Demand for Short-term Rentals in Greece Exceeds 2019 Levels

Demand for Airbnb-style rentals in Greece is set to exceed pre-pandemic 2019 levels this summer with the country seeing a 237.3 percent increase in the rate of demand for the June-September period taking the lead in Europe, said AirDNA in its Market Review for Europe April 2022.

According to AirDNA data from May 9, Greece is in the lead this summer in terms of demand in Europe, followed by Croatia (+209 percent), Portugal (+200 percent), Italy (+153.1 percent), and Hungary (+140.3 percent). 

Demand for short-term rentals in Greece in April also rose by 19.4 percent compared to the same month in pre-Covid 2019, with France in the lead marking a rise of 26.4 percent and Germany up by 23.4 percent.

However, in terms of average daily prices (ADR), Greece recorded a 12.5 percent decline compared to 2021 levels, with the largest drop recorded by Austria down by 21.5 percent, Finland (-20.5 percent), and Switzerland (-11.8 percent).

Looking at demand for cities across Europe, from May 9 onward, the highest was recorded for Venice up by 414.8 percent, Florence (+410.4 percent), Porto (+532.3 percent), and Athens (+367.9 percent).

Meanwhile, Finland (-9.1 percent), Netherlands (-5.1 percent), and Croatia (-3.2 percent) saw declines in the supply of available listings for short-term rentals in April, while Denmark (18 percent), Norway (17.4 percent), and France (16.6 percent) saw the greatest gains. 

According to AirDNA, consumer confidence in travel has advanced in recent months despite the Russia-Ukraine war. From May 9, Europe was pacing 82 percent higher for the summer months (June to September) relative to the same point in 2021 and 2.6 percent higher compared with 2019. 

Overall for 2022, based on data to April 2022, the average supply of listings is up by 4.8 percent against 2021 while the average daily price is down by 11.7 percent year-on-year.