Is Greece, New York Good for Airbnb Investment?

To start an Airbnb in Greece, New York, begin by researching local zoning laws and regulations, as New York State requires short-term rental hosts to register with the state and comply with local municipal codes, while Greece specifically requires a special use permit for short-term rentals in residential zones. Contact the Greece Town Planning Department to obtain the necessary special use permit, which typically costs $200-400 and requires a public hearing process that can take 2-3 months. Simultaneously, register your business with New York State, obtain a sales tax certificate, and secure appropriate insurance coverage including liability and property damage protection. Find a suitable property by purchasing or securing long-term lease agreements that explicitly allow short-term rentals, focusing on areas near Lake Ontario, shopping centers, or business districts for maximum appeal. Furnish the property with quality furniture, linens, kitchen essentials, and amenities like WiFi, cable TV, and basic toiletries, budgeting approximately $5,000-15,000 depending on property size. Create your Airbnb listing with professional photography, detailed descriptions highlighting proximity to Rochester attractions, Kodak Center, or lakefront activities, and competitive pricing based on comparable properties in the $80-200 per night range. Manage the property by establishing cleaning protocols between guests, maintaining responsive communication with visitors, coordinating key exchanges or lockbox systems, and ensuring compliance with Greece's noise ordinances and occupancy limits, while tracking income for tax purposes and maintaining detailed records for annual reporting to both local and state authorities.

For identifying profitable short-term rental properties in Greece and New York, focus on locations within 15-20 minutes of major tourist attractions, beaches, or city centers, prioritizing neighborhoods with strong walkability scores and reliable public transportation access. Target properties with 2-3 bedrooms, modern amenities, outdoor spaces (balconies/terraces in Greece, rooftops in NYC), and unique architectural features that photograph well for listings. Conduct pricing analysis using AirDNA and Mashvisor to evaluate average daily rates, occupancy rates, and seasonal demand patterns, aiming for properties that can achieve 65%+ occupancy with rates 20-30% above local hotel averages. Research competition density through Airbnb and Booking.com searches, avoiding oversaturated markets while identifying underserved niches like business travelers or extended stays. For Greece specifically, utilize Spitogatos.gr and XE.gr for property searches, focus on islands like Santorini, Mykonos, and Crete during peak season (May-September), and consider mainland destinations like Athens and Thessaloniki for year-round demand. In New York, leverage StreetEasy and RentBerry while ensuring compliance with local STR regulations, targeting outer boroughs like Brooklyn and Queens for better ROI potential, and focusing on properties near subway lines with direct Manhattan access.

To obtain an Airbnb/STR permit in Greece, New York, you must first contact the Monroe County Department of Health at 111 Westfall Road, Rochester, NY 14620, or visit their website to download the Short-Term Rental Registration application. Required documents include a completed application form, proof of property ownership or lease agreement, certificate of occupancy, floor plan showing maximum occupancy, proof of liability insurance (minimum $1 million), fire safety inspection certificate from the local fire department, and a $150 application fee payable to Monroe County. Additionally, you must obtain a business license from the Town of Greece Clerk's Office at 1 Vince Tofany Boulevard, providing your STR registration number, business license application, and a $25 fee. The property must comply with Greece's specific requirements including maximum occupancy of 2 guests per bedroom plus 2 additional guests, off-street parking for each rental unit, 24/7 local contact person within 30 minutes of the property, and adherence to noise ordinances with quiet hours from 10 PM to 7 AM. The entire process typically takes 4-6 weeks for approval, and you must renew your registration annually by December 31st with a $75 renewal fee, while also collecting and remitting 8.25% sales tax to New York State Department of Taxation and Finance.

Short-term rentals (STRs) are legal in Greece with specific regulations implemented since 2018 and updated through 2023. Property owners must register with the Greek National Tourism Organization (GNTO) and obtain a registration number, with properties required to meet safety and quality standards. STRs are prohibited in certain areas of central Athens, particularly in neighborhoods like Plaka, Monastiraki, and Psyrri, where local authorities have imposed restrictions to address overtourism and housing shortages. Recent changes in 2023 include stricter licensing requirements, mandatory property inspections, and increased penalties for non-compliance, with some municipalities implementing caps on the number of STR licenses issued. In contrast, New York has much more restrictive regulations, effectively banning most short-term rentals under 30 days as of 2023, requiring hosts to register with the city and be present during guest stays, making traditional Airbnb-style rentals largely illegal in most of the city.

The best Airbnb investment areas in Greece include Mykonos Town and Plaka in Athens, with Mykonos offering premium rates during peak summer months (May-September) due to its world-renowned nightlife, luxury tourism, and proximity to iconic beaches, while Plaka attracts year-round visitors seeking authentic experiences near the Acropolis and ancient sites. In New York, Manhattan's Lower East Side and Williamsburg in Brooklyn present optimal opportunities, as the Lower East Side benefits from its central location, vibrant nightlife, proximity to SoHo and financial district business travelers, while Williamsburg attracts young professionals and tourists with its trendy restaurants, art scene, and easy Manhattan access via subway, offering better property acquisition costs than Manhattan with strong rental demand from both leisure and business travelers attending events at venues like Brooklyn Bowl and House of Yes.

