Rentals during the Summer Season in Greece

The phenomenon of illegal renting of summer houses in Greece, as a result of the the financial crisis, has decreased this year. This illegal practice by home owners, who found ways to avoid taxation has been reduced, after the State imposed heavy fines on violators. Home owners posted announcements for house rentals on the internet. This caused the strong reaction of hotel owners, who accused them for evading taxation. This had as a consequence the loss of public revenues, which amounted up to 1 billion euros last summer. This summer, things seem apparently better and real estate agents claim that most owners prefer to make an official statement of renting their property, except for the cases where rentals are being arranged among friends and acquaintances. This summer’s advantages include the expansion of rental period until October for villas, which was not the case in previous years. This is a strong proof that Greek tourism is doing better this year and the “bet” played by the tourist agents concerning profit per capita has been won. According to Themistoklis Bakas, head consultant of E-Real Estates, this summer’s prices are almost at the same levels as in 2013, with a 10 to 15 percent rise or fall depending on the region. However, compared to rent levels in 2008, the overall decrease is 30 to 50 percent. Rental offers are in high demand in October, when prices are decreased by 30 to 40 percent, compared to June. Mykonos, Santorini, Ionian Islands (Zakynthos, Corfu), Syvota, Chalkidiki and Milos are the Greek destinations where prices are higher during the tourism peak season months, July and August, when prices can reach on average or even surpass 3,000 euros. If someone wishes to spend his holidays in a villa, he can do a pedantic search on legal sites and discover luxurious villas in Greek islands and other popular Greek destinations with prices ranging around 100-120 euros per day, always depending on the season.  

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