Two parallel markets in tourism accommodation

Short-term property leases to tourists through websites such as Airbnb are becoming increasingly in Greece, as a regulation for their taxation has still not gone into force. Meanwhile, it is estimated that for every 100 hotel beds in Athens there are another 70 offered through the "grey" market on the Internet. There are similar rates in other parts in the country.

Grant Thornton calculated over a year ago that the size of that market in Greece was close to 1.5 billion euros, but given the rapid increase recorded (with Koukaki in downtown Athens being Airbnb's sixth most rapidly developing area in the world) this is estimated to have more than doubled already.

This translates into state revenue losses of some 195 million euros per year for the first 1.5 billion euros of turnover, according to the Grant Thornton study, and as much as 400 million euros if the industry has...