The number of properties registered for short-term rentals in Greece is beginning to fall, with thousands of listings disappearing from the official register as new restrictions curb the expansion of the market.

The Bank of Greece has recorded a decline of 4,450 registrations compared with 2024, linking the reduction partly to measures introduced to regulate short-term lettings.

According to the central bank’s October Financial Stability Report, the number of properties with finalised registrations in the Short-Term Rental Property Register fell to 203,122 in March 2026, from 207,572 in 2024.

The 2.1% decline covers the entire short-term rental sector recorded in the official register, rather than properties listed exclusively on Airbnb.

For property owners, restrictions on new registrations and ownership transfers come on top of taxation, operating expenses and regulatory requirements. The decision to let a property through short-term rental platforms increasingly depends on the net income generated, while incentives for long-term tenancies have made the prospect of a steady rental income more attractive.

The picture in Athens

The impact of the changes had already begun to emerge in central Athens.

According to figures recently presented by Minister of National Economy and Finance Kyriakos Pierrakakis, the number of registered short-term rental property identification numbers, known as AMAs, fell by approximately 1,500 over the course of a year, from just over 14,000 to slightly below 12,500.

Pierrakakis attributed the decline to restrictions on new registrations in three central municipal districts, describing the measure as one of the government’s interventions to address Greece’s housing shortage.

Further evidence of a decline in active listings in Athens comes from AirDNA.

According to its figures, the geographical market it defines as “Athens” had approximately 13,820 active listings in September 2026, representing a 29.2% year-on-year decrease.

However, AirDNA monitors listings on digital platforms and uses a different geographical scope and methodology from the register maintained by Greece’s Independent Authority for Public Revenue (AADE).

Where new registrations are prohibited

In areas subject to the registration freeze, properties cannot be entered into the Short-Term Rental Register for the first time.

In Athens, the restriction applies to the first, second and third municipal districts. Whether a property is affected depends on the municipal district in which it is located.

A similar restriction came into force on 1 July 2026 in Thessaloniki’s first municipal community.

This measure was introduced after the March figures published by the Bank of Greece and is therefore not reflected in that dataset.

In the designated areas, properties transferred during the owner’s lifetime are also removed from the register and cannot be registered again while the prohibition remains in force.

What changes when properties are transferred

The restrictions apply to property sales, parental transfers and gifts.

A property’s previous use as an Airbnb does not guarantee that a new owner will be able to continue operating it as a short-term rental.

For transactions involving properties in restricted areas, buyers must therefore consider not only whether the property has an active registration number but also the rules governing its status following a transfer.

Although ownership can change, the existing property registration number cannot be transferred to the purchaser. Owner-occupation and long-term letting remain available alternatives.

Violations of the geographical restrictions carry a fine equivalent to 50% of the relevant income, subject to a minimum of €20,000.

For a further violation within the same tax year, the penalty increases to the full amount of the rental income received, with a minimum fine of €40,000.

Why property owners are reconsidering short-term rentals

Restrictions on entering the market, the loss of re-registration rights following transfers in designated areas and increasingly demanding operating requirements have made short-term letting a more complicated investment choice.

Owners must weigh potential returns against taxation, property management expenses, maintenance and compliance costs.

For individuals letting at least three properties on a short-term basis, the activity is treated as a business and is subject to 13% VAT.

AADE has clarified that, in such cases, VAT applies to all properties involved in the short-term rental activity.

A climate resilience levy is also imposed per night and per property. Although the charge is borne by the guest, it must be collected and paid to AADE by the business or individual responsible.

Additional property standards have been in force since October 2025.

Short-term rental accommodation must meet requirements relating to lawful residential use, natural lighting, ventilation and air conditioning, and must carry third-party liability insurance.

Owners must also comply with documentation, safety and hygiene requirements, with inspections conducted by the competent services of the Ministry of Tourism and AADE.

Against this backdrop, long-term letting has become a potentially more attractive alternative.

Under certain conditions, owners who make properties available for long-term rental can benefit from a 36-month exemption from income tax on rental earnings.

The standard maximum property size eligible for the incentive is 120 square metres, increasing by 20 square metres for each dependent child of the tenant beyond the second.

The obstacles preventing homes from returning to the market

Despite the decline in registrations, the Bank of Greece stresses that a substantial number of properties continue to be used for short-term rentals.

At the same time, it identifies other structural obstacles limiting the supply of housing.

Some vacant properties are tied up in delays involving the settlement of private debts or serve as collateral for non-performing loans undergoing enforcement proceedings.

The central bank also highlights multiple ownership, which can complicate decisions over how a property should be used, and rising renovation costs, which discourage owners from undertaking the work required to return vacant homes to the market.

It consequently calls for faster implementation of measures to upgrade existing housing, develop new residential properties and provide incentives to bring unused homes back into circulation.

The figures suggest that restrictions on short-term rentals are beginning to affect the number of registered properties. However, increasing the availability of homes for long-term residents will also require action on the wider structural problems keeping properties outside the housing market.