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Greece may restrict short-term rentals under the "Golden Visa" Program

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The goal of this step is to to Limit Short-Term Rentals Spiking Prices and increase the availability of properties for long-term rental.

What Happened

Greece is considering limiting the number of nights that apartments and homes obtained under the "Golden Visa" can be used for short-term rentals.

Details

Prime Minister Kyriakos Mitsotakis stated that the government is exploring the possibility of limiting short-term rentals to 90 days per year. These restrictions will not apply during the summer season to avoid damaging the tourism industry.

The government is also considering introducing tax incentives for long-term rentals and increasing penalties for non-compliance with the rules.

A final decision on whether to implement these restrictions will be made after collecting data on the impact of the "Golden Visa" program on the real estate market.

Context

The "Golden Visa" program was launched in 2013. It allows foreigners to obtain residency in Greece in exchange for real estate investments.

Initially, the threshold for obtaining a visa was €250,000, but it was later raised to €800,000 in some popular areas.

Many "Golden Visa" holders have rented out their properties on short-term rental platforms like Airbnb, which has led to rising prices and a reduction in the availability of long-term rentals.

Source: The National Herald

Photo by Dragos Gontariu on Unsplash

Quoting conditions of Prian.info materials

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Tags: Greece, Market Analysis, Residence permit and citizenship, Investment, Immigration, Real Estate

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