Rental yield in Greece in 2026: what property returns by city, taxes and the Airbnb ban

How much rental brings in Greece: the overall picture 2026

Let's start with the main figure everyone comes for. Average gross rental yield in Greece in 2026 is about 4-5.5% a year, and for long-term contracts the national average is roughly 4.4%. Gross yield is the annual rental income divided by the purchase price, before deducting taxes and expenses. So if a 200,000-euro apartment brings in 10,000 euros of rent a year, gross yield is 5%.

This 4-7% is the realistic corridor the Greek market lives in. Yield is higher where rental demand is steady and dense: student districts, major city centers, tourist locations. Yield is lower in premium districts and expensive islands, because the high entry price “eats” the return: even strong rental doesn't offset the sky-high price per square meter.

It's important to separate two concepts right away. Gross yield is a pretty showcase figure. Net yield (after income tax, the annual ENFIA property tax, management, repairs, vacancies) is usually 1.5-2.5 percentage points lower. It's exactly by net yield that you should calculate a property's payback in Greece: at a 5% gross, the real return in hand is about 3-3.5%, and payback stretches to 28-33 years through rental alone at current prices (not accounting for the housing's own value growth, which has been noticeable in Greece in recent years).

If you're just looking at buying, start with the overviewof real estate prices in Greece in 2026- yield is always calculated from the current entry price, and it varies by multiples across cities.

Long-term or short-term rental: what's the difference for income

This is a fork that determines income, hassle, and legal restrictions. Greece has two fundamentally different ways to rent out housing.

• Long-term rental (contract)- you rent the apartment for a year or more to one tenant under an official contract. Income is stable and predictable, vacancies are rare, management is minimal. Gross yield is more modest - usually 3-5%, but it's “calm” money with no seasonality and no licenses.
• Short-term rental (Airbnb, daily)- you rent housing to tourists for days and weeks through platforms. Potential income is higher - in good locations gross yield reaches 6-8%, and in summer the nightly rate hits records. But this model requires registration, a license (an AMA number), active management, and depends heavily on season and occupancy.

The key thing beginners underestimate is occupancy. On tourist islands short-term housing stands empty a good part of the year. According to 2025 data, on the Cyclades (Mykonos, Santorini) average annual occupancy was only about 22%, and almost half the nights in the year are vacant. So a pretty summer rate of 250-300 euros a night, spread across the year, turns into a much more modest figure.

Add the costs: managing short-term rental through a service costs 15-25% of revenue, plus cleaning, linens, wear-and-tear repairs, advertising. As a result the gap between gross and net yield for Airbnb is noticeably bigger than for long-term rental. Tourist rental is, in essence, a small business, not passive income.

Rental yield by city: a “city - long-term - tourist” table

The main differences are geographic. Let's bring income across the main locations together into one table. The figures are approximate 2026 gross yield; the real return depends on the specific district and property.

The table's conclusion is simple and non-obvious: the highest yield isn't on the glamorous islands, but in Thessaloniki and Athens's “working” districts. On Mykonos and Santorini the price per square meter is so high that even strong summer rental gives a modest return percentage. A detailed breakdown of the capital's market is in the article onproperty in Athens.

Why Thessaloniki is the surprise 2026 yield leader

Thessaloniki deserves a separate conversation, because in 2026 it's specifically Greece's second city, not the hyped-up islands, showing the best average rental yield - about 6.8% gross. The reason is students, not tourism.

Three major universities operate in Thessaloniki, including Aristotle University - the largest in the country. The flow of students, including international ones (their number grew by about a quarter in 2025), creates steady, year-round demand for renting small apartments. Housing near the university rents quickly, is rarely vacant, and the tenant is predictable.

• Stability.Student rental is a long contract for the school year, not seasonal tourist spikes. Income is steady.
• A reasonable entry price.The square meter in Thessaloniki is noticeably cheaper than Athens's and even more so the islands', so the same rental gives a higher percentage.
• Property type.The most in-demand are studios and one-bedrooms up to 50-60 m² near campuses and on lively streets (for example in the Vardaris, Toumba districts).

One downside: since March 2026 the restrictions on new short-term registrations in effect in Athens have started extending to parts of Thessaloniki too. So it's more logical to bet here on long-term student rental - it's both more stable and doesn't run into license freezes.

Athens: high demand and a freeze on new Airbnbs in the center

Athens is the country's most liquid and deep rental market, but it's exactly here that the new short-term rental restrictions hit hardest. Let's break it down layer by layer.

The capital isn't uniform in yield. The average gross yield across Athens is about 5.2%, but the spread by district is huge:

• Developing districts(Kypseli, Patissia, Exarchia, Metaxourgeio) - gross yield 5.4-6.5%, the best return in the city thanks to moderate prices.
• Center and the tourist triangle- high demand for both long-term and short-term rental, but this is exactly where the new-Airbnb freeze applies.
• Premium Kolonaki- around 4.8% and lower: prestigious and liquid, but the expensive entry lowers the percentage.

