Healthy rise for short rentals
Revenues from Greek short-term rental accommodation are estimated at 2.2 billion euros for 2022, up from €1.4 billion in 2019.
Research company AirDNA on Tuesday published its latest report on short-term rentals, showing the average price per night in the Greek market increased last year to €193, marking an increase of 35% compared to 2019 and 15% compared to 2021. This is a clear example of the increased demand compared to previous years, but also of the stabilization of supply, which did not increase at the same rate.
At the same time, there was a strong preference for high-quality accommodation in popular tourist destinations, such as the historic center of Athens, Mykonos and Santorini, resulting in a corresponding increase in the income of property owners and managers.
According to AirDNA data, 11.5 million overnight stays were recorded in 2022, a number which was up 56.8% compared to 2021. Even more significant is the fact that overnight stays were up 19% on those in 2019 – i.e. the last year before the outbreak of the coronavirus pandemic. At a pan-European level, the 2022 increase in Greece was the fourth highest out of a total of 20 countries.
Accordingly, while demand increased significantly, supply did not strengthen at the same rate. As AirDNA reports, on an average monthly basis, the number of available units nationwide was 105,700 last year, an increase of 12.4% over 2021. This is essentially the same number as in 2019 (just 0.1% higher), which means that while quite a few properties have returned to short-term rental activity, this has not been at the same speed as overseas visitors. Therefore, the average occupancy for 2022 reached 55%, being 5% higher than both 2019 and 2021.
Across the European market as a whole, 2022 marked the full recovery of short-term lets, after a two-year decline. Specifically, overnight stays amounted to €355 million, a figure that was 39% higher compared to 2021 and 3% higher than that of 2019. This development translated into total revenues of €50.6 billion euros.
