Letting Property in Greece: A Guide for Overseas Investors

Greece's rental market divides into two clearly distinct segments: long-term residential letting under the Civil Code, and short-term tourist letting — the dominant strategy in island and coastal markets — governed by a specific licensing framework administered by AADE (the Independent Authority for Public Revenue). Both segments offer genuine investment merit, but the tax and regulatory requirements differ significantly and must be understood before letting begins.

The Short-Let Landscape

Greece has become one of Europe's most important short-let tourism markets, driven by the global growth of Airbnb (which has had a particularly high market penetration in Greece relative to other EU countries) and the country's world-class island and coastal tourism infrastructure.

Short-term rental registration (AMA — Αριθμός Μητρώου Ακινήτων): from 2018, all short-term rental properties in Greece must be registered with AADE and obtain an AMA registration number. This number must be displayed on all platform listings. Operating without registration carries penalties.

The registration process involves:

1. Creating an account on the myAADE portal (myaade.gr)
2. Registering each property to obtain an AMA
3. Filing an annual income declaration covering income received through all platforms

There are no quotas or moratoria on AMA registration nationally (unlike Spain's tourist licence situation), though some municipalities have discussed limiting short-let in specific areas — the Athens city centre being the primary example.

Income declaration: all rental income (short-let and long-let) must be declared on the annual Greek income tax return. Platforms are now required to report host income to AADE — compliance is actively enforced.

Short-Let Registration vs. Professional Activity

A key distinction in Greek short-let regulation is between:

• Occasional rental (ευκαιριακή μίσθωση): up to 3 properties, maximum 90 rental days per year per property (with exceptions for areas outside main tourist zones) — taxed as passive income
• Professional rental activity: more than 3 properties or more than 90 days — triggers enterprise registration, VAT, and business-level taxation

Most individual overseas investors will be in the occasional rental category. Exceeding the 90-day threshold (or operating more than 3 properties) moves the activity into professional taxation, which is materially more complex.

Tax on Short-Let Rental Income

Greece taxes short-let rental income as "income from short-term rental of properties" at progressive rates:

Annual Income (EUR)	Tax Rate
Up to €12,000	15%
€12,001–€35,000	35%
Above €35,000	45%

No deduction for operating expenses (platform fees, management fees, cleaning, maintenance) is currently permitted against this income — it is taxed on gross revenue. This is an important distinction from long-let income, where expenses are partially deductible.

Special solidarity levy: Greece has periodically applied solidarity contributions to income — verify the current position.

Non-resident considerations: non-resident property owners must obtain a Greek tax number (AFM — Αριθμός Φορολογικού Μητρώου) and appoint a Greek tax representative. Annual tax returns must be filed covering Greek-source income. The tax return deadline is typically June of the following year.

Withholding on property transfer: when selling property, 3.09% is withheld by the notary and remitted to the Greek state.

Long-Term Residential Letting

For long-term residential tenancies (minimum 3 years under Greek Civil Code for residential property), the framework differs significantly:

Minimum term: the Greek Civil Code provides for a minimum 3-year tenancy for residential property, even if the parties agree a shorter term. After 3 years, either party may terminate with specified notice.

Rent control: since 2023, Greece has implemented rent control measures in certain metropolitan areas — specifically Athens — following significant rental inflation. Confirm the current position with a Greek lawyer as this area is subject to legislative change.

Deposit: typically 1–2 months' rent. There is no statutory deposit protection scheme in Greece, though deposit arrangements should be clearly documented in the tenancy agreement.

Tax on long-let income: taxed as "income from immovable property" at progressive rates:

• Up to €12,000: 15%
• €12,001–€35,000: 35%
• Above €35,000: 45%

Allowable expenses (25% standard deduction, or actual expenses if higher) may be deducted from long-let rental income. This is more favourable than short-let.

Choosing Between Short-Let and Long-Let

In Greece's island and coastal markets, short-let clearly dominates from a gross yield perspective. A well-positioned house or apartment in Santorini, Mykonos, Paros, or Crete can generate 3–6x more annual revenue through short-let than through long-let. However:

• Short-let requires significantly more management infrastructure
• The tax treatment of short-let (gross income, no expense deductions) reduces net advantage versus long-let
• Short-let is highly seasonal in most Greek markets — shoulder and low season occupancy can be low
• Athens and some other urban markets have stronger long-let demand from professionals and students

Athens rental market: Athens has become a significant investment destination post-Golden Visa reforms. Long-term residential demand is strong, with good yields from properties let to professionals and students in the northern suburbs, Glyfada, and the Piraeus coastal strip.

Platform and Marketing Strategy

For short-let Greek properties:

• Airbnb: dominant platform, particularly strong in island markets
• Booking.com: strong presence, different guest demographic (often longer stays)
• Vrbo/HomeAway: relevant for family villa market
• Specialist villa agencies: for premium island properties, agencies with direct relationships with international travel agents can deliver higher booking values

For long-let:

• xe.gr: Greece's leading property portal (owned by OLX)
• Local estate agents (κτηματομεσίτες) remain important for the residential long-let market

Operating Costs

Key costs for short-let Greek property:

• Platform commissions: 3–20% depending on platform and model
• Property management: 15–25% of gross revenue
• Cleaning and laundry between stays
• Utilities (typically included in short-let rate)
• Annual ENFIA (property tax — see below)
• Annual income tax filing (accountant fees)

ENFIA (Ενιαίος Φόρος Ιδιοκτησίας Ακινήτων): Greece's annual property tax is calculated on the AADE-assessed value of the property. Rates vary; the tax is payable annually. Non-residents are subject to the same ENFIA as residents.

Managing from Overseas

The Greek short-let market requires active local management: guest check-in/check-out (often at irregular hours), property preparation between stays, maintenance response, platform management, and dynamic pricing optimisation. Effective remote management without a local operator is not realistically achievable.

Long-let management is more manageable remotely but still requires a local contact for tenant issues and maintenance.

Compliance Caveat

Greek tax law, short-let registration requirements, and tenancy law are subject to change and have been actively amended in recent years. This guide reflects the general position as of mid-2026. Always verify current obligations with a Greek-licensed lawyer and an AADE-registered accountant before letting begins. Investment returns are not guaranteed; rental income and property values can fall as well as rise.

How Global Investments Can Help

Global Investments has active coverage of the Greek property market across the islands, Athens, and Thessaloniki. We can connect you with AADE-registered accountants, specialist property lawyers, and experienced short-let management companies. We can advise on the optimal letting strategy for your specific Greek property and help you navigate the compliance framework. Contact us to discuss letting your Greek property.