In Greece, Airbnb hosts must pay a municipal lodging tax that varies by location and property type, typically ranging from €0.50 to €4.00 per night per guest, with Athens charging €4.00 per night for apartments and €3.00 for rooms, while islands like Mykonos and Santorini charge €1.50-€4.00 depending on accommodation category, collected directly from guests and remitted quarterly to local tax authorities through the TAXISnet system, with exemptions for children under 13 and stays exceeding 4 consecutive nights receiving 50% reduction after the 4th night. In New York, Airbnb hosts are subject to state sales tax of 8% plus local occupancy taxes that vary by location, with New York City imposing an additional 5.875% hotel room occupancy tax and a $1.50 per night unit fee, totaling approximately 14.75% in taxes, while upstate locations like Albany charge 3% county occupancy tax plus 4% state sales tax, with Airbnb automatically collecting and remitting these taxes for most bookings since 2018 under agreements with New York State Department of Taxation and Finance, though hosts remain responsible for registration and compliance, with exemptions typically applying to stays exceeding 30 consecutive days and certain disabled veteran accommodations.

Starting an Airbnb in Greece versus New York presents dramatically different cost structures. In Greece, median property purchase prices range from €150,000-€300,000 ($165,000-$330,000) depending on location, with popular islands like Santorini commanding premium prices, while furnishing costs typically run €15,000-€25,000 ($16,500-$27,500) for a complete setup including appliances, furniture, and décor. Initial setup costs including photography, listing creation, and marketing materials average €2,000-€3,000 ($2,200-$3,300), permits and licensing fees are relatively modest at €500-€1,500 ($550-$1,650), insurance costs approximately €1,200-€2,000 ($1,320-$2,200) annually, utilities setup and deposits total around €1,000-€1,500 ($1,100-$1,650), and six months of operating costs including utilities, cleaning, maintenance, and platform fees average €6,000-€10,000 ($6,600-$11,000), bringing total startup costs to approximately €175,700-€343,000 ($193,270-$377,300). In contrast, New York requires significantly higher investment with median property purchases ranging from $800,000-$1,500,000 depending on borough and property type, furnishing costs of $25,000-$45,000 for quality urban furnishings, initial setup costs of $3,000-$5,000, permits and legal compliance fees of $2,000-$5,000 due to strict short-term rental regulations, insurance premiums of $3,000-$6,000 annually, utilities setup and deposits of $2,000-$3,000, and six months operating costs of $15,000-$25,000 including higher cleaning fees, maintenance, and platform commissions, resulting in total startup costs of approximately $850,000-$1,589,000, making Greece roughly 4-5 times less expensive to enter the Airbnb market.

Airbnb properties in Greece and New York show significantly different profitability profiles, with Greek properties typically generating annual revenues of €15,000-€35,000 for island locations like Santorini and Mykonos, while mainland properties average €8,000-€20,000, resulting in profit margins of 25-40% after accounting for cleaning fees (€25-€40 per turnover), property management (10-15%), and seasonal maintenance costs. New York Airbnb properties, particularly in Manhattan, can generate $40,000-$80,000 annually for one-bedroom units, but face higher operational costs including property taxes ($8,000-$15,000), insurance ($2,000-$4,000), and cleaning services ($80-$120 per turnover), typically yielding profit margins of 15-25%. Success factors in Greece include proximity to beaches or historical sites, with properties in Oia, Santorini achieving occupancy rates of 80-90% during peak season (June-September), while New York success depends on location accessibility to subway lines and tourist attractions, with properties near Central Park or Times Square maintaining 70-85% occupancy year-round. Greek properties benefit from lower acquisition costs ($150,000-$400,000) and operational expenses, while New York properties require higher initial investments ($500,000-$1,500,000) but offer more consistent year-round demand, making Greece more attractive for seasonal investors seeking higher profit margins and New York better suited for investors prioritizing steady cash flow and property appreciation.

Airbnb investments in Greece typically generate annual ROI of 8-15% with cash-on-cash returns ranging from 12-20%, particularly in popular destinations like Santorini, Mykonos, and Athens where properties can achieve occupancy rates of 60-80% during peak season. The Greek market shows strong performance due to lower property acquisition costs compared to other European destinations, with average property prices ranging €1,500-3,500 per square meter in tourist areas, and investors generally reaching profitability within 18-24 months. In contrast, New York Airbnb investments face significant regulatory challenges with Local Law 18 restricting short-term rentals, resulting in lower annual ROI of 4-8% and cash-on-cash returns of 6-12% in compliant properties, with profitability timeframes extending to 3-5 years due to higher acquisition costs averaging $800-1,200 per square foot and stricter operational requirements. Greek properties benefit from seasonal tourism peaks generating €80-200 per night in prime locations, while New York's limited legal short-term rental market constrains revenue potential despite higher nightly rates of $150-400, making Greece the more attractive investment opportunity with faster capital recovery and higher overall returns.

STRSearch is a leading national platform that helps investors identify profitable short-term rental properties across multiple markets including Greece, New York. In the Greece, NY area, local real estate agents like Keller Williams Realty of Greater Rochester and RE/MAX Realty Group have agents specializing in investment properties suitable for Airbnb conversions, while companies like Rochester Investment Properties and Finger Lakes Property Management offer comprehensive services for short-term rental investors. National services include Mashvisor, which provides Airbnb analytics and property search tools, BiggerPockets for investor networking and deal sourcing, and AirDNA for market data analysis. RedAwning and Vacasa offer property management services for Airbnb investors, while companies like HomeUnion and Roofstock specialize in turnkey rental property investments. Local property management companies such as CNY Property Management and Empire State Property Management have expanded into short-term rental services, and real estate investment groups like Rochester Real Estate Investors Network provide education and deal flow for Airbnb-focused investors in the greater Rochester and Finger Lakes region.