Greek Gov’t Examining Provisions for Condo Hotels

The Greek development and investments ministry has tabled a bill in parliament allowing condo hotel investors to apply for EU funding under the current development law framework.

More specifically, the ministry is aiming to revise current regulation so that it will include condo hotels, provided the transfer or long-term lease of auxiliary parts of such facilities takes place after the investor’s obligations have expired.

Revisions also foresee the conversion of hotel units under 2004 and 2011 laws into co-owned hotels ensuring compliance with the provisions of the development law with regard to the long-term obligations of investment plan entities.

Additionally, condo hotel investors will not – according to the tabled amendment – be required to gain approval for leasing contracts related to commercial or F&B shops within the funded investment project.

This provision, according to the ministry, is aimed at facilitating investments and simplifying procedures for their development while relieving public services of the work load.

The ministry is also looking to extend the scope of this stipulation to investment projects subject to the provisions of previous development laws.

A relatively recent practice in Greece, Condo hotels are buildings developed and operated as hotels in major cities and resort towns offering daily or weekly full-service, short-term rentals complete with front desk.