Greek Property Owners Boost Short-Term Rental Market

Greek property owners are increasingly abandoning long-term leases for the more lucrative short-term rental market, particularly on platforms like Airbnb. In 2023, the number of owners opting for short-term rentals rose to 150,000 from 125,000 in 2022.

During the same period, there was a significant 33% increase in income from Airbnb-type rentals, reaching €677 million compared to €510 million in 2022, as reported by the Independent Authority for Public Revenue (AADE).

The Short-Term Property Rental Registry saw declarations rise to 1,695,957 in the January-October 2023 period, up from 1,247,904 in the corresponding months of 2022.

According to the Annual Report of Greek Tourism by the Institute of the Hellenic Tourism Federation (INSETE), Greece boasted 212,199 short-term rental accommodations in July 2023, contributing to the growth of the real estate, construction, and tourism sectors.

In Athens, the average nightly rate for Airbnb accommodations is €95, with Zappeion, Polygono, and Plaka being the top three areas with the highest rates.

This shift has not only created job opportunities but also established new commercial hubs. The trend is reinforced by the positive reviews given by visitors to accommodations, especially in areas like Polygono, the First Cemetery of Athens vicinity, Hellenorossi, and Zappeion.

Source: tovima.com