Authored by the expert who managed and guided the team behind the Greece Property Pack
Yes, the analysis of the Greek Islands' property market is included in our pack
Renting out property in the Greek Islands as a foreigner is absolutely possible in 2026, though it does require navigating specific tax registrations and compliance steps that differ from mainland Greece.
This blog post covers everything from legal requirements and rental yields to neighborhood performance and short-term rental regulations across the Greek Islands.
We constantly update this blog post to reflect the latest data and regulatory changes affecting foreign landlords in the Greek Islands.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in the Greek Islands.
Insights
- Gross rental yields in the Greek Islands range from around 3.4% in the Cyclades to 6.5% in Heraklion, meaning your island choice can nearly double your return on the same investment.
- Short-term rentals in Mykonos command an average nightly rate of around 870 euros, but annual occupancy sits at only 53%, so you need to price for a four-month peak season.
- Non-EU buyers targeting certain eastern Aegean islands still need a frontier-area permit under Law 1892/1990, a rule that catches many foreign investors off guard.
- The Greek Islands have over 21,600 active short-term rental listings across Mykonos, Santorini, and Corfu alone, making differentiation through professional photos and reviews essential.
- Long-term vacancy on seasonal islands like Santorini can reach 30% annually because winter tenant demand nearly disappears from November through March.
- Greek law treats most residential leases as having a minimum three-year term even if you sign a shorter contract, which limits how often you can reset rent prices.
- Furnished rentals in the Greek Islands typically rent 20% to 30% faster than unfurnished ones because most tenants are seasonal workers or international remote workers.
- Crete's Heraklion prefecture offers the highest gross yields among major Greek island regions at around 6.5%, largely because purchase prices have not risen as fast as rents.
Can I legally rent out a property in the Greek Islands as a foreigner right now?
Can a foreigner own-and-rent a residential property in the Greek Islands in 2026?
As of early 2026, foreigners can legally buy and rent out residential property across the Greek Islands, with EU and EEA citizens facing essentially no restrictions while non-EU buyers may need a permit in designated frontier areas near the eastern borders.
The most common ownership structure for foreign landlords in the Greek Islands is direct personal ownership tied to a Greek tax number (AFM), though some investors use Greek limited liability companies for larger portfolios or liability protection.
The single most common hurdle foreigners encounter is the frontier-area restriction under Law 1892/1990, which requires non-EU buyers to obtain a special permit before purchasing property on certain eastern Aegean islands like those near the Turkish border.
If you're not a local, you might want to read our guide to foreign property ownership in the Greek Islands.
Do I need residency to rent out in the Greek Islands right now?
Residency is not required to be a landlord in the Greek Islands, meaning you can own and rent out property while living anywhere in the world as long as you meet Greek tax and administrative requirements.
However, you will need a Greek tax identification number (AFM) to legally collect rental income, register any short-term rental activity, and file your annual property tax declarations in the Greek Islands.
For rent collection, Greek law increasingly expects landlords to receive payments through a bank account notified to the tax authority (AADE), and while international transfers are technically possible, having a Greek or EU bank account simplifies compliance significantly.
Managing a rental property in the Greek Islands entirely remotely is practically feasible if you hire a local property manager or agent, though you will still need to handle annual tax filings and respond to AADE compliance requirements from abroad.
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What rental strategy makes the most money in the Greek Islands in 2026?
Is long-term renting more profitable than short-term in the Greek Islands in 2026?
As of early 2026, the most profitable rental strategy in the Greek Islands depends heavily on which island you choose: short-term rentals can significantly outperform on trophy islands like Mykonos and Santorini during peak season, while long-term rentals often deliver better stress-adjusted returns on larger year-round islands like Crete and Corfu.
On a comparable two-bedroom apartment in a prime Cyclades location, a well-managed short-term rental might generate 25,000 to 40,000 euros annually (around 27,000 to 44,000 USD), while a long-term rental of the same property would typically bring in 9,000 to 11,000 euros per year (around 10,000 to 12,000 USD), though the short-term figure comes with much higher operating costs and seasonal volatility.
Properties with sea views, outdoor terraces, and photogenic interiors in tourist magnets like Mykonos Town, Oia, and Fira tend to favor short-term renting financially because these features command nightly rate premiums that long-term tenants simply will not pay.
What's the average gross rental yield in the Greek Islands in 2026?
