From 1 April in Greece, new regulations come into force that change the rental market: rent for an apartment or commercial property will have to be paid exclusively via bank transfer. The new rules are intended to increase transparency and limit informal cash transactions.

What is changing in rent payments in Greece?

The most important change is simple: the end of “cash-in-hand rent”. Payment for rental property (apartment, house, office, or shop) must be made only by bank transfer. Proof of payment will be a bank transaction confirmation (e.g. transfer receipt or standing order).

In practice, this means that anyone who previously paid in cash should switch to bank transfers from April and make sure that all payment details are correct and up to date.

The account must be registered with AADE – why does it matter?

The transfer must be sent to an account that the owner has registered with the Greek tax authority (AADE). Linking the account to the landlord’s data ensures that the money goes to the correct person and that rental income is easier to verify.

Conclusion for tenants: make transfers only to the landlord’s designated account and keep the confirmation – in the event of a dispute, this is a key document.

IBAN in Greece: what to watch out for when paying rent?

Under the new rules, it is crucial which IBAN the payment is sent to. Formally:

• the account should be in the name of the property owner,
• it should be registered with AADE,
• payments to third-party accounts (e.g. relatives, agents, law firms, or property managers) may be not recognized.

If the account is joint, it is worth ensuring that the owner is correctly listed as a co-holder. In the case of multiple co-owners, it may be necessary in practice to indicate several accounts so that each person receives their share.

Late transfers and rental problems

In the new model, not only the form but also the timing of payment matters. Delays may be treated more seriously, as the only proof is the bank transaction. Therefore, it is safest to:

• set up a standing order or bank reminder,
• include in the transfer title: “rent for [month/year] + address”,
• archive confirmations (PDF/screenshot) in one folder.

Consequences: what do landlords and tenants lose?

Failure to use electronic payments can mean real financial losses for both sides of the contract. According to information on the new rules:

For landlords

• risk of losing the 5% allowance/deduction on rental income.

For tenants

• possible loss of access to the housing allowance,
• exclusion from the new annual rent support (up to €800).

In short: bank transfer becomes a condition for accessing housing-related benefits and reliefs.

Greece tightens the real estate market – what does this mean in practice?

Introducing mandatory bank transfers is intended to reduce undeclared contracts and “off-the-books” settlements. For the state, this means greater control and potentially higher tax revenues; for tenants and landlords, it means paying close attention to formalities: correct IBAN, deadlines, and documentation.

If you rent in Greece or own a rental property there, it is best to check now whether the payment account is correct and whether transfer rules are clearly stated in the contract.