Discover the latest move by Greece to boost its housing market and tackle the housing shortage crisis. Greece announced a three-year tax break for homeowners who convert their short-term rentals to long-term ones. This comes as part of a wider plan that includes increasing taxes on short-term rentals and banning new licenses in central Athens.
Many European countries, including Spain's Canary Islands, Lisbon, Berlin, and Florence, have already implemented restrictions on short-term rentals due to the impact on housing availability for permanent residents. Greece's Prime Minister Kyriakos Mitsotakis highlighted the need to address housing shortages and the negative effects of short-term rentals on local communities.
Residents of Athens have welcomed the government's plans, recognizing the changes in the urban landscape caused by the proliferation of short-term rental properties. The housing crisis in Greece, exacerbated by low wages, high inflation, and property shortages, has disproportionately affected low-income earners, young couples, and students.
To support aspiring homeowners, Greece has allocated funds for low-interest loans to help young people and couples purchase property. The government aims to alleviate the housing shortage and provide more affordable housing options for residents.
With the housing crisis impacting families across the country, Greece's efforts to address the issue through tax incentives and financial support signal a commitment to improving housing affordability and stability for its citizens.