlled by companies and owners with at least two properties in the area.
Based on AirDNA data, the 10 most popular districts in the center of Athens, according to the number of accommodations they boast, also record the highest percentages of professional management, as it appears that 70-80% of properties operated through online short-term rental platforms are listed by professionals, or investors, who manage more than one property.
The highest percentage (86%) is recorded in the district that includes areas such as Syntagma, Plaka, Monastiraki and Gazi, while the area of Agios Konstantinos, near Omonia, follows with 82%. In Exarchia, Attikis Square and Kolonaki, the corresponding percentages are 78-79%, while in Koukaki it is a little lower at 76%, but still very high.
These rates have registered a significant increase in recent years, as it has been realized that professional services make the difference between a successful and a failed accommodation. The high competition, especially after the pandemic, the abundance of options for tourists, and the significant personal time that is now necessary to have the corresponding financial results have pushed more and more owners, or property investors, to outsource property management to specialized management companies.
This is usually done in two ways. A service agreement is concluded with the company that will manage the accommodations, with a commission for the management of around 20-25%, calculated on the income of the property.
The second way, chosen mainly for individual owners, is to sign a lease contract with a nominal rent, allowing the property manager to issue an AMA, but also to submit the agreements with the individual guests to tax authorities. Then, the manager keeps 20-25% of the asset’s income and after deducting the remaining expenses, the net profit goes to the owner.
