A marked increase in accommodation supply has impacted the net income of short-term rentals in Athens and Thessaloniki, while most of Greece continues to show positive trends. This is attributed to the improved reputation of holiday destinations across the country.
Key Findings
Research by Key Data for the Association of Short-Term Rental Companies (STAMA) reveals:
- Nationwide Supply Increase: Accommodation units grew by 13%, exceeding 150,000.
- Athens Supply Spike: Center of Athens witnessed a 21.3% increase, reaching 12,576 units, up from 10,367 last year.
Impact on Occupancy and Revenue
Despite higher nightly rates, the surge in supply has decreased occupancy and revenue in key areas:
- Athens Center: June to August saw an 11-35% drop in average occupancy.
- Attica: Overall occupancy stands at 33%, down by 7%.
- Nationwide: Occupancy is at 34%, slightly lower (-1%) than last year.
- Crete and Peloponnese: Slight increases in occupancy by 1% and 3%, respectively.
External Influences
Two major events influenced travel patterns this summer:
- Euro 2024 Soccer Tournament in Germany
- Paris Olympics starting July 26
Pricing Trends
The average Daily Rental Rate (ADR) for short-term rentals across Greece stands at €209, a 5% climb from last year:
- Peloponnese: Smallest increase at 4%.
- Thessaloniki: Largest increase at 8%, reaching €77.
- Athens and Attica: Annual increases of 7% and 6%, with nightly rates at €119 and €133, respectively.
Analysts remain hopeful that Greek destinations will recover later this summer, as last-minute bookings—up to 30 days before arrival—are common.
The short-term rental industry in Greece contributes more than 5 billion to the country’s GDP and multiple revenues to local and business communities.
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