Tuesday 10 September 2024

HEADLINE STORY

Greece to freeze permits in areas with

highest densities of short-term rentals

_{Greece: PM Kyriakos Mitsotakis reveals plans to address the impact of overtourism.}

EDITOR'S COMMENT

Legislation is dominating the industry headlines once again this week, but there are signs that authorities are starting to consider proportionate local measures rather than the knee-jerk blanket restrictions that have been mooted previously.

In Greece for example, which saw a doubling of available short-term rental inventory between 2019 and 2023, prime minister Kyriakos Mitsotakis has unveiled a raft of measures designed to alleviate the effects of overtourism and address the country's housing crisis.

The strategy includes a temporary freeze on new short-term rental permits in neighbourhoods where STRs exceed five per cent of the total housing stock. This move marks a shift away from previously proposed caps on rental days, such as the 90-day limit, which has been scrapped. The new plan will involve restrictions that are tailored to specific neighbourhoods, and aims to balance the presence of short-term rentals with long-term leasing options.

The government is also considering measures to incentivise long-term rentals including tax exemptions for property owners who transition from short-term to long-term leases. 

It's a tough balancing act for legislators to find the right blend of encouraging commerce and travel, while ensuring tourist destinations are still viable communities where local people can afford to live. The new Greek proposals strike me as an intelligent attempt to strike that balance.

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