Short-stay turnover at €3.5 bln

The turnover generated by the accommodation of guests in short-term rental accommodation has increased significantly compared to previous years and is now approaching 30% of the turnover made by hotel units.

The capacity of the short-term rental market in terms of available beds has now exceeded the corresponding capacity of hotels. According to data from the Institute of the Greek Tourism Confederation (INSETE) and the Institute of Tourism Research and Forecasting of the Hellenic Chamber of Hotels, last July the available beds in short-term rental accommodation amounted to 939,000, while the available beds in hotels throughout the country amounted to 887,748.

According to data from short-term rental platforms, such as Airbnb and Booking.com, which are at the disposal of the above two research centers, turnover in this category exceeds 3.5 billion euros. It is noted that in Greece the Hellenic Chamber of Hotels has registered 10,047 hotel units with 444,389 rooms. In short-term rentals in July 2023 the maximum number of accommodation units offered (which may have one or more rooms) was 212,199 with 939,000 beds. The corresponding July figures in 2022 were 195,231 accommodation units and 875,000 beds.

The peak in July last year preceded government measures to regulate the short-term rental market, which classified owners of more than two properties as a business subject to normal taxation. In addition, accommodation fees are now charged just like hotels.

However, market sources estimate that the exit of real estate from the said market may ultimately prove to be limited, as the demand for housing from foreign travelers, as well as Greeks, not only remains strong this year, but is also increasing.

Regarding the 2023 accounting figures for hotel turnover, INSETE showed that hotel revenues reached 10.6 billion euros last year, an increase of 22.5% compared to 2022, when the total turnover was €8.6 billion.