revenue from short-term rentals increased by 30%
A new stage in the development of short-term rentals has begun in Greece. According to the latest data, the revenue of property owners who provide their homes for short-term rent has increased significantly in the first 10 months of 2023. News about this pleasant trend will bring fresh breath to the Greek tourism industry.
Official figures confirm that the owners of the real corners of paradise have declared a 33% increase in their income to the tax authorities. This is an important and positive signal for the entire tourism community of the country.
The main factor contributing to this impressive growth is the improvement of the tourism sector. Greece continues to attract travelers with its unique beauty, and the increased flow of tourists has a positive impact on the demand for short-term housing.
It is worth noting that there are more accommodation options on rental platforms such as Airbnb and Booking. This creates additional options for owners and complements the positive turnaround in revenue growth.
It should also be emphasized that the owners' attitude towards declaring their income has changed. Previously, this obligation was often ignored, but now the owners have become more responsible, which eventually led to an increase in total rental revenue.
According to the Independent Office of State Revenue (AADE), in January-October 2023, the number of filed declarations increased by 36%, reaching 1.70 million. Reported rental income increased by 32.8%, reaching an impressive €677.48 million.
Notably, the collaboration between AADE and rental platforms has undergone changes aimed at more efficient data management. An updated memorandum of cooperation has been signed with leading platforms, which creates favorable conditions for better information exchange.
With the introduction of new rules, owners are now required to provide their data to the Real Estate Registry for short-term rentals. Violators who refuse to register face serious fines of 50% of gross income and a minimum of €5,000. These measures are aimed at strengthening the owners' responsibility to the State.
In general, the steady growth in revenue from short–term rentals in Greece was the result of a complex of factors - the improvement of the tourism industry, additional opportunities on rental platforms and a more responsible attitude of owners to their duties. These changes highlight the importance of complying with the new rules and promise a more stable and transparent future for the short-term rental market in Greece.
