Short-term rental expansion
The Greek short-term rental market continues to lead Europe in several categories, as bookings data show that demand from foreigners as well as Greek guests is particularly high.
According to AirDNA’s latest monthly survey of the European short-term rental market, during the 12 months to the end of April this year Greece recorded the largest increase in average occupancy among all European countries.
Data show the average occupancy increased by 9.2% year-on-year and reached 52.3% in April this year (949,700 overnight stays). This is due to the balance between demand and supply. As AirDNA’s analysis shows, demand during the last year increased by 31.7%, while the supply of accommodation grew by only 13.2% in the same period (104,000 listings nationwide).
Accordingly, the average price per night increased by 16.6% compared to last year, as it now stands at 186.45 euros. This is a particularly significant amount which demonstrates the balance that has been established between the demand and the supply of accommodation, but also the fact that after the pandemic the quality and characteristics of the accommodation offered have improved dramatically, and prices also reflect this change.
The post-pandemic withdrawal of many properties by individual private owners/hosts is starting to be corrected today, but mostly by properties managed by real estate professionals or investors who have turned the related activity into their main occupation and have significantly upgraded their properties, also investing in new accommodation markets.
The assessment of the course of this year’s summer tourism season in terms of short-term rentals is also very positive. Based on AirDNA data on the bookings made to date in 20 European countries, Greece will record an annual increase of 42% for the May-October period. This is the third best performance across Europe and the best among the rest of the countries of the European South, as apart from Greece, the largest increase with 63% was recorded by the Polish market, followed by that of Austria with an increase of 48%.