Airbnb ‘Phenomenon’ Accounts for 5.3% of Rental Market, Say Experts

Athens, Greece. Photo Source: Visit Greece / Y Skoulas

POMIDA: ‘Short-term Rentals Are Here to Stay’

Airbnb-style rentals account for 5.3 percent of Attica’s home rental market, or 12,000 of the 150,000 properties up for rent, according to findings presented at an event on Thursday, organized by the Athens Traders Association (ESA) and the Hellenic Property Federation (POMIDA).

According to data presented by Greek Property Managers Association (PASIDA) President Andreas Chios, a total of 8,989 properties were available in the Greek capital through online home sharing platforms, the majority being entire homes and only 10 percent individual rooms.

Chios referred to the surge over the last three years in home sharing practices, which he said contributed to tourism with more than 340,000 travelers visiting Athens in 2018 and leaving behind 89.5 million euros in revenue.

According to experts attending the event, Airbnb-style rentals across Greece only account for 6 percent (or 70,000 listings) of all properties up for rent.

Athens, Greece. Photo: GTP

Moreover, according to key findings at the event:

– short-term rentals create added value for tourism, as they bring in travelers that would otherwise not visit
– short-term rentals boost local economies, create new jobs and stimulate entrepreneurship
– the restriction of home sharing practices would be a blow to tourism and to the economy
– it should be allowed to self-regulate on the basis of supply and demand and current conditions
– all home-sharing activity must be carried out in tune with the law and foreseen tax requirements.