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.

Launch checklist

• Contact the Greece Town Planning Department to obtain the necessary special use permit, which typically costs $200 to 400 and requires a public hearing process that can take 2 to 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 to 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 to 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.

For identifying profitable short term rental properties in Greece and New York, focus on locations within 15 to 20 minutes of major tourist attractions, beaches, or city centers, prioritizing neighborhoods with strong walkability scores and reliable public transportation access.

What to prioritize

• Target properties with 2 to 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 to 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.

Documents and approvals

• 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.
• 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.
• The entire process typically takes 4 to 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.

Core operating requirements

• 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.

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. 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.

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. 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.

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 to $330,000) depending on location, with popular islands like Santorini commanding premium prices, while furnishing costs typically run €15,000 €25,000 ($16,500 to $27,500) for a complete setup including appliances, furniture, and décor.

Cost breakdown

• Initial setup costs including photography, listing creation, and marketing materials average €2,000 €3,000 ($2,200 to $3,300), permits and licensing fees are relatively modest at €500 €1,500 ($550 to $1,650), insurance costs approximately €1,200 €2,000 ($1,320 to $2,200) annually.
• In contrast, New York requires significantly higher investment with median property purchases ranging from $800,000 to $1,500,000 depending on borough and property type, furnishing costs of $25,000 to $45,000 for quality urban furnishings.

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. New York Airbnb properties, particularly in Manhattan, can generate $40,000 to $80,000 annually for one bedroom units, but face higher operational costs including property taxes ($8,000 to $15,000), insurance ($2,000 to $4,000), and cleaning services ($80 to $120 per turnover).

Profitability indicators

• Success factors in Greece include proximity to beaches or historical sites, with properties in Oia, Santorini achieving occupancy rates of 80 to 90% during peak season (June September), while New York success depends on location accessibility to subway lines and tourist attractions.
• Greek properties benefit from lower acquisition costs ($150,000 to $400,000) and operational expenses, while New York properties require higher initial investments ($500,000 to $1,500,000) but offer more consistent year round demand.

Airbnb investments in Greece typically generate annual ROI of 8 to 15% with cash on cash returns ranging from 12 to 20%, particularly in popular destinations like Santorini, Mykonos, and Athens where properties can achieve occupancy rates of 60 to 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 to 3,500 per square meter in tourist areas, and investors generally reaching profitability within 18 to 24 months.

Return planning figures

• 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 to 8% and cash on cash returns of 6 to 12% in compliant properties.
• Greek properties benefit from seasonal tourism peaks generating €80 to 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 to 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.

Companies and resources

• 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.
• 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.