- June Occupancy: 40%
- Rapid Growth: 20,000 new units monthly
- Total Units: 224,860 by June
- Bed Supply: Nearing 1 million
- Booking Window: 57 days in June
- Stable Occupancy: First quarter of 2024
- Length of Stay: 3.8 nights average by June
- Traveller Demographics: Dominantly international in the second quarter
Explosive Growth in Accommodations
The Greek short-term rental market continues to expand at an impressive rate. The total number of units grew from 204,578 last year to 224,860 by June 2024. This climb is propelled by a monthly average of 20,000 new accommodations, reflecting the sector’s dynamic growth.
- Accommodation Units, June 2024: 224,860
- Growth Rate: 20,000 units per month
- Comparative Growth: Up from 204,578 in June 2023
Surplus and Occupancy Challenges
Despite the growth, the market faces an oversupply issue, affecting occupancy rates. Occupancy varied significantly, starting at 12% in January and reaching 40% by June.
- January Occupancy: 12%
- June Occupancy: 40%
Supporting the expanding accommodations is a sharp increase in bed supply, approaching one million beds. This rapid rise matches the growth pattern seen in property numbers.
Booking Window Trends
Analysis reveals fluctuations in booking patterns. In the first quarter of 2024, travellers booked earlier compared to 2023. However, in the second quarter, this trend reversed, resulting in a June 2024 booking window of 57 days, slightly down from the previous year.
- Booking Window, June 2024: 57 days
- Yearly Comparison: Down 5% from 60 days in June 2023
Stable Occupancy Amid Increased Supply
Despite the surge in new properties and beds, occupancy rates remained stable in the first quarter of 2024. This highlights a balanced rise in both supply and demand. Moreover, the second quarter saw a higher occupancy rate than the previous year, with June 2024 reaching 40%.
- Occupancy Rate, Q1 2024: Stable
- June Occupancy Rate: 40% (Up from 38% in June 2023)
Changing Length of Stay
The average length of stay for guests increased initially early in the year but declined by mid-year. By June 2024, it was 3.8 nights.
- January Length of Stay: 3.5 nights (+6.8%)
- February Length of Stay: 3.7 nights (+32.6%)
- June Length of Stay: 3.8 nights (Down 5%)
Shifts in Traveler Demographics
Throughout 2024, the traveller demographics shifted significantly towards international visitors. International bookings comprised 60-66% of the total in the first quarter. This figure surged to about 90% in the second quarter as the season progressed.
- International Bookings, Q1 2024: 60-66%
- International Bookings, Q2 2024: Approximately 90%
Greece’s short-term rental market is experiencing significant growth, navigating the challenges of occupancy rates and shifting booking patterns. With an increasing dominance of international travellers, the market shows a dynamic and evolving landscape for continued expansion.