The short-term property rental market in Greece, represented by companies such as Airbnb and Booking.com, is entering a new era, as, from Wednesday, October 1, a new law came into force which establishes strict terms and conditions for property owners who rent in this way.

The new law provides for compliance checks by the Ministry of Tourism and the Public Property Authority, as well as sanctions and fines corresponding to those applicable to traditional tourist accommodations. Due to the strict framework and requirements for short-term rentals in the new legislation, it is estimated that 5%-10% of such accommodations will be non-compliant and will be forced to leave the market.

Included in the requirements for such properties are that they must offer natural lighting, ventilation and air conditioning, they must have a civil liability insurance policy that covers any damage or accidents, as well as a responsible declaration from a qualified electrician and a certificate of pest control and disinfection, they must also have fire extinguishers and smoke detectors, a cut-off relay or anti-electric shock relay and escape signs, and the property must contain a comprehensive first aid kit, as well as a guide with emergency telephone numbers.

The primary objectives of the legislation are:

• Enhancing Safety and Quality:
  • Establishing minimum safety and quality standards for short-term rental properties to ensure guest well-being.
• Creating a Fair Competitive Environment:
  • Addressing concerns about unfair competition between unregulated short-term rentals and hotels. By imposing similar requirements, the government aims to level the playing field.
• Sustainable Tourism Development:
  • Encouraging practices that support local communities and align with European standards for sustainable tourism.