Rental yields are one of the most frequently cited metrics in international property investment, and one of the most commonly misunderstood. A gross yield figure — rent received as a percentage of purchase price — tells you relatively little about the actual return you will receive after costs, taxes, and void periods. This guide explains what Greek property returns actually look like in practice, how the short-term rental regulatory environment has changed as of 2026, and how to assess a prospective investment realistically.
As with all property investment, values can fall as well as rise. Rental income is not guaranteed and is affected by vacancy, regulation, and market conditions. Always take independent professional advice.
For a full breakdown of taxes and fees applicable to Greek property, see our Greece Property Taxes and Fees guide.
Gross Yields: What the Data Shows
For long-term residential lettings, gross rental yields across Greece's main markets have generally ranged from around 4% to 6% in recent years, with some variation by neighbourhood and property type. The pattern reflects a broadly consistent theme across southern European property markets: premium addresses carry lower percentage yields because capital values have risen faster than rents; improving and mid-market areas offer higher yields because entry prices remain more accessible.
By area, the approximate gross yield ranges observed as of 2026:
| Area | Approximate Gross Yield Range (Long-Term Let) |
|---|---|
| Kolonaki, Athens | 3.5–4.5% |
| Koukaki, Pagrati | 4.5–5.5% |
| Glyfada (Athens Riviera) | 4.5–5.5% |
| Thessaloniki (competitive areas) | 5.0–6.5% |
| Crete, Rhodes (coastal) | 4.5–6.0%* |
| Mykonos, Santorini | Variable — see below |
*Coastal island properties are typically oriented toward short-term lettings rather than long-term residential tenancy.
These are indicative ranges based on available market data as of 2026. They are not guarantees. Individual property performance will vary depending on the specific location within each area, property condition, management quality, and the tenant profile secured.
Short-Term Rental Yields: The Regulatory Context
Short-term rentals — holiday lets marketed through platforms such as Airbnb and Booking.com — have been a significant driver of international interest in Greek property over the past decade, particularly in Athens and the tourist islands. Gross income figures for well-located, well-managed properties in peak locations have been cited at higher levels than long-term lets, sometimes substantially so.
However, the regulatory environment for short-term rentals in Greece has tightened materially, and investors considering an Airbnb-style strategy must understand the current framework before committing.
The Athens and Thessaloniki Moratorium
Since 2025, new short-term rental registrations (AMA numbers) have been subject to a moratorium in parts of central Athens. This moratorium remained fully in place throughout 2025 and into 2026. From March 2026, similar restrictions were introduced in parts of Thessaloniki.
The practical implication for buyers is significant: in restricted zones, a property cannot be registered for short-term rental purposes by a new buyer, even if a previous owner held an AMA registration. Short-term rental registrations are non-transferable on sale — the registration is deleted on change of ownership, and the new owner cannot obtain a replacement.
This means a buyer who acquires a property in a restricted zone cannot operate it as a short-term let, regardless of what the previous owner was doing. Any advertised AMA registration or Airbnb income history for a property in a restricted zone must be treated with caution; that income stream cannot continue after the sale.
EU Registration Requirements
From May 2026, all short-term rental properties across the European Union require a unique registration number displayed in all listings. Platform operators are required to share occupancy and revenue data with national authorities, enabling fuller regulatory oversight. This increases the transparency of the market and reduces the scope for unregistered operation.
Compliance Standards
Law 5170/2025, in force from October 2025, introduced mandatory safety, hygiene, and technical standards for short-term rental properties in Greece. Requirements include fire safety measures, liability insurance, and inspection certifications, with fines for non-compliance. These standards add to the operating cost base of holiday-let properties.
Where Short-Term Lettings Remain Viable
Outside the moratorium zones, short-term rental remains legal and operational. The Athens Riviera — Glyfada, Voula, and surrounding coastal areas — sits outside the central Athens restriction zone, as do most island properties. In these locations, licensed holiday-let properties can still be registered and operated, though all EU and Greek compliance requirements apply.
Mykonos and Santorini historically produced the highest nightly rates in Greece, but the season is concentrated. Occupancy outside June to September falls sharply, and annual net returns are reduced accordingly. Island villa management is also intensive and costly.
The Net Yield: What You Actually Keep
The gap between a headline gross yield and what an investor nets after costs is typically substantial. For a long-term let in Greece, recurring costs to model include:
ENFIA (Greek property tax): Levied annually on all real estate held in Greece, calculated on the objective value of the property. The amount varies by property, location, and any supplementary tax applicable on higher-value assets.
Income tax on rental receipts: Greece taxes rental income on a progressive scale. Non-residents are subject to Greek income tax on income arising in Greece. The applicable rate depends on total Greek-source income; seek independent tax advice for your specific situation.
Property management fees: For long-term lets managed remotely, management fees typically run at 8–15% of gross rent. For short-term holiday lets, fees are higher — often 20–30% of revenue — reflecting the greater operational intensity of frequent guest changeovers.
