Owners putting country homes up for rent

More and more property owners are turning to the solution of offering their country homes on online short-term rental platforms this winter in order to service the loans they took out to acquire them 10-15 years ago or to cover the high maintenance costs such properties entail due to their large size. Moreover, the option of selling is not available, given the reduced demand and the low prices compared to the price many of the properties were acquired at.

Therefore, renting short-term seems like a valuable way of taking advantage of many country homes. According to this year’s data (up to December 8) collected on behalf of Kathimerini by short-term rental research company AirDNA, the supply of accommodation in the most popular winter resorts is significantly increased compared to last year or even to 2019.

In the wider area of Arachova, Central Greece, this December, 173 properties are being offered for rent, 15% more than last year, but also 12% less than the 196 in December 2019. For January, the supply amounts to 165 units, 6% more than last year. At Karpenisi, also in Central Greece, 78 units are being offered this month, 32% more than last year and 11% up on 2019, while for January 2023 the increase comes to 44% from the corresponding month of 2022 and 11% compared to 2020. A 14% increase is also noted in accommodation supply at Kalavryta, in the Peloponnese, compared to last year.

In terms of prices per overnight stay, the wider area of Arachova charges 304 euros for the month of December and €309 for January on average, prices that are 4% and 8% higher compared to the corresponding months of 2021/2022, but also 8% and 35% higher than the corresponding months of 2019/2020. At Kalavryta, the average rate for December is 20% higher compared to 2019, at €179, and 7% higher than last year.

In contrast, this year’s increase in supply, especially in Karpenissi, seems to have negatively affected accommodation prices, as an annual decrease of 16% is observed for the month of December, to €210/night. For January, the average rate is significantly higher, at €314, but it is still 5% less than a year earlier.

Notably, bookings appear to be moving at a higher level compared to the previous year, especially for the month of January.