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.
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.
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Other articles by Katerina Sirouni:
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.