The main restriction of 2026: new short-term rental registrations (AMA numbers) in central Athens districts are banned until at least the end of 2026. This covers the historic and commercial center - Plaka, Monastiraki, Syntagma, Omonia, Kolonaki, Exarchia, Koukaki, and the districts of Mets, Neos Kosmos, Pangrati, Petralona, Thiseio, Gazi and others. Already-registered properties can keep operating, but a new apartment can't legally be set up for Airbnb in these districts. For a buyer this means one thing: in central Athens, only housing with an already-active AMA number is now bought for short-term rental, and everyone else is left with long-term rental. If you're considering a purchase for income, study the practical breakdown in the guidehow to buy real estate in Greece.

Tourist rental: more income, but more risks

Short-term rental to tourists is a story about a high income ceiling and an equally high level of hassle and risk. Let's break down both sides.

Pros. At peak season the nightly rate in a popular location is many times higher than long-term monthly rental spread across a day. In good years gross yield for tourist housing in the right place reaches 6-8%. Greece's short-term rental market is large - total revenue approaches a billion euros a year, and demand is growing.

Downsides that are only visible when calculated for the full year:

• Seasonality and vacancies.Outside the summer months island housing stands empty. Average annual occupancy on the islands is sometimes only 22-47% of nights in the year. In winter income tends toward zero.
• High operating costs.Management 15-25% of revenue, cleaning, linens, supplies, wear, marketing.
• Regulatory pressure.A freeze on new licenses in central Athens and popular destinations, rising taxes and fees, tightening controls.
• The 60-day rule.Renting to one guest for more than 60 days no longer counts as short-term and shifts into ordinary rental with its own rules.

Tourist rental works, but only with a sober calculation for the whole year, not the summer rate. And remember: if the housing was bought for the Golden Visa, short-term rental is banned outright - more on this separately below.

Licenses, the AMA registry, and the three-property rule

To legally rent out housing short-term, it's not enough to just post a listing. Greece has built a tracking system, and bypassing it is expensive and risky.

• The AMA number.Every short-term rental property must be registered in the tax authority's registry (AADE) and get a unique AMA number. This number must be included in every listing on Airbnb, Booking and any platform. Without it - fines.
• A freeze on new registrations.In saturated central Athens districts, new AMA numbers aren't issued until at least the end of 2026; from March 2026 the restrictions extend to parts of Thessaloniki and popular destinations (Santorini, Chania, Paros, Halkidiki).
• The number doesn't transfer.On sale, inheritance, or gifting of the property, the AMA number doesn't pass to the new owner - the registration is cancelled, even if the housing operated legally before. This is important to consider when buying a “ready-made Airbnb”.
• The three-property rule.An individual renting out one or two apartments short-term is exempt from VAT. But with three or more properties you're considered an entrepreneur: you register the activity, pay 13% VAT, and are taxed under business rules.

Conclusion: short-term rental in Greece in 2026 is a regulated activity with a registry, licenses and thresholds. Before buying housing “for Airbnb”, you need to check whether a new property can even be registered in the chosen location.

The Golden Visa and rental: short-term rental prohibited

This is a point many investors trip up on, and it needs to be understood before buying. If you're buying property in Greece to getGolden Visa (residence permit by investment), you can NOT dispose of that property as freely as an ordinary apartment.

Law 5100/2024 directly prohibits using property bought for the Golden Visa for short-term rental within the “sharing economy” - meaning any Airbnb-style rental, as well as subletting. The ban applies even if you rent it out only occasionally or for a couple of days. The wording “short-term rental within the sharing economy” covers any daily rental, including seasonal.

• What's allowed.Long-term rental of 6 months or more under an official contract - allowed. A GV property has the right to generate income exactly this way.
• What's prohibited.Airbnb, Booking, daily and short-term rental, sharing-economy subletting.
• Penalty.A violation results in residence permit revocation and an administrative fine of 50,000 euros. So you risk not just money, but the residence permit status itself.

The state's logic is understandable: the Golden Visa is a tool for attracting long-term investors, not a way to buy up housing for tourist apartments in overheated centers. So if your goal is both a residence permit and income, budget for long-term rental specifically: it's both legal and stable, even at 3-5% yield rather than 7%. For a purely investment short-term rental, buy a separate property outside the Golden Visa framework and where AMA registration is still possible.

What income strategies work in Greece in 2026

Let's bring it all together and lay it out into clear scenarios - so you can choose yours.

• Stable passive income.Long-term rental of a studio or one-bedroom in Thessaloniki near the university or in a developing Athens district. Yield 5-6% gross, minimal hassle, no licenses. The best choice for those who don't want to manage a business.
• Maximum income with active management.Short-term rental where AMA registration is still available, with competent management. A ceiling of 6-8%, but it's work, seasonality, and regulatory risk. Not for central Athens.
• Residence permit plus income.A Golden Visa purchase with long-term rental. Yield is more modest (3-5%), but you get an EU residence permit for the whole family and a legal rental stream. The main thing is not to rent it out short-term.
• A bet on capital growth.Buying in an appreciating location, where rental only covers expenses and the main return comes from the housing's value growth. For those playing the long game.

There's no universal “best” scenario - it all depends on your goal: whether you primarily need income, residence permit status, or capital growth. It's exactly this question that the conversation about buying should start with.

