How much have short-term rentals truly impacted Greece’s real estate market—and to what extent are they responsible for the country’s housing crisis? These are among the questions addressed by Vasilis Argyrakis, President of the Association of Short-Term Rental Companies (STAMA Greece), who assumed the role in February.
In an interview with Newsit.gr, Argyrakis cites data from the Independent Authority for Public Revenue (AADE) and the Hellenic Parliament’s Budget Office: roughly 117,400 active Property Registration Numbers (AMAs) exist nationwide, corresponding to approximately 80,000 properties. He clarifies that while total AMA registrations stand at around 300,000, some 200,000 have remained inactive for over three years—many owners retain the registration without using it.
He also notes that short-term accommodations operate in 322 of Greece’s 325 municipalities—compared to just 180 municipalities hosting hotels—a fact he says underscores the sector’s broad geographic reach across the country.
Argyrakis stresses that short-term rentals represent only 1.8% of Greece’s total residential housing stock, according to estimates from the International Monetary Fund (IMF), the Parliament’s Budget Office, the ENFIA property tax database, and ELSTAT. He argues that rising rental prices cannot be attributed solely to this sector. A significant portion of housing remains off the market due to bureaucratic delays, protracted foreclosure procedures, and underutilisation of assets by banks and managers of non-performing loans.
At the same time, he points out that short-term rentals have contributed to the revitalisation of central Athens neighbourhoods such as Omonoia, Psyrrhi, and Patissia—changing their urban character. “Short-term rentals are a global trend unlikely to reverse, with the bulk of activity occurring outside major urban centres,” he observes.
Is the business model financially viable? According to Argyrakis, after deducting cleaning, management, platform commission, and maintenance costs, property owners retain on average about half of the pre-tax amount paid by guests. He adds that one in two guests who try short-term rentals ultimately opts for hotel accommodation instead—while many others seek authentic local experiences or belong to the growing cohort of digital nomads.
Finally, he notes that annual occupancy rates average around 61% in Athens and approach 50% in Thessaloniki. Success, he says, now depends less on high-quality photos or descriptive text—and more on understanding how listing platforms’ algorithms work.