Maintenance and repair: A prudent reserve of 1–2% of property value per year is advisable for older properties; newer builds carry lower immediate maintenance but will require reserves as they age.
Insurance: Building and contents insurance is a recurring cost; liability coverage is required for short-term rentals.
Void periods: Even well-let properties experience void periods between tenancies. For seasonal short-term lets, annual vacancy can be four to six months or more.
Professional fees: Greek tax return filing, legal compliance, and occasional professional advice should be budgeted as recurring costs.
Taking these factors together, net yields in Greece for long-term residential lets have typically run 1.5–2.5 percentage points below the gross figure, sometimes more. A property with a 5% gross yield might realistically net 2.5–3.5% after all costs — which remains competitive relative to many asset classes, but is a different proposition from the headline number.
Capital Growth
Beyond income yield, Greek property has delivered meaningful capital appreciation in parts of the market over recent years, particularly in central Athens, the Riviera, and the premium islands. Capital growth is not guaranteed and cannot be modelled with precision. It is influenced by macro factors (tourism trends, ECB interest rates, EU economic conditions), local supply and planning, and the condition and quality of the individual property.
Investors relying on capital growth as a significant component of their total return should take a long-term view and budget for the possibility that values remain flat or fall over a given holding period.
Long-Term Let vs Short-Term Let: A Framework
| Factor | Long-Term Let | Short-Term / Holiday Let |
|---|---|---|
| Income predictability | High — fixed monthly rent | Low — seasonal, platform-dependent |
| Gross yield potential | 4–6% (indicative) | Higher in peak season; lower annualised |
| Management intensity | Lower | High — guest turnover, cleaning, maintenance |
| Regulatory risk | Lower | Higher — moratorium, AMA restrictions |
| Tenant relations | Ongoing relationship | Transactional |
| Compliance cost | Lower | Higher (insurance, certifications) |
| Best locations | Athens city, Thessaloniki | Riviera, islands outside restricted zones |
The choice between strategies depends on your location, your appetite for management involvement (or the cost of outsourcing it), and your tolerance for regulatory change risk. In restricted zones, the choice has effectively been made for you.
How Global Investments Can Help
Our team works with international investors across Athens, the Riviera, and the Greek islands, and can help you assess prospective properties against realistic income assumptions and the current regulatory framework. We do not recommend short-term rental strategies without first confirming the current AMA registration position on the specific property. For a full breakdown of holding costs, see Greece Property Taxes and Fees. Browse current Greece listings or speak with our advisers to discuss your investment objectives.
Frequently asked questions
What gross rental yield can I expect from Greek property?
For long-term residential lettings, gross yields in Greece have generally ranged from around 4% to 6% depending on location, property type, and the entry price paid. Premium addresses such as Kolonaki in Athens tend toward the lower end; mid-market and improving neighbourhoods tend toward the upper end. Island holiday lets can produce higher gross figures in-season, but annual net returns are reduced by seasonal vacancy and management costs.
What is the difference between gross and net yield in Greece?
Gross yield is rent received as a percentage of purchase price, before any deductions. Net yield accounts for all running costs — property management fees, maintenance and repairs, local taxes (ENFIA), insurance, vacancy periods, and income tax on rental receipts. Net yields in Greece are typically 1.5–2.5 percentage points below the gross figure, sometimes more for holiday lets with higher management intensity.
Can I still run a short-term rental in Athens?
Short-term rental regulation in central Athens tightened significantly in 2025–2026. New AMA registrations (short-term rental licences) are subject to a moratorium in parts of central Athens and have been extended to parts of Thessaloniki from March 2026. In restricted zones, STR registrations are non-transferable on property sale. Buyers considering a short-term rental strategy must verify the current regulatory position on the specific property before purchasing.
Is Greek rental income subject to tax?
Yes. Rental income received in Greece by non-residents is subject to Greek income tax. Rates are applied on a progressive scale. Additionally, short-term rental operators must register their property and comply with reporting requirements under both Greek law and, from May 2026, EU-wide short-term rental data regulations. Independent tax advice is essential.
What ongoing costs should I allow for as a Greek landlord?
Key recurring costs include ENFIA (Greek property tax), building insurance, management fees (typically 10–20% of rental income for long-term lets, higher for short-term), maintenance and repair reserves, utility costs during void periods, and professional fees for tax filing. These need to be modelled before forming a net yield expectation.
Does Golden Visa property in Greece generate good rental yields?
Not necessarily. Properties that meet the Golden Visa investment threshold are often in premium zones where entry prices are high, compressing gross yields. The Golden Visa is primarily an immigration benefit; investors who treat it also as a pure yield play should model returns carefully. In some lower-threshold areas outside Athens and the premium islands, the yield arithmetic is more favourable.
This guide is for general information only and does not constitute financial, legal or tax advice. Programme rules, prices and tax rates change; verify current requirements with a qualified adviser before acting.