Short answer: a well-bought Athens apartment returns roughly 5–6% gross on the Riviera, 3–5% gross as a long let in the centre, and 6–10% gross as a short let where an AMA registration is actually obtainable, which after costs and tax lands most owners at 3–5% net. Here is how to get from the headline to the number that reaches your account. Yields from the BUY GREECE Greek Property Monitor, Q3 2026.
Gross yield by area
| Area | Strategy | Gross yield (indicative) |
|---|---|---|
| Central Athens outside the frozen districts (Kypseli, Zografou, Kallithea, Ano Patisia) with a valid AMA | Short-term let | 6%–10% |
| Central Athens, frozen 1st–3rd districts (Plaka, Koukaki, Kolonaki, Exarcheia, Pagrati, Neos Kosmos, Petralona, Gazi) | Long let (no new AMA through 2026) | 3%–5% |
| Athens Riviera (Glyfada, Voula, Vouliagmeni, Varkiza) | Long let / seasonal short let, no freeze | 5.1%–5.8% |
| Northern suburbs (Kifisia, Chalandri) | Long let | 3%–5% |
| West Athens (Peristeri) | Long let | toward the top of the Athens long-let range |
Gross, before costs and tax. New AMA registrations are frozen in Athens' 1st, 2nd and 3rd municipal districts through at least 31 December 2026, and an AMA is issued to the owner, not the property: it does not transfer on sale. A buyer in a frozen district should underwrite as a long let regardless of what the seller was doing.
What comes off the gross
- Management. Short-let managers take 15–25% of revenue; long-let agents charge roughly one month's rent per year.
- Vacancy. Budget 10–15% for short lets, 4–8% for long lets.
- ENFIA. Annual property tax, typically a few hundred to a couple of thousand euros for a city apartment.
- Maintenance and building charges. Koinochrista (shared building costs) plus repairs; 1–2% of rent collected is a fair reserve.
- Compliance. Short lets under Law 5170/2025 need fire equipment, an electrical certificate, liability insurance and pest certification: roughly €800–1,500 up front and €300–600 a year for a typical apartment, plus the €8-per-night climate fee collected from guests.
- Income tax. Rental income is taxed at 15% to €12,000, 25% from €12,001–€24,000 (from the 2026 tax year), 35% to €35,000, 45% above.
A worked example
Take a €300,000 two-bedroom apartment in Kypseli, outside the frozen districts, with a valid AMA in your name.
- Gross short-let income at 8%: €24,000.
- Less management at 20%: −€4,800. Less vacancy at 12%: −€2,880. Less ENFIA, building charges, compliance and maintenance: −€2,300.
- Net before tax: €14,020, or 4.7%.
- Income tax (15% on the first €12,000, 25% on the rest): −€2,305.
- Net after tax: about €11,715, or 3.9%.
Run the same money as a long let in Koukaki at 4% gross (€12,000): management −€1,000, vacancy −€600, costs −€1,500, tax −€1,335, leaving about €7,565 or 2.5% net, with far less work and no regulatory exposure. That gap is the whole short-let argument in one line, and it only exists where an AMA is obtainable.
The levers that actually move the number
- Buy outside the freeze if short-let income is the plan. The 1st–3rd districts are closed to new AMAs through 2026 and a seller's AMA does not come with the flat. The Riviera, the northern and western suburbs and the islands are open.
- Buy below €3,000/m² where rents are above €14/m². Kypseli, Zografou and Kallithea still clear that bar; Kolonaki does not.
- Energy class matters. A and B rated stock rents faster and holds tenants; older stock needs a renovation budget you should price in.
- Hold for the appreciation too. Attica prices are up 71.1% since 2017 (Bank of Greece); yield is half the return.
Frequently asked questions
What is a good rental yield in Athens?
Anything above 5% gross is healthy for a long let; 7%+ gross on a short let with a valid AMA is strong. After costs and tax, 3–5% net is realistic.
Is short-term rental still legal in Athens?
Yes, with an AMA registration and Law 5170/2025 compliance. New registrations in the 1st–3rd municipal districts are frozen through 2026, and an AMA is personal to the owner: it does not transfer when the property is sold. Buyers in those districts should plan on a long let.
How is rental income taxed in Greece?
Progressively: 15% to €12,000, 25% from €12,001–€24,000 (2026), 35% to €35,000, 45% above. US owners also declare it in the US; the tax treaty and the foreign tax credit prevent double taxation.
For neighbourhood-level yield data see Athens rental yield 2026 by neighbourhood; for the short-let rules in full, can Americans run an Airbnb in Greece; or brief BUY GREECE with your budget and we will run the numbers on real candidates.
About this guide
Published by BUY GREECE LLC, the US real estate company with offices in Chicago, Illinois and Glyfada, Athens. Reviewed by Kirill Samarits, Founder & CEO. Yields follow the BUY GREECE Greek Property Monitor, free to reuse under CC BY 4.0. Indicative, not a forecast; not tax advice. Corrections: contact BUY GREECE.
Reference pages from BUY GREECE, updated on a schedule and free to cite under CC BY 4.0:
Prices by region, rental yields and Golden Visa tiers, refreshed every quarter: Greek Property Monitor (prices, yields, Golden Visa tiers, quarterly)
Every Greek property rule change that affects buyers, dated and reviewed monthly: Greek property law tracker (every rule change, dated, monthly)
The full purchase process, the cost stack and where to buy: How do you buy property in Greece? The costs, the steps and the best areas
Model the return on a specific budget in a specific area, free and without signing up: Greek property ROI calculator (what your budget earns, by area, in rent and value)
What rental yield can you expect from an Athens apartment? How to work out the real return
How to work out the real return on an Athens apartment: gross yields by area, the costs that eat them, tax, and a worked example.
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