As of early 2026, the average gross rental yield for long-term residential rentals across the Greek Islands ranges from approximately 3.4% in the Cyclades to around 6.5% in Crete's Heraklion prefecture, with most island regions falling between 4% and 5.5%.
The realistic low-to-high gross rental yield range that covers most residential properties in the Greek Islands is 3% to 6.5%, with the variation driven primarily by how much purchase prices have outpaced local rent growth in each island market.
Urban apartments in Heraklion and Rhodes Town typically achieve the highest gross rental yields in the Greek Islands because these locations have strong year-round tenant demand from local workers and students, which keeps rents stable while property prices remain more affordable than in the Cyclades.
By the way, we have much more granular data about rental yields in our property pack about the Greek Islands.
What's the realistic net rental yield after costs in the Greek Islands in 2026?
As of early 2026, the average net rental yield after all ongoing costs for long-term rentals in the Greek Islands is approximately 2% to 4.5%, while short-term rentals can achieve 2.5% to 7% net but with much higher volatility and management intensity.
The realistic low-to-high net rental yield range that most landlords actually experience in the Greek Islands is 2% to 5% for long-term rentals and 2% to 7% for short-term rentals, depending on location, property condition, and how hands-on you are with management.
The three main cost categories that reduce gross yield to net yield specifically in the Greek Islands are ENFIA (the annual property tax that applies to all Greek real estate), property management fees that typically run 15% to 25% of revenue for short-term rentals, and the high seasonal maintenance costs driven by salt air corrosion and intense summer usage.
You might want to check our latest analysis about gross and net rental yields in the Greek Islands.
What monthly rent can I get in the Greek Islands in 2026?
As of early 2026, typical monthly long-term rents in the Greek Islands run approximately 350 to 400 euros (380 to 440 USD) for a studio, 510 to 620 euros (560 to 680 USD) for a one-bedroom, and 750 to 910 euros (820 to 1,000 USD) for a two-bedroom apartment, with the Cyclades at the top of this range and the Dodecanese at the lower end.
A realistic entry-level monthly rent for a decent studio in the Greek Islands is 300 to 400 euros (330 to 440 USD), with the lower end found in less touristy areas of Crete or the Dodecanese and the higher end in Cyclades towns like Parikia or Naxos Chora.
For a typical one-bedroom apartment in the Greek Islands, mid-range monthly rents run 500 to 650 euros (550 to 710 USD), with locations like Chania Old Town, Corfu Town, and Rhodes Town clustering in this bracket.
A typical two-bedroom apartment in the Greek Islands commands 700 to 950 euros (770 to 1,040 USD) per month at mid-to-high market levels, with prime locations in Mykonos and Santorini pushing above 1,000 euros when available for long-term lease.
If you want to know more about this topic, you can read our guide about rents and rental incomes in the Greek Islands.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Greece versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What are the real numbers I should budget for renting out in the Greek Islands in 2026?
What's the total "all-in" monthly cost to hold a rental in the Greek Islands in 2026?
As of early 2026, the total "all-in" monthly cost to hold and maintain a typical long-term rental property in the Greek Islands runs approximately 150 to 350 euros (165 to 385 USD), while short-term rentals average 30% to 45% of gross revenue in operating expenses including cleaning, management, and platform fees.
A realistic low-to-high monthly cost range that covers most standard long-term rental properties in the Greek Islands is 120 to 450 euros (130 to 495 USD), depending on whether you self-manage or use a local agent and how much maintenance your property requires.
The single largest contributor to monthly holding costs specifically in the Greek Islands is property management, which typically runs 8% to 12% of rent for long-term rentals and 15% to 25% for short-term rentals, significantly outweighing fixed costs like ENFIA property tax or basic insurance.
You want to go into more details? Check our list of property taxes and fees you have to pay when buying a property in the Greek Islands.
What's the typical vacancy rate in the Greek Islands in 2026?
As of early 2026, the typical vacancy rate for long-term rentals in the Greek Islands ranges from approximately 4% to 12% on large year-round islands like Crete and Corfu, while seasonal islands like Mykonos and Santorini experience vacancy rates of 12% to 30% due to weak winter demand.
A landlord in the Greek Islands should realistically budget for 0.5 to 1.5 months of vacancy per year on larger islands with year-round economies, and 1.5 to 3.5 months on smaller seasonal islands where tenants often leave after the tourist season ends in October.
