At a time of increased regulatory intervention and intense public debate around short-term rentals, the president of Stama Greece, Vasilis Argyrakis, sets out his perspective on the sector’s trajectory. From the implementation of the new framework and the “freeze” on new registration numbers (AMA) in central Athens, to tax burdens and the discussion on affordable housing, he argues that the market is often unfairly targeted, while the real problems lie elsewhere.
The new regulatory framework and market compliance
How do you assess the implementation of the new regulatory framework since October 1, 2025? What are the first conclusions regarding service quality and property compliance?
Let me remind you that Stama was the first to open this discussion and submit proposals, many of which were incorporated into the legislation.
The part of the market that had not already adopted such measures—fire safety, disinfection, etc.—was essentially forced to comply. These are, after all, common-sense practices that most owners and managers were already applying. There are, of course, two or three more “bureaucratic” elements, such as certain first-aid kit requirements that have long been outdated, or provisions regarding ceiling height.
In practice, most properties adopted the standards—if they had not already done so. Our members, in many cases, go even further. For example, in fire safety we also use fire blankets, which offer greater protection, even though they are not required by the regulation.
There was certainly some initial disruption due to the additional cost. However, it was a step in the right direction for the safety and quality of the tourism product. What we ask from the Ministry is less bureaucracy and a clearer framework.
What is Stama Greece’s position on the freeze of new AMAs in central areas of Athens (and potentially other cities)?
Here, the State appears to contradict itself. On the one hand, it claims it can now take decisions even at postcode level; on the other, it imposed a blanket measure across central Athens—particularly in the historic triangle, where residential use is practically non-existent.
These are former offices and retail spaces that changed use. They were “ghost” properties for 20 years and suddenly came back to life. Just as owners found a way to utilize their assets, the freeze on new AMAs was imposed.
For this reason, Stama has appealed to the Council of State, seeking the annulment of the decision that extends until the end of 2026 the suspension of new registrations in the Short-Term Rental Registry across the first three municipal districts of the City of Athens.
Measures must be meaningful. The decision was applied horizontally across large administrative districts that include dozens of postcodes. We propose targeted, area-by-area evaluation. Kolonaki, for example, is a purely residential zone, whereas the commercial triangle is not. And ultimately, is there real demand for long-term housing in areas such as Agiou Markou or Omonia?
Moreover, another question arises: when entire buildings are converted into hotels, doesn’t that also remove supply from the long-term housing market?
What strategy does Stama Greece propose to enhance the sustainability of the short-term rental market while addressing the needs of local communities for affordable housing?
If only short-term rentals were to blame for the housing problem. The reality is far more complex. It is a multi-factor issue, in which short-term rentals are merely the last link in the chain.
Key drivers include the surge in global liquidity after the pandemic, the transformation of real estate into an investment asset, rising construction costs—with projects such as Ellinikon absorbing capital and labor—and the broader return of the economy to a growth trajectory.
There are also social shifts: changes in household structure, the increase in single-parent families, and younger people’s preference to live alone.
This phenomenon is observed in all European capitals. However, Athens has a comparative advantage: a large stock of vacant homes and properties held by banks and servicers.
Instead of increasing supply, the state subsidizes demand, creating additional inflationary pressures. The solutions are well known, but they require time and determination.
At the same time, many properties are located in areas that do not attract families. Greek households typically seek homes in areas such as Melissia, Glyfada or Faliro, where prices have surged—without short-term rentals being the cause. Similar patterns are seen outside Athens as well, such as in Kozani, due to specific local conditions.
It is clear that short-term rentals are not the core problem. Comparisons with cities like Paris, Barcelona or Amsterdam are misleading, as these are markets with entirely different characteristics.
The message to the government and the Municipality of Athens is clear: stop simplistic comparisons and blanket interventions in a sector that generates significant revenue and demonstrates high tax compliance.
Data shows that, two years after restrictive measures were introduced, rents have not fallen and supply has not increased. Therefore, the issue lies elsewhere: in the need to boost supply and reduce bureaucracy in processes related to it.
Taxation and the “thorn” of the business levy
With increased tax burdens and accommodation fees, how are prices, demand and supply in short-term rentals affected? What is your proposal for balance?
After two years of the new tax regime, we have not seen a significant impact on demand, which remains strong. Prices have increased, but bookings have not been materially affected.
The pressure has mainly shifted to profit margins. Many owners have absorbed part of the burden, especially those operating in lower price segments. For example, the €8 daily fee has a completely different impact on a property charging €200 per night compared to one charging €60.
These taxes are not a Greek peculiarity—they are an international trend. Governments are seeking revenue from tourism with relatively low political cost, as the burden falls largely on visitors. The same applies to fuel, airports and the tourism product overall.
I do not expect this to change soon. Nor does competitiveness appear to be affected, as all countries are moving in the same direction.
What affects us more is the business levy per property. It makes no sense to equate an apartment with a hotel or a bank. We call for the immediate abolition of the circular that treats properties as branch offices.
At the same time, we propose that the climate resilience fee be returned to local communities, ensuring reciprocity for both residents and visitors.
What would you advise a host who wants to become a successful property manager over the next five years?
A balance between human resources and technology is essential. Artificial intelligence and dynamic pricing tools improve operations and control, but they cannot replace the human factor.
Short-term rentals began as a people-driven activity. Despite their scaling, human presence remains critical—especially in unexpected situations, such as a technical failure or a guest issue in the middle of the night.
Finally, because tourism is a highly sensitive sector—as seen during the pandemic and in geopolitical crises—it is essential for professionals in the field to maintain strong financial reserves.
