© AP PHOTO/PETROS GIANNAKOURIS
TOURISM
Tour companies are burgeoning, yet not everyone in Athens is happy about the tourism boom.
can’t stop the movement of people and you can’t stop change happening. It’s like disrupting the flow of a river.” Wood adds that most of his clients are “ordinary homeowners” rather than members of the super-rich, and uses the “trickle-down” economic theory to justify their right to make money from their properties: “If they’re making more money then they’re going to be spending more money and giving more money to their children,” he says. He also points out that the large number of empty properties in the center of Athens may be contributing to rent increases: “You can’t just blame Airbnb owners; it’s more complicated than that.” Stratos Paradias, president of the property owners’ association POMIDA, says rental increases in central Athens are not due to just Airbnb. “Rents went down in the crisis and now some kind of recovery is taking place,” he says. He also adds that no new apartments have been constructed in the past decade – leading to a shortage of supply – and that he believes most buildings converted into 56
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Airbnbs are ones that were previously empty. Most people that Greece Is spoke to for this story were in favor of some kind of control being introduced, while still recognizing that tourism is an essential component of the Greek economy. “I think we should try to monitor the districts and make sure their character does n’t change,” says Kyratsoulis. He also believes that different neighborhoods and aspects of Athens should be promoted, in order to spread visitors out and avoid congestion. “I’d like to see our infrastructure improved, too; both for tourists and residents,” he adds. Katerini says she’d rather see shortterm rentals being listed on more ethically focused platforms, such as Fairbnb. coop, which promises to give back 50 percent of its profits to community pro-
jects, including social housing. “I think there has to be a control on the overcrowded Airbnb areas – there has to be a limit,” she says. “We should also have a simple license for people who want to rent out Airbnbs. They should declare it to the municipality.” However, Wood believes that the number of Airbnbs in the city may be about to drop anyway – and not because of any new laws. “The market’s become incredibly crowded,” he says. “I’ve seen prices drop drastically. I believe a lot of people are starting to have trouble renting their Airbnbs if they are outside the ‘golden circle’ around the Acropolis, and they’re definitely not going to make the money that they fantasize about. I get 10 to 20 calls a day from people and I have to tell them their properties just don’t have Airbnb viability.” Paradias adds that the new tax laws will make Airbnbs less profitable. Given the extra costs and work involved with running an Airbnb, might owners simply give up on the idea and go back to renting to long-term tenants? Wood says: “I think a lot of people are going to leave the market in the next year.” Globally, tourism is on the rise; there were 1.4 billion international travelers last year, a new record. Greece in general and Athens in particular have been major beneficiaries, with visitor numbers rising annually. Both the new mayor of Athens and the government have identified tourism as a priority economic sector. However, it remains to be seen whether Athens can avoid the problems and the discontent witnessed in other European capitals.
“IF YOU’RE LOOKING FOR AN APARTMENT, YOU CAN SEE THE RENTS GOING UP,” KYRATSOULIS SAYS. “IT’S A CHALLENGE FOR DESTINATIONS EVERYWHERE.”