The main factor that causes vacancy rates to differ between neighborhoods in the Greek Islands is proximity to year-round employment: areas near hospitals, universities, ports, and government offices maintain lower vacancy because tenants have reasons to stay through winter.
Tenant turnover and vacancy in the Greek Islands typically peak in October and November, when seasonal tourism workers finish their contracts and leave the islands, creating a brief window of high supply and low demand before the slow winter months.
We have a whole part covering the best rental strategies in our pack about buying a property in the Greek Islands.
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Where do rentals perform best in the Greek Islands in 2026?
Which neighborhoods have the highest long-term demand in the Greek Islands in 2026?
As of early 2026, the three neighborhoods with the highest overall long-term rental demand in the Greek Islands are Chania Old Town in Crete, Corfu Town (Kerkira) in the Ionians, and Heraklion city center in Crete, all of which combine year-round services with steady tenant pools from local employment.
For families seeking long-term rentals in the Greek Islands, the strongest demand concentrates in residential neighborhoods just outside historic centers, such as the areas surrounding Chania's Old Town, the suburbs around Heraklion near schools, and the Dassia corridor outside Corfu Town where parking and larger units are more available.
Student rental demand in the Greek Islands is strongest in Heraklion due to the University of Crete's presence in the wider metropolitan area, with Rhodes Town also attracting some student tenants though at a smaller scale than mainland university cities.
Expats and international remote workers in the Greek Islands tend to cluster in Chania for its international long-stay appeal, Corfu Town and nearby coastal villages for their European connectivity, and increasingly in Naxos Town and Paros (Naoussa and Parikia) for those wanting a Cyclades lifestyle with more year-round infrastructure than Mykonos or Santorini.
By the way, we've written a blog article detailing what are the current best areas to invest in property in the Greek Islands.
Which neighborhoods have the best yield in the Greek Islands in 2026?
As of early 2026, the three neighborhoods with the best rental yields in the Greek Islands are urban areas of Heraklion in Crete, residential zones in Rhodes Town, and neighborhoods in the Dodecanese islands outside the prime waterfront strips, all of which offer solid rents without the inflated purchase prices of Cyclades hotspots.
The estimated gross rental yield range for these top-yielding neighborhoods in the Greek Islands is 5% to 6.5%, compared to just 3% to 4% in trophy Cyclades locations like Mykonos Town or Oia.
The main characteristic that allows these neighborhoods to achieve higher yields than others in the Greek Islands is that local resident demand keeps rents stable year-round while property prices have not experienced the same speculative run-up driven by international second-home buyers and luxury short-term rental investors.
We cover a lot of neighborhoods and provide a lot of updated data in our pack about real estate in the Greek Islands.
Where do tenants pay the highest rents in the Greek Islands in 2026?
As of early 2026, the three neighborhoods where tenants pay the highest rents in the Greek Islands are Mykonos Town (Chora), Oia in Santorini, and Fira in Santorini, where monthly asking rents for long-term leases can exceed 1,000 euros (1,100 USD) even for modest apartments when available.
In these premium Greek Islands neighborhoods, a standard one-bedroom apartment typically rents for 800 to 1,200 euros (880 to 1,320 USD) per month for long-term leases, though supply is extremely limited because most owners prefer short-term rentals during the lucrative summer season.
The main characteristic that makes these neighborhoods command the highest rents in the Greek Islands is their global brand recognition and Instagram-famous scenery, which creates demand from high-income seasonal workers, luxury hospitality staff, and international tenants willing to pay a premium for the prestigious address and lifestyle.
The typical tenant profile in these highest-rent Greek Islands neighborhoods includes boutique hotel managers and hospitality professionals on seasonal contracts, yacht crew members needing a land base, affluent digital nomads seeking a summer lifestyle destination, and business owners running tourism ventures who need proximity to their operations.
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Greece. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
What do tenants actually want in the Greek Islands in 2026?
What features increase rent the most in the Greek Islands in 2026?
As of early 2026, the three property features that increase monthly rent the most in the Greek Islands are reliable heating and air conditioning with proper insulation (critical for winter livability that tourists underestimate), fast fiber internet for remote workers, and dedicated parking, which is scarce in historic island towns.
The single most valuable feature in the Greek Islands rental market is fast, reliable internet, which can add a 10% to 15% rent premium because remote workers and long-stay tenants prioritize connectivity over traditional amenities like sea views.
