The Athens housing market remains under the strong influence of short-term rentals, as 70 percent of buying interest in small residential units concerns properties destined to be upgraded and leased through websites such as Airbnb and HomeAway. As a result property prices posted mild growth in the first quarter of 2019, according to an analysis by Geoaxis chartered surveyors.
The constant increase in Attica's hotel room supply combined with the drop-off in the soaring growth in demand and the market entry of thousands of apartments for short-term lets have already started to drive occupancy rates and room prices at the capital's hotels toward a decline.
The current prospects for both supply and demand are pointing to a further gap in the near future.
The government is considering introducing restrictions on the utilization of properties advertised on short-term rental platforms such as Airbnb and HomeAway for holiday accommodation. The restrictions will be imposed on individual owners as well as investors and professional agents who benefit from the new market.
Homeowners leasing their properties through platforms like Airbnb or HomeAway have until February 28 to register these assets with the Independent Authority for Public Revenue (AADE).
Owners can also use the authority's online platform to correct or amend any details pertaining to the property they are offering as a vacation rental.