Short-term rental income in Greece has increased

Short-term rental owners in Greece declared 33% more income to tax authorities in the first 10 months of 2023 than a year earlier, according to official data.

The increase is the result of improved tourism and growing demand, new apartments appearing on short-term rental platforms, and income declarations by owners who had previously ignored their obligations to the state.

According to the Independent Authority for State Revenue (AADE), the number of declarations filed for January-October 2023 increased by 36% compared to the same period in 2022, from 1.25 million to 1.70 million, while the declared rental income increased by 32.8%, from €510.08 million to €677.48 million.

It is noted that an updated memorandum of cooperation was signed between AADE and the Airbnb, Booking and Vrbo platforms. Changes were agreed that lead to a qualitative and quantitative update of the exchanged data in order to more effectively manage it by AADE in order to fully ensure the identification of owners and managers of accommodation facilities and their verification of compliance with the rules.

According to the new rules, violators of the law face large fines if they do not submit their data to the Register of Short-Term Rentals. The penalty for failure to register is set at 50% of the gross income and a minimum of €5,000. In case of repetition, the above penalty will be doubled the next time you use it.