Theoharis Mihailidis, CEO of VillaRentals.gr, shares practical guidance for foreign homeowners

Few people understand this luxury rental ecosystem better than Theoharis Mihailidis, a seasoned expert in the sector since 2010. As founder and CEO of VillaRentals.gr and Vice President of STAMA Greece (Short-Term Accommodation Managers Association), he bridges the gap between high-level industry standards and boots-on-the-ground operations. While a real estate agent focuses on securing a renter, a property manager oversees the ongoing daily management. His agency manages more than 190 carefully selected villas across Greece, combining premium homes with reliable hosting, maintenance, and concierge-level services designed to protect owners’ investments and reduce stress.

Mihailidis’ perspective is shaped by extensive international experience. He studied in the UK at both the University of Surrey and Imperial College London, later working as a technology and strategy consultant with PA Consulting Group in London. This background gives him a uniquely analytical and global view of the Greek market, reinforced by years of attending industry conferences across Europe and the United States.

In this interview, he offers practical guidance for foreign homeowners, from realistic occupancy expectations and pricing strategies to legal considerations, guest behavior, and smart ways to reduce risk when renting out a luxury villa in Greece. Drawing on his experience managing everything from multi‑bedroom luxury villas with pools in Kefalonia to cozy high‑end apartments in Palaio Faliro, he highlights how different property types attract different guest profiles and require tailored rental strategies.

How many days a year would someone usually need to rent out their property to pay for things like taxes, utilities, and maintenance?

This is not easy to answer because it depends on the value of the property, the type or property and the tax profile of the owner (ie what other income from property he/she has). Apartments have less and more predictable expenses than a house will pool and garden in the countryside. I can write a detailed analysis (from Gemini), but it really depends on what/where the property is. The general range is 90-110 days though for Greece. 

Are there certain kinds or types of properties that renters seem to like more or want more?

This depends on how you define “renters”. Depending on the location, there are many different kinds of renters. In holiday destinations you have the seasonal tourists; these can be Greek or inbound from abroad. If you’re investing in this type of rental property, I recommend choosing a location that draws international tourists, not a destination visited mainly by locals.

Keep in mind that urban destinations like Athens and Thessaloniki have a variety of visitors that are not only tourists. There is an increasing number of foreign students coming to Athens, remote workers/digital nomads. Athens is a destination for IVF treatments and medical tourism in general. 

What if we agreed to rent out our property but then suddenly want our grandchildren to come over during that time?

This depends on the kind of lease contract you have made. If it is an annual contract, unless it is stated explicitly that you would like to have use of the property for a specific period; there is not much to do. However if your property is managed by a Short Term Rental agency (STR), then it is possible/easier to accommodate you and your family in between the STR guests.

If you own a home but only rent it out for a few months each year, what’s the best method to keep track of your personal items and valuables?

It is highly recommended to have a trusted local manager to handle the rental. Before you rent it, you make an inventory of what is inside anyway

Can owners put up security cameras? If so, what legal or privacy issues should they be aware of?

Outdoor Areas (Allowed): You can place cameras at the entrance, driveway, or garden. However, they must not record public streets, neighboring properties, or the sidewalk. The field of view must be limited strictly to the property’s boundary.

Common Areas (Restricted): In apartment buildings, you may monitor the area directly in front of your entrance door, but you cannot record the entire hallway or other neighbors’ doors.

Indoor Spaces (Forbidden): Following global industry shifts (and Airbnb’s 2024 total ban on indoor cameras), Vilaman strongly advises against any indoor cameras. Legally, cameras in “private zones” like bedrooms and bathrooms are a criminal offense. Even in “neutral” indoor areas like living rooms, they are highly discouraged as they violate the guest’s expectation of privacy.

You will need a permit for any camera installed.

How do people usually deal with damages when something breaks or goes wrong during a rental?

For long term rents, a damage deposit is paid by the renter at the beginning of the lease; usually this is one extra monthly rent.

For STR’s this is handled by Airbnb or the STR agency that manages the property. Guests in STR’s in Greece (and Europe overall) seem to be much more respectful of the properties they stay at, than what is happening in the US…

Is it possible to negotiate rental pricing in the luxury property market? For instance, can a retiree get a cheaper rate if they wish to remain for a whole year?

Yes, if they take into consideration what is the peak season for the destination they want. For example for a summer house where the peak season is June-September, coming between October-May will get them a better price. Similarly for Athens between November-March one can get a much better price than ie June (peak month!). In general a retiree from abroad is considered a good and hassle free renter and can negotiate a better rate.

Are there any ideas or techniques you would give to retirees to help them get the most money from their rental properties while lowering their stress and risk?

Find a reputable STR local management company. There is a growing number of ex-pat property owners in Greece (Golden Visa holders, Greeks abroad, foreign investors), who use local STR companies for their properties, so there is local know how, in handling such relationships. There is also a decent number of quality STR management companies.

VILLA RENTALS
T: +30 210 2200123
E: bookings@villarentals.gr

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For a deeper look into the construction timeline, our interview with a leading architect examines one precise residence built for international owners. Despite traveling across time zones, their ability to make fast, firm decisions streamlined the build. Katerina Valsamaki describes the process step-by-step for this specific project, providing a realistic blueprint for building a modern villa with a pool on a Greek island.