30,000 property owners seen switching from Airbnb to long term rent

30,000 property owners seen switching from Airbnb to long term rent

Tens of thousands of property owners in Greece are expected to withdraw their apartments from Airbnb type platforms in coming months and lease them on a long term basis, according to industry sources.

Falling rates for short term rentals and the expected tightening of government rules on the sector are prompting the change amidst a broader recovery in Greece's real estate market. An increase of apartments being rented long term will help ease rising rents, which jumped nearly ten percenet in central Athens last year.

Stratos Paradias, president of the Hellenic Property Federation, believes that some 30,000 apartments might complete the switchover as of September.

Owners of some 20,000 properties that have been listed on Airbnb and another 10,000 on booking.com have not completed the legal registration process, indicating that they are likely to gradually switch back to long term rent, Paradias tells iefimerida.gr.

These apartments will help meet demand for housing, particularly among university students in large cities such as Athens and Thessaloniki, who complain of a housing shortage due to the country's booming tourism industry. The changes completed by owners on apartments in order to better compete on the Airbnb market mean that they will be able to demand higher rents from tenants.

"These owners will give back to the market refurbished apartments. A studio rented on Airbnb has nothing to do with an old style studio that used to be rented out in the past. This also means that the rent will be more attractive for the owner," adds Paradias.

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