Greece has frozen new short-term rental registrations in central Athens districts. Over 13,000 Airbnb listings exist in central Athens alone — and new operators cannot join. If you're buying in Athens for rental income, this changes everything.
Greece introduced a new STR regulatory framework effective January 2025 that banned new short-term rental registrations in three central Athens municipal districts. The government's stated aim was to address the housing crisis caused by the conversion of residential apartments to tourist accommodation.
Central Athens alone hosts over 13,000 active Airbnb listings. This density has pushed long-term rental prices up significantly, reducing housing availability for residents. The Kolonaki, Koukaki and Exarchia neighborhoods were specifically targeted because they saw the highest rate of apartment-to-Airbnb conversion.
The freeze applies to new registrations only — operators with existing valid registrations can continue. But for any new buyer planning to run an STR in these areas: the door is currently closed.
| Area | STR Registration | Avg. Price/sqm | Long-term Yield |
|---|---|---|---|
| Kolonaki | FROZEN | €5,400–€6,200 | 3.8–4.0% |
| Koukaki-Makrygianni | FROZEN | €3,800–€4,000 | 4.2–4.5% |
| Exarchia-Neapoli | FROZEN | €2,100–€2,500 | 5.5–6.5% |
| Pangrati | FROZEN | €2,600–€3,000 | 4.8–5.5% |
| Monastiraki-Syntagma | FROZEN | €3,500–€4,500 | 4.0–5.0% |
| Piraeus | OPEN | €1,800–€2,400 | 6.0–8.0% |
| Kypseli | OPEN | €1,900–€2,200 | 6.5–7.5% |
| Glyfada (Riviera) | OPEN | €4,200–€5,200 | 4.5–5.5% |
| Kallithea | OPEN | €1,700–€2,100 | 7.0–8.5% |
The STR freeze creates a two-tier market. Properties in frozen zones with existing STR licences are trading at a premium — buyers are effectively paying for the licence, not just the flat. Properties without a licence in those zones are repricing toward long-term rental yields, which are significantly lower than STR yields in Kolonaki.
At current Kolonaki prices (€5,400–€6,200/sqm) with a long-term gross yield of 3.8–4.0%, the investment math is difficult. A 75 sqm apartment costing €405,000–€465,000 generates €1,300–€1,500/month in long-term rent — a gross return below 4%. Without the STR premium, the case for buying in frozen zones weakens considerably.
If you have an existing STR registration, it remains valid. Maintain compliance with the new annual reporting requirements and the €1.50/booking accommodation fee introduced in 2025. Your licence has become a valuable asset.
Focus on areas outside the freeze zone. Piraeus, Kallithea, Kypseli and the Athens Riviera (Glyfada, Voula) all have open STR registration. These areas offer better yield-to-price ratios than frozen central districts anyway.
The STR freeze boundaries are defined at the municipal district level, and the zones may expand. RiskAI X now flags STR restriction zone status alongside seismic risk, YPPO heritage status and flood risk for any Athens address — so you know all the constraints before making an offer.
Despite the STR complications in central districts, Athens remains one of Europe's most interesting property markets. Prices have risen 80–95% from the mid-2010s crisis lows, but remain far below most Western European capitals. The Ellinikon mega-project (€8 billion investment) and the extension of Metro Line 4 are structural demand drivers.
The VAT exemption on new construction, extended through December 2026, makes new builds particularly attractive. Combined with Greece's improving sovereign credit and stable euro, the medium-term case for Athens real estate remains intact — but location and STR zone status have never been more important.
STR zone · Seismic risk · Heritage · Flood · AI analysis — free to start
Check any Athens address →Sources: Greek Ministry of Digital Governance STR Registry, Investropa Athens Market Data (2026), Bank of Greece Property Price Indices, JLL Athens Market Report 2025–2026. RiskAI X research team.
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