Thinking of renting out a Greek holiday home? From where to buy to attract the most holidaymakers to the importance of having an EOT licence (and what that is), here are your need-to-knows.
Why rent out your Greek home to holidaymakers
Planning on purchasing a second home in Greece? Given that you will not be living in the property full time, you might be curious about renting out the home to holidaymakers while you are not there. Moreover, if you are from the UK or another non-EU country, then, without a visa, you will only be able to stay in your Greek property for 90 days out of every 180.
Greece is a holiday hotspot, especially among those from northern European countries, looking for an extra dose of sunshine. Short-term rentals (another word for holiday homes and often shortened to STRs) have the potential to be extremely lucrative. The latest data shows that STRs make up for 1.65% of Greece’s GDP.
Where to buy a Greek home for maximum appeal to holidaymakers
If you are at the start of your property search and want to buy a home confident that it will appeal to holidaymakers, you may want to direct your search to these locations.
Athens is on many people’s “must visit” list. It is a cultural tour de force with sites like the Acropolis, the National Archaeological Museum, the Parthenon and more bringing in yields of visitors year after year. Plus, after the crash in 2008, it has made a successful recovery and now boasts of a brilliant café culture, artistic districts, and plenty of shopping. For the greatest rental yield, search for a property in the commercial triangle of Omonoia, Syntagma and Monastiraki. Plus, while many of Greece’s islands only have seasonal flights, Athens has year-round regular international flights. Furthermore, sightseeing is not as dependent on sunshine as sunbathing, so you might be able to attract holidaymakers to stay for longer.
Relaxing days at the beach, hikes through gorgeous natural scenery, fresh Mediterranean cuisine – it’s no wonder that so many chose to holiday on Greece’s islands. While all share a likeness, they each have different characteristics too. Mykonos has an established party scene but a reputation for being expensive. Ithaca suits those after peace and quiet.
Before you buy, you might want to look at the international flight schedule and ferry routes to the mainland. The islands most popular with tourists (Crete, Rhodes and Corfu) tend to have longer seasonal flight schedules to other European countries. This would enable you to rent out your home into October and even November.
An EOT licence
To rent out a property in Greece, you’ll need an EOT licence from the Greek Tourism Office. Having one demonstrates that your property meets set out safety requirements. It looks at the size of your rooms, the swimming pool and more.
Moreover, you will have to register your home at the tax office and pay the following tax:
- Up to a rental amount of €12,000: 15 percent
- Between €12,000 and €35,000: 35 percent
- More than €35,000: 45 percent
New rules from January
To standardise and regulate holiday homes, the Greek government has introduced rules that will come into effect from the 1st of January 2024. They include:
- If you rent out one or two properties, then you will have to pay a fee of €1.50 per booking.
- Owners of three or more properties will be counted as business activity. You will pay 13% VAT, with taxes and fees as if you were a hotelier.
- Stays of 60 days or more will no longer be bookable through sites such as Airbnb, as they are long-term stays.
Head to our Greece property portal to find homes for sale. You could find the perfect Greek holiday home…
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