close
close

Saturation in short-term rentals | eKathimerini.com

Saturation in short-term rentals | eKathimerini.com

The significant increase in supply compared to the previous year seems to have had an impact on net income from short-term accommodation rentals in Athens and Thessaloniki, while in the rest of the country the trend remains positive thanks to the improved image of holiday destinations.

This conclusion is based on a study conducted by Key Data this summer for the Greek market on behalf of the Association of Short-Term Rental Companies (STAMA).

The supply of accommodation across the country has increased by 13% to over 150,000 units. Accommodation in central Athens also saw an increase of 21.3%, according to an AirDNA survey commissioned by Kathimerini a few days ago. The total number rose to 12,576 this year, compared to 10,367 in the same period last year.

This has reduced occupancy and therefore revenue, although prices per night seem to be higher than last year. Therefore, central Athens records a decrease in average occupancy of 11-35% for June, July and August, while in Attica as a whole the average occupancy is 33%, a decrease of 7%. At the national level, occupancy reaches 34%, slightly lower (-1%) than last year, while the regions of Crete and Peloponnese recorded increases of 1% and 3% respectively.

However, analysts point out that this summer also has peculiarities, both due to the Euro 2024 football championship in Germany, which ends on Sunday, and the Olympic Games in Paris, which begin on July 26. Both events have attracted many foreign visitors to these areas, without this precluding a recovery of Greek destinations later this summer, as many bookings are made close to the arrival date (up to 30 days).

However, the average daily rental price (ADR) for short-term rentals in Greece is €209, up 5% from last summer. This trend is similar in different regions, with the Peloponnese seeing the smallest increase (4%). Thessaloniki saw the biggest increase, up 8% to €77, while in Athens and Attica the annual increase is 7% and 6% respectively, with the average price per night being €119 and €133 respectively.