Luxury homes for tourists are soaring

By Stathis Kousounis

Owners of luxury homes that are rented out to tourists for the summer season – many of whom have legally registered this activity – are expected to see a turnover in the area of 100 million euros this year, with conservative estimates bringing tax revenues from such activity to 20 million euros at least.

Some three months ago tourism authorities estimated they would issue 500 permits for such leasings, however demand by property owners for inclusion in this category has exceeded every expectation.

The Greek National Tourism Organization has already issued 1,800 such licenses and stickers, and more are to follow. These homes, most of which belong to the super-luxury category, have a total capacity of about 14,000 beds.

The comparison with last year is staggering: Last year there were only 35 such permits issued in Crete, while since the start of the year the number of permits issued has reached 389. In the Cycladic islands the number has soared from 29 in 2013 to 526 in the year to date. In both regions there are also dozens of outstanding applications.