Tourism: Airbnbs are “burning” on the islands 2024-07-14 00:25:45

Although the large increase in beds on offer has brought occupancy rates down compared to last year, demand from abroad is strong and prices have risen, with the average nightly cost reaching €209 across the country, but experts estimate that, as we enter the peak of the tourist season, it will approach 250 euros!

Crete already has an average cost close to 225 euros, since June. According to Key Data data published by the Association of Short-Term Property Rental Companies (STAMA Greece), in terms of occupancy, Greece is at -1% compared to the summer of 2024. While Athens and Attica show a decrease of -11% and -7% respectively, Crete and the Peloponnese show occupancy rates of +1% and +3% more than last year.

The total supply of rental accommodation in Greece has increased by 13%, while visitor nights have increased by 6%. As STAMA analysts explain, this increase in supply has outstripped demand, creating a slight decrease in occupancy rates. However, with many bookings made within 30 days of travel, there is still the potential for occupancy to reach last year’s levels.

An important market indicator is the average daily rental rate (ADR) for short-term rentals in Greece, which stands at €209, up 5% compared to last summer. Geographically, we see the trend to be consistent, with the Peloponnese showing the smallest increase at 4%. Thessaloniki showed the biggest increase in ADR by 8%. Revenue per available rental (RevPAR), which balances occupancy and rates, is moving 4% higher than last year in Greece, mainly due to price increases.

Regions such as Crete and the Peloponnese, where both occupancy and prices have increased, are seeing RevPAR increase by 7% compared to last year. On the contrary, Attica and Thessaloniki show a decrease in RevPAR, as their price increases did not compensate for the significant drop in occupancy.