Common investor mistakes: an expert's view

Over years of working with Greek property we've seen that investors are tripped up not by rare things, but by the same typical miscalculations. Let's list them so you don't repeat them.

• Calculating by gross yield.A pretty 6-7% from a listing - before taxes and expenses. The real net return is 1.5-2.5 points lower. Calculate net.
• Buying “for Airbnb” where it can no longer be registered.New AMA numbers are frozen in central Athens. Check registration possibility BEFORE the deal.
• Buying a “ready-made Airbnb” and losing the license.The AMA number doesn't transfer on sale - it's cancelled. The buyer registers anew, and in the center that's impossible.
• Renting out a GV property short-term.A 50,000-euro fine and residence permit revocation. A Golden Visa property - only long-term rental.
• Chasing the islands.Santorini and Mykonos are prestigious, but yield there is often lower due to the expensive entry and low annual occupancy.

The main principle: yield in Greece is made at the property- and strategy-selection stage, not after purchase. First the goal and the calculation - then the apartment.

Bottom line: what an investor can count on

Let's draw the line. Rental yield in Greece in 2026 is a realistic 4-7% gross, and net in hand - about 3-4% for long-term rental. How many years does it take an apartment to pay for itself through rental alone? Roughly 25-30 years, but this doesn't account for the housing's own value growth, which today in Greece adds a substantial part to the combined return.

The best yield isn't on the glamorous islands, but in Thessaloniki (students, about 6.8%) and developing Athens districts. Short-term rental gives more, but runs into the license freeze, seasonality, and costs, and new Airbnbs can't be registered in central Athens anymore. And if the housing was bought for the Golden Visa - short-term rental is directly banned, only long-term from 6 months.

So the strategy of most investors today is: stable long-term rental plus a bet on capital growth, with the Golden Visa as a way to get an EU residence permit for the whole family at the same time as a real estate investment. If your goal is both income and status, start by selecting the right property:how to buy real estate in Greeceand whichhousing prices in 2026- two starting points for calculating real payback.

Rental income tax in Greece: 15-45% and a new 2026 rate

Rental income in Greece is taxed progressively, and this is the main thing that turns a pretty gross yield into a much more modest net one. Since January 1, 2026 the scale has been updated - an intermediate rate has been added, which slightly eased the burden for mid-level landlords.

A few important clarifications:

• The scale is the samefor long-term and short-term rental if you're an individual. Airbnb income is taxed at the same rates.
• Expense deduction.A flat 5% for maintenance can be deducted with no receipts, or actual documented expenses if they're higher.
• ENFIA.On top of income tax there's the annual ENFIA property ownership tax - paid by the owner regardless of whether they rent out the housing or not.
• 13% VATis added to short-term rental if you have three or more properties (entrepreneur status).

We keep the full picture of the fiscal burden on an owner - the 3.09% purchase tax, ENFIA, income tax and more - in a separate article onproperty taxes in Greece. Current rates and forms should always be checked on the official portalGreece's government services (gov.gr).

Net yield and payback: a calculation

Gross yield is marketing. What interests an investor is the net return and the property's payback in Greece. Let's calculate a specific example.

Let's take an apartment in Athens for 250,000 euros, rented long-term for 1,100 euros a month - that's 13,200 euros a year. Gross yield: 5.28%. Now let's subtract:

• Income tax(15% on the first 12,000, 25% on the rest) - about 2,100 euros.
• ENFIA- roughly 400-700 euros a year for such an apartment.
• Upkeep, minor repairs, insurance, vacancies- let's budget 1,000-1,500 euros.

Net income in hand - about 9,000-9,500 euros a year, meaning a net yield of about 3.6-3.8%. Payback through rental alone - around 26-28 years.

The figure sounds modest, but that's not the whole truth. Greek property has been appreciating noticeably in recent years, and an investor's combined return is rental plus the property's own value growth. Many investors in Greece bet specifically on the combination of stable rental and capital growth, not just current yield alone. So payback “by rental” and real investment attractiveness are different things: with price growth of 5-7% a year, total annual return easily exceeds 8-10%.

Conditions and restrictions: what can and can't be rented out

Let's bring it together into one practical checklist of who and how can earn on rental in Greece in 2026 - so you understand the rules of the game before buying.

• Foreigners rent out freely.Citizenship doesn't matter, you need an AFM tax number and an official income declaration. Border zones require special permission for the purchase itself.
• Long-term rentalavailable everywhere to everyone, with no licenses or registries - the simplest and safest path to income.
• Short-term rentalrequires an AMA number, and in central Athens (and a number of locations from 2026) new numbers aren't issued. Check registration possibility BEFORE buying.
• Three or more short-term properties- this is already a business: activity registration and 13% VAT.
• Housing for the Golden Visa- only long-term rental of 6 months or more. Short-term rental of a GV property is prohibited by law.

The main practical advice: decide on your income strategy BEFORE choosing the property and district. An apartment ideal for long-term student rental in Thessaloniki and an apartment for legal Airbnb are different purchases in different places with different legal checks.