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The significant increase in the supply of short-term rental properties compared to last year has apparently impacted net revenue from short-term rentals in Athens and Thessaloniki, while the rest of Greece continues to see a positive trend. This conclusion comes from a study conducted by Key Data on behalf of the Association of Short-Term Rental Companies (STAMA).
Across Greece, the supply of properties available for short-term rental has increased by 13% to over 150,000 units. An increase of 21.3% was also recorded in accommodation in the center of Athens, according to an AirDNA survey.
This increase in supply has led to lower occupancy rates and, consequently, reduced income, even though even though prices per night have appeared to be higher than last year. As a result, central Athens have experienced a significant drop in average occupancy during the peak months of June, July, and August by 11-35%, while the overall occupancy in the Attica region was 33%, marking a 7% decline.
Nationally, the occupancy rate stands at 34%, which is slightly lower (-1%) than last year. However, regions like Crete and the Peloponnese have recorded increases of 1% and 3% respectively.
The analysts note that this summer has presented particularities, both due to the Euro 2024 soccer tournament in Germany, and the Olympic Games in Paris, starting July 26. Both events have attracted numerous foreign tourists to the respective regions.
The experts anticipate a resurgence of interest in Greek destinations towards the end of this summer, given that many bookings are made closer to the date of arrival (up to 30 days)..
The average daily rental rate (ADR) for short-term rentals in Greece stands at €209, marking a 5% increase from last summer. This trend is similar in various regions, with the Peloponnese showing the smallest increase (+4%). Thessaloniki has showed the biggest increase of 8% to €77, while in Athens and Attica the annual increase amounts to 7% and 6% respectively, with the average price per night reaching €119 and €133.
Source: Ekathimerini
Photo by Anthony DELANOIX on Unsplash
