Airbnb: tax revenue reaches record 830 million euros

Tax revenue from short-term rental housing has reached an unprecedented 830 million euros, what's more? than ten times higher than in 2017.

According to Georgios Pitsilis, head of AADE, “In 2017, tax revenues amounted to about 70 million euros, while last year they reached 740 million. This year, in the first 9 months, we have revenue of 742 million euros, compared to 640 million euros in the same period in 2023, and expect it to reach 830 million euros at the end of the year“

During the conference, Mr. Pitsilis noted that AADE, in collaboration with short-term rental platforms, has developed tools that provide high-quality, accurate data. According to them, 6,200 legal entities declared more than 3 real estate objects, and compliance with the law remains high: 90% have established accounting books. And only about 500 indicated incorrect codes, and another 500 did not take any action.

Mr. Pitsilis emphasized that “we have identified them and will be concerned about them in the next period so that they comply with the requirements of the law“, and added that currently only 12% of registrations on these platforms are problematic.

Alexis Patelis, economic adviser to the Prime Minister, cited a series of figures for short-term rentalsaccording to which 100,000 residences have a unique AMA and are available for short-term rental, with the number increasing by 40,000 over the past four years.

“Of the 100,000 AMAs, 1/4 are rented for at least 90 days a year, so we ultimately decided not to set a time limit,” Mr. Patelis said. He explained that 80 thousand of them are owned by individuals, of which 4/5 are rented for a period of less than 90 days. Respectively, 20 thousand belong to legal entitieswith at least half being leased for a period of more than 90 days, which has led to a tightening of the framework for legal entities.

Mr. Patelis limited the average income per property with AMA to 7,350 euros per year, and regarding the restrictions on housing rentals in three areas of the Athens municipality, he explained that “in the center there is a danger of changes in the social structure“. “In these neighborhoods, short-term rentals exceed 5%. The measure will be put into effect from the beginning of 2025, and at the end of the year we will decide whether it has had an effect and whether it should be extended“, Mr. Patelis added.

Economic Adviser to the Prime Minister noted that the government will focus on creating better databases and ensuring greater transparency in the real estate market, stating that there is a huge amount of information in various departments that needs to be processed.

He emphasized that many regions of the country have not benefited from tourism developmentwhich creates a regional imbalance. However, he described climate change as a huge pressing problem.

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