One commonly overrated feature that landlords in the Greek Islands invest in but tenants do not pay much extra for is luxury kitchen appliances, since most long-term tenants on the islands prioritize location, comfort, and connectivity over high-end cooking equipment they rarely use.
An affordable upgrade that provides a strong return on investment for landlords in the Greek Islands is installing a modern split-system air conditioner with heating function, which costs around 500 to 800 euros but addresses the top comfort concern for year-round tenants and significantly reduces winter vacancy.
Do furnished rentals rent faster in the Greek Islands in 2026?
As of early 2026, furnished apartments in the Greek Islands typically rent 20% to 30% faster than unfurnished ones because the tenant pool is dominated by seasonal workers, international remote workers, and expats doing three-to-twelve-month stays who do not want to ship or buy furniture for a temporary home.
Furnished rentals in the Greek Islands also command a rent premium of approximately 10% to 20% over comparable unfurnished units, making the upfront investment in quality furniture worthwhile for landlords who want both faster occupancy and higher monthly income.
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How regulated is long-term renting in the Greek Islands right now?
Can I freely set rent prices in the Greek Islands right now?
Landlords in the Greek Islands can freely set the initial rent price when signing a new lease, as there is no government-mandated rent control on starting rents for residential properties in Greece.
However, rent increases during an existing tenancy are not unlimited: Greek law often ties rental contracts to a minimum three-year term for primary residences, and mid-lease increases are typically governed by contract terms or inflation-linked indexation clauses rather than landlord discretion.
What's the standard lease length in the Greek Islands right now?
The standard lease length for residential rentals in the Greek Islands is effectively three years for properties used as a tenant's primary residence, because Greek law (under the Civil Code and Law 1703/1987 framework) is widely interpreted as binding both parties to at least this minimum term even if a shorter contract is signed.
The maximum security deposit a landlord can legally require in the Greek Islands is not strictly capped by statute, but the market norm is one to two months' rent (roughly 400 to 1,800 euros or 440 to 1,980 USD depending on the property), with amounts governed by contract terms and general civil law principles.
For returning the security deposit at the end of a tenancy in the Greek Islands, landlords must return the deposit within a reasonable period after lease termination, minus documented deductions for unpaid rent or damages beyond normal wear and tear, with disputes resolved through civil courts if the parties cannot agree.
We made this infographic to show you how property prices in Greece compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
How does short-term renting really work in the Greek Islands in 2026?
Is Airbnb legal in the Greek Islands right now?
Airbnb-style short-term rentals are legal in the Greek Islands as long as you comply with Greece's short-term rental (STR) framework, which defines STR as rentals below a duration threshold with limited services (essentially no hotel-like amenities beyond bed linen).
To operate a short-term rental legally in the Greek Islands, you must register the property with AADE (the Greek tax authority) to obtain an STR registry number and then submit monthly "Statement on Short-Term Stay" declarations for each booking.
Greece does not currently impose a nationwide annual night limit on short-term rentals, but policy discussions about caps have occurred in recent years, so you should verify whether any island or municipality-specific restrictions exist before purchasing.
The most common penalty for operating a non-compliant short-term rental in the Greek Islands includes fines from AADE for failure to register or submit required declarations, with amounts varying based on the violation but potentially reaching several thousand euros for repeated non-compliance.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in the Greek Islands.
What's the average short-term occupancy in the Greek Islands in 2026?
As of early 2026, the average annual occupancy rate for short-term rentals in the Greek Islands is approximately 50% to 65%, with significant variation based on island type and how well individual listings are managed and reviewed.
The realistic low-to-high occupancy rate range for most short-term rentals in the Greek Islands is 40% to 70% annualized, with top-performing listings in prime locations pushing toward the higher end and poorly managed or off-season-dependent properties falling below 45%.
The highest occupancy months for short-term rentals in the Greek Islands are June through September, when tourist arrivals peak and well-positioned listings can achieve 85% to 95% occupancy, particularly during July and August.
The lowest occupancy months for short-term rentals in the Greek Islands are November through February, when many listings sit empty or achieve only 15% to 30% occupancy because tourist traffic drops dramatically and many island businesses close for winter.
Finally, please note that you can find much more granular data about this topic in our property pack about the Greek Islands.
What's the average nightly rate in the Greek Islands in 2026?
