Latest News from the Greek Real Estate Market

Over the last several years, there have been significant changes in Greek property laws. Athens-based Architect Katerina Sirouni brings us the latest news from the Greek real estate market.


Your source for Greek Real Estate Market news

As a Greek-American educated and living in Greece — and happens to be an architect — I am continually approached by family and friends in the U.S. about how to make sense of the many changes in Greece’s property laws, codes, and taxes. As the owner and operator the architectural firm, KSirouni Architects, I help clients all over the world in design, management, and maintenance of properties, as well as navigating Greece’s new property laws.

Over the years, there have been many changes in the property laws. The changes keep coming, and I’ll continue to keep you updated as new information becomes available.

Here’s what’s new in the Greek real estate market.

What’s new in Greek Real Estate?

High season for Greek tourism has come to an end. Ekathimerini recently reported 753,000 international air arrivals at major airports, from January – August 2016, a 6.5% increase over the previous year. Other reports show that tourists were not staying in hotels. This summer, there was a major preference in residential property rentals throughout Greece this summer.

Home rentals through online platforms, such as AIRBNB one of the world’s largest property marketplaces for example, increased significantly this summer. Demand was highest for residential property in the heart of Athens, as well as those near archaeological sites and beaches.

Greek Real Estate News Katerina Sirouni
Changes in Greek real estate laws allowed many to offer their residential properties for short term rental. PHOTO BY KATERINA SIROUNI

Why?

We believe that this sudden increase in residential rentals is highly due to a new property law passed by the Greek Government in November 2015.

As mentioned in a previous article, this new law allows owners to lawfully rent their homes short-term to separate tenants as often as they please throughout the year.

Additionally, short-term rental income is considerably higher at the end of the year, not to mention the fact that possible legal costs are avoided when dealing with non-paying long-term tenants.

Will it last? We’re not sure, but for the moment, we’re definitely loo
king at a totally different market than know up-to-date in the city of Athens as much as preferred popular island destinations.

What’s next in Greek Property Law?

This past month, there has been a lot of talk about a potential new property law referred to as “Property Code” or “Tαυτότητα Κτιρίου” in Greek.

From information circulated in the press to date, this new law is similar to what we refer to as “Electronic Building ID Code” or “Ηλεκτρονική Ταυτότητα Κτιρίου.

Questions?

Click here to send your question and we’ll get back to you as soon as possible.


Other articles by Katerina Sirouni:

Own Property in Greece? Read This!

Guide to Greece’s Property Laws: Illegal Structures

Guide to Greece’s Property Laws: Energy Performance Certificates

Guide to Greece’s Property Laws: Hellenic Cadastre

Guide to Greece’s Property Laws: Electronic Building ID Code

Deadline Approaching to Legalize Greek Property

Greek Property Ownership: Short-Term Rental

Greek Property Ownership: Deadlines, Refunds & More

Greek Property Ownership: Updates from Greece


Listen to Katerina on The Hellenic Public radio station “Voice of Greece – Φωνή της Ελλάδας”, targeted to the Hellenes of the Diaspora and Echoes of Athens that airs in Atlanta, Georgia. Greek Real Estate Market. More updates as they come available.


 

Katerina Sirouni

Katerina Sirouni

Chicago native Katerina Sirouni is an Athens, Greece-based licensed architect. She received her degree in Architecture and Engineering from the National Technical University of Athens in Greece.

Katerina is experienced in designing, constructing and renovating residential and commercial property, as well as issuing all property-related certificates and permits. She offers property management and consulting services predominantly to non-Greek residents with regard to property in Greece.

Last year, Katerina published a well-regarded series of articles in The Greek Star newspaper, entitled, “The Changing Landscape of Property Ownership in Greece: Know Your Rights and Obligations.” She also
conducted workshops in Chicago and New York, educating Americans about the new laws, and how they affect their property in Greece.

Connect: info@ksirouni.com
Katerina Sirouni

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