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Tourism Accommodation Facilities to Get Lease Extension 

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Greek Investments & Development Minister Adonis Georgiadis announced on Thursday that tourism accommodation enterprises would be able to extend their current lease by two years as part of Covid-19 support measures.

The ministry announced the decision after tabling a relevant amendment in parliament which foresees the automatic extension of leases for tourism accommodation facilities by two years for reliable payers.

Georgiadis said it was an “emergency measure” following a March 1 request by the Greek Tourism Confederation (SETE). 

According to the minister, more than 1,000 of Greece’s 9,500 tourist accommodation facilities hold leases. He went on to add that these leases are mostly for a 12-year period. In the unprecedented situation and given that many companies have made serious investments and taken out loans to implement business plans which are now on hold due to Covid-19, “it would not be appropriate to leave these tenants unprotected”.

He underlined that the adjustment applies only to good payers. In addition to the lease extension, Georgiadis said revisions also provided for the automatic extension of all professional leases for businesses that were forced to remain closed due to Covid-19 measures. The extension period is set based on period closed and applies only to good payers. A second amendment, he said, halts confiscation of capital or of ESPA subsidies for the purchase of heating appliances.

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