Short-term rentals tax revenue to hit €830 mln, says official
Tax revenues from short-term rentals are expected to reach 830 million euros by the end of 2024, posting a significant increase from previous years, the head of Greece’s Independent Authority for Public Revenue (AADE), said on Tuesday.
Speaking at the 25th Prodexpo real estate conference, Giorgos Pitsilis said tax revenues came to €742 million euros in the first nine months of the year, against €740 million for the entire year in 2023. In 2017, the state collected a relatively paltry €70 million in taxes from short-term rentals.
He added that compliance with property legislation is quite satisfactory, as nearly 90% of the 6,200 legal entities renting out more than three properties are properly registered and pay their taxes. Only 12% of listings on short-term rental platforms are non-compliant, he said.
Overall, there are 100,000 properties registered as short-term rental units nationwide, of which 40,000 were added in the past four years.
According to official figures, only a quarter are rented for more than 90 days a year, while the majority of the 80,000 properties owned by individuals are leased for over three months.
Responding to concerns that short-term rentals are inundating the market and depriving long-term tenants of decent, affordable housing, the government has introduced a series of measures to tighten the rules on short-term rentals, including a cap on rental days.
Moreover, new registrations for short-term rentals will be put on ice for a year in several saturated parts of the Athens city center, such as Koukaki, Plaka, Exarchia and Pangrati, among others.
“In these neighborhoods, short-term rentals account for more than 5% [of rented properties]. The measure will be implemented at the beginning of 2025, and by the end of the year, we will assess whether this has been effective and if it should be extended,” the economic advisor to the prime minister, Alexis Pateli, told the same conference.
