Within just a few days, thousands of property owners in Athens and Thessaloniki will have to make important decisions regarding their real estate if they currently operate—or plan to operate—properties through Airbnb in areas where new restrictions on short-term rentals are being imposed.

The omnibus bill submitted by the Ministry of National Economy and Finance introduces changes from July 1 that affect not only those seeking a new short-term rental license, but also those planning to sell, transfer, or donate properties that currently hold an active Property Registry Number (AMA).

The July 1 deadline is particularly important because property owners in Thessaloniki still have time to complete the necessary procedures to obtain an AMA before the suspension of new short-term rental registrations comes into force in the city’s 1st Municipal District.

At the same time, owners in Athens and Thessaloniki who already have properties with active AMA registrations are considering whether they should accelerate planned sales, parental transfers, or donations before the new framework governing property transfers in restricted Airbnb areas takes effect.

Central Athens

The new regulations are being added to measures already in force in central Athens, where new short-term rental registrations have been suspended in the first three municipal districts of the City of Athens.

These areas include the historic center, Plaka, Monastiraki, Thissio, Koukaki, Metaxourgeio, Kolonaki, Exarchia, Pangrati, Neos Kosmos, and other neighborhoods that have seen the most significant growth in short-term rentals in recent years.

In Thessaloniki, the measure is being extended to the 1st Municipal District, which covers the city’s historic and commercial center, where the largest concentration of Airbnb-style accommodations is located.

The issue generating the most discussion in the market concerns property transfers. According to the bill, in areas where new registrations are suspended—or will be suspended—a transfer of ownership during the owner’s lifetime may result in the loss of the property’s short-term rental status for the new owner.

In other words, an apartment that currently operates legally as an Airbnb may, after a sale, parental transfer, or donation, be removed from the Short-Term Rental Property Registry and may no longer be used in the same way.

A significant change was made to the final version of the bill compared to the version that was initially released for public consultation: inheritances are exempt. This means that heirs will not lose the right to continue operating the property as a short-term rental simply because they inherited it.

Impact on Property Values

The real estate market is closely monitoring developments because the ability to generate income through short-term rentals has become part of the value of many properties.

An apartment in Koukaki, Metaxourgeio, Monastiraki, Neos Kosmos, or central Thessaloniki is now valued not only based on its size, age, or location, but also on the income it can generate through Airbnb.

This shift is reflected in real estate listings. Terms such as “investment property,” “ready-made Airbnb,” “high yield,” “fully furnished and equipped,” and “immediate income opportunity” have increasingly replaced traditional residential descriptions. In many cases, the focus is no longer on the home itself but on the income it can produce.

Reactions

For this reason, the new regulations have sparked considerable concern among property owners.

The main argument raised is that a property’s market value is closely linked to its legally permitted uses. When a property loses the ability to continue a lawful and established activity simply because ownership changes, many believe its value is directly affected.

Critics emphasize that the measure does not target violators or illegal operations. Instead, it affects properties that are operating legally and have complied with all existing regulations. According to market representatives, many owners invested substantial amounts in purchasing, renovating, and furnishing properties based on a specific regulatory framework that is now changing.

A second point of criticism concerns parental transfers. Thousands of Greek families have taken advantage of the €1.6 million tax-free threshold for transferring assets from parents to children. Critics argue that removing Airbnb rights following such transfers discourages the transfer of family wealth and deprives households of an important supplementary source of income.

Another important issue is administrative continuity. Market participants argue that the Property Registry Number (AMA) is linked to the property itself and its characteristics, not to the individual owner.

For this reason, they believe that losing the registration status due to a transfer creates uncertainty and reduces predictability in the property market.

Questions have also been raised about the effectiveness of the measure. The government’s main objective is to increase the supply of homes available for long-term rental in areas with a high concentration of Airbnb properties.

However, industry professionals argue that many properties currently used as short-term rentals are not suitable for permanent residence or have been renovated specifically for tourist accommodation. As a result, they believe that losing an AMA registration does not automatically mean that a property will enter the long-term rental market.