Demand for Short-Term Rentals in Greece Remains Strong

AirDNA has shared statistical data for the summer months of the current year, revealing significant changes in the short-term rental sector in Greece.

AirDNA Data

During the summer months, demand for short-term rental housing in Greece saw a substantial increase compared to the previous year. According to AirDNA, this growth reached approximately 18% in August compared to the same period last year.

Key Trends

In August, the most affordable properties were in the highest demand. This aligns with other published data, such as the decline in average per capita spending on trips to Greece in July. These trends are largely attributed to changing traveler behavior due to inflation in Europe and the traditional vacation season, which extends before and after the summer.

The average nightly price for accommodations in Greece from June to August was €214, while occupancy rates rose to 70%, according to AirDNA. In Athens, in particular, the average price over these three months was €113, with an average occupancy rate of 69%. Both figures show improvements compared to last year.

Context

Similar or even stronger trends were recorded across Europe. Demand for short-term rentals increased by 21% year-on-year, resulting in a 3.3% rise in occupancy rates.

According to AirDNA, total rental revenue in Europe reached €28.9 billion, marking a 24% year-on-year increase.

AirDNA analysts note that growing interest in more affordable and lesser-known European destinations remains a strong trend in the tourism sector. This summer, seven

out of the ten countries with the highest annual growth in overnight stays were less-known destinations, where the average nightly cost was under €100. Nonetheless, demand for travel to more popular European destinations also remained high. However, budget-conscious travel continued to influence visitor choices this summer.

As in the previous summer, occupancy rates were higher for budget properties. The highest occupancy rate in Europe was among economy-class accommodations, at 72%, while luxury-class accommodations saw the lowest occupancy rate, at 64%.