STAMA: Greece’s Short-term Rental Sector Recognized as Market Player

Short-term rental (STR) activity is finally being recognized as an equal and important hospitality market segment, said Greece’s property owners in response to Prime Minister Kyriakos Mitsotakis’ announcement over the weekend concerning taxation of Airbnb-style activities.

The country’s Short-Term Accommodation Managers Association (STAMA) described the announcement as a “new era” for STR companies, which “contribute 3.4 billion euros to GDP (2022) and 600 million euros in state revenues while offering hospitality to millions of visitors to Greece each year”.

“Everyone now realizes and acknowledges that STR activity is here to stay,” the association said, adding that equal obligations mean equal rights for all parties involved.

“The developments following the PM’s announcements pave the way for a new era for our market. They constitute the de jure recognition of short-term rental companies as an integral part of Greek tourism and professional hospitality,” STAMA said in a statement released on Wednesday.

The association goes on to add that STR management companies will now be equal to other hospitality providers sharing the same obligations.

Referring to the revised memorandum (MoU) signed this week between the Independent Authority for Public Revenue (AADE) and home sharing platforms (Airbnb, Booking.com and VRBO), STAMA said it ensures increased transparency and the smooth operation of STR activities.

STAMA also welcomed the creation of a special Activity Code Number (KAD) for short-term rental activity, which it said will contribute to a more effective cooperation with tax authorities. Referring to the tax to be imposed as of next year, the association said “we will contribute even more to supporting local communities and green development”.