Airbnb: Short-term Rentals on the Rise in Greece

The Greek capital, Athens, recorded a 20% increase in available accommodations compared to 2022, according to data from the international short-term rental analysis company AirDNA. The analysis said the occupancy levels in Athens’s short-term rentals were steady and revenues per available unit witnessed a 15% increase.

In Europe, the market for short-term rentals, such as Airbnb, exhibited remarkable performance in 2023, with a demand increase surpassing 20% compared to pre-pandemic levels in 2019. According to AirDNA, Norway led the ranking with a year-on-year increase of 34.2%, followed by Poland with 24.6%, and the Czech Republic with 23.6%.

Hungary followed with 23.3%, and Sweden with 21.2%, while demand for short-term rentals in Greece showed significant growth, exceeding 25%. International travelers played a significant role in boosting demand, representing more than 75% of Airbnb overnight stays.

Among the 50 examined European cities by AirDNA, only 13 witnessed an increase in occupancy on an annual basis, reflecting the impact of regulatory measures implemented in several cities last year.

However, reductions were noted in previous bestsellers, including Warsaw with a 14% decrease, Dublin with 11%, Belgrade with 10%, Turin with 9%, and London, which experienced an 8% decline.

Insights from INSETE Data

Notably, based on annual reports from the Institute of the Association of Greek Tourism Enterprises (INSETE), which included detailed characteristics for the 13 regions based on 2022 tourism entry data, the South Aegean region, with revenues of 4.7 billion euros, leads among the 13 regions, holding a 27% share of total tourism revenues.

Regarding the qualitative aspects of accommodation, Greece boasts a high level of hotel guest satisfaction, with a rating of 87% on the overall satisfaction-GRI index based on relevant reviews.

Among the 13 regions of the country, two achieved a rating above 90% – Epirus (90.8%) and the Cyclades (90.2%) – while Attica and the Ionian Islands have comparatively lower but still quite high rates of 85% and 84.5%, respectively.