As of early 2026, the average nightly rate for short-term rentals in the Greek Islands varies dramatically by location: approximately 870 euros (955 USD) in Mykonos, 340 euros (375 USD) in Santorini, and 200 euros (220 USD) in Corfu, reflecting the wide range of market positioning across the islands.
The realistic low-to-high nightly rate range covering most short-term rental listings in the Greek Islands is 80 to 500 euros (88 to 550 USD), with basic studios in less touristy areas at the low end and luxury villas with pools and sea views in Mykonos or Santorini at the top.
The typical nightly rate difference between peak season (July and August) and off-season (November to March) in the Greek Islands is 40% to 60%, meaning a property that commands 300 euros per night in summer might only fetch 120 to 180 euros in winter if it can be booked at all.
Is short-term rental supply saturated in the Greek Islands in 2026?
As of early 2026, the short-term rental market in the most popular Greek Islands is moderately to heavily saturated, with over 4,400 active listings in Mykonos, 6,500 in Santorini, and 10,500 in Corfu, meaning new entrants must differentiate strongly on quality, reviews, and pricing to compete.
The current trend in active short-term rental listings across the Greek Islands is continued growth, though the rate of new supply entering the market has slowed compared to the rapid expansion seen in 2019 to 2023 as more owners recognize the management intensity required to succeed.
The most oversaturated neighborhoods for short-term rentals in the Greek Islands are Mykonos Town (Chora), Oia and Fira in Santorini, and the Old Town areas of Corfu and Rhodes, where listing density is highest and competition for bookings is fiercest during shoulder seasons.
Neighborhoods in the Greek Islands that still have room for new short-term rental supply include less-discovered villages in Crete's interior (like areas around Rethymno's hinterland), secondary ports in Naxos and Paros, and coastal areas in the Dodecanese outside Rhodes Town, where tourist interest is growing but listing density remains lower.
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about the Greek Islands, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| AADE Short-Term Rental Portal | The Greek tax authority's official guidance for STR compliance. | We used it to describe the official STR registration workflow and compliance requirements. We also used it to define what legal STR operation means in practice for foreign owners. |
| AADE STR Legal Framework (Law 4446/2016) | An AADE-hosted compilation of the core STR law text. | We used it to define the STR duration threshold and service limitations. We also confirmed the scope of residential property types covered by the law. |
| Bank of Greece Residential Price Indices | Greece's central bank and official house price index producer. | We used Q3 2025 data to ground current market conditions entering early 2026. We also relied on their methodology note to justify data reliability. |
| Spitogatos Property Index | Greece's largest listings platform with transparent methodology. | We used Q4 2025 asking sale and rent prices per square meter for island regions. We then computed gross yields as annual rent divided by sale price. |
| ELSTAT Tourism Arrivals Data | Greece's official statistical authority for tourism numbers. | We used it to support the tourism demand base driving island STR seasonality. We also used it to explain why some islands have high summer occupancy and weak winter demand. |
| AirDNA Mykonos Market Snapshot | A widely used STR data provider with published metric definitions. | We used it to estimate typical occupancy and ADR for one of Greece's highest-price STR markets. We also used listing counts as a market saturation indicator. |
| AirDNA Santorini Market Snapshot | Consistent STR metrics and island-level market coverage. | We used it as the benchmark for iconic-view markets where ADR is high but seasonality is sharp. We grounded occupancy and nightly rate expectations with this data. |
| AirDNA Corfu Market Snapshot | Consistent STR metrics for a large, longer-season island. | We used it to show a different profile versus Cyclades islands. We referenced it for realistic mid-to-upper STR ADR and occupancy benchmarks. |
| ELRA Greece Legal Restrictions Note | A pan-EU land registry network explaining national ownership rules. | We used it to explain that foreigners can generally buy property but frontier areas may require permits. We treated it as a plain-English rule map for foreign buyers. |
| TaxLaw Greece Lease Duration Guide | A Greek law firm's explanation of residential lease frameworks. | We used it to describe the minimum three-year term interpretation for residential leases. We also referenced it for lease termination and renewal rules. |
| ECB EUR/USD Reference Rate | The European Central Bank's published official exchange rate. | We used the EUR/USD rate to convert AirDNA's USD nightly rates into euros for early 2026 readability. We kept all conversions explicit and approximate. |
We have made this infographic to give you a quick and clear snapshot of the property market in Greece. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Related blog posts
- Is now a good time to invest in property in the Greek Islands?