Greece’s economy is facing potential disruption as new tourism regulations could jeopardize the country’s vital tourist industry. A draft law currently undergoing public consultation, set to end tomorrow, seeks to regulate Airbnbs and short-term rentals for the first time.
The proposed legislation has sparked controversy, especially Article Three, which states that properties converted into short-term rentals after July 28, 2011, would no longer be allowed to operate as such. The Greek Short-Term Accommodation Managers Association (STAMA) has written to Prime Minister Kyriakos Mitsotakis urging him to amend the law.
While the Ministry of Tourism has emphasised that the new regulations aim to address current challenges while ensuring the competitiveness and sustainability of Greek tourism, STAMA argues that the rules are discriminatory and impractical. The association claims the law unfairly penalizes property owners who invested in upgrading properties for short-term renting, effectively punishing those who acted in good faith.
STAMA warns that the economic impact could be severe, highlighting that millions of euros have been invested in these properties. The disqualification of these rentals from the market could cause property values to plummet and reduce state tax revenues. Furthermore, it could discourage future investments, undermining the broader Greek economy.