Long term letting of your Crete property.

Long term letting of your Crete property

If you own a Crete property and want to let it out on a long term basis i.e. anything over 3 months you will NOT need a costly and difficult to acquire EOT licence.

This sounds very appealing if you're hoping to let out your holiday home to holidaymakers when you are not using it.

Realistically, the majority of long-term tenants are looking for a minimum of 12 months rental agreements. They will want to occupy your home all through the summer months, not just in the winter.

Don’t count on holidaying in your home in the peak season of May – October and offering only long-term rental in the less popular November to April period. There isn’t a big market for this in Crete.

Long-term rentals have their advantages as you are assured a rental income for the whole period of the lease. The rental income you can expect is much lower than a short-term holiday let, though. Generally the amount you charge a week for holidaymakers you would charge per month for long-term tenants.

Legal requirements for a long-term tenancy means a rental contract should be drawn up with the tenant, deposited with the tax authorities and declared on your Greek tax return.