- Greece ranks fourth in Europe for short-term rental Average Daily Rates (ADR).
- ADR for Greek rentals hit 214 euros from June to August.
- Greece’s rate outpaced local hotel ADRs during peak summer.
- Strong short-term rental demand was witnessed across various European destinations.
Greece has secured its position as one of the top five European nations in terms of the highest Average Daily Rate (ADR) for short-term accommodations, based on recent analytics from AirDNA. During the busy summer months of June to August, short-term rentals in Greece boasted an ADR of 214 euros with occupancy at 70%, surpassing the August ADR for Greek hotels, which stood at 187 euros. The Revenue per Available Room (RevPAR) for Greece’s short-term rentals was an impressive 150 euros.
Greece is fourth in the European ADR ranking, trailing behind Monaco, the United Kingdom, and Iceland. Monaco leads with a staggering ADR of 301 euros, albeit with a 52% occupancy rate and a RevPAR of 157 euros. The UK follows with an ADR of 220 euros, a matching occupancy rate of 70%, and a RevPAR of 154 euros. With an ADR of 250 euros, Iceland saw occupancy at 74% and a RevPAR of 185 euros.
Spain’s ADR reached 205 euros among other Mediterranean competitors, with a RevPAR of 141 euros and occupancy at 69%. Italy’s rentals had an ADR of 185 euros, a RevPAR of 124 euros, and 67% occupancy. Meanwhile, with 64% occupancy, France had an ADR of 155 euros and a RevPAR of just 99 euros. In the Adriatic, Croatia excelled with a 77% occupancy rate, 188 euros ADR, and a RevPAR of 145 euros.
Rising Trends in Lesser-Known Destinations
An exciting trend identified by AirDNA is the increased interest in more budget-friendly, lesser-explored European spots. This summer, seven of the top ten countries with the highest year-on-year growth in short-term rental stays were low-profile destinations offering nightly rates under 100 euros. Significant demand spikes were observed in Kosovo, Moldova, and Albania, all experiencing over 50% increases.
In particular, Albania saw a 59% boost in demand, paired with a 77-euro ADR, an occupancy rate of 58%, and a RevPAR of 44 euros. Kosovo recorded a 66% rise in interest, and Moldova had a 63% increase compared to last year.
Travel enthusiasm for popular European locales remained solid over the summer months. Denmark and Spain successfully returned to pre-pandemic levels, while Greece enjoyed an impressive 18% uptick in demand.
Short-term Rental Market Forecast for Greece
Looking ahead, October is likely to sustain this momentum, with Greece’s demand predicted to rise by 29% compared to the previous year. However, November might present challenges with an anticipated drop of more than 15% year-over-year, while December holds a minor recovery potential, estimating a 2% increase in demand.
