Study: Short-term Rentals Account for 21.5% of All Stays in Greece

Short-term rentals through online platforms like Airbnb account for 21.5 percent of total overnight stays in Greece, while offering cheaper holiday alternatives, meeting growing tourist demand in areas with low hotel availability, and supporting Greek households, according to a study presented this week at the 24^th Prodexpo conference held in Athens.

The study, titled “The Contribution of Short-term Rentals to the Greek Economy”, carried out in collaboration with Athens University of Economics and Business, reveals that short-term rental activity makes a significant contribution to Greece’s GDP.

Speaking at the event, university professor Georgios Doukidis confirmed that Airbnb-style rentals were becoming a particularly important part of the Greek tourism sector.

University Professor Georgios Doukidis speaking at the 24th Prodexpo conference in Athens.

Indicatively, in 2022, short-stays contributed 1.65 percent or 3.44 billion euros to the economy and supported 54,000 jobs. Indirectly, the short-term rentals segment contributed 7.58-8.12 billion euros or 3.64-3.90 percent of GDP.

At the same time, Airbnbs are now a very important part of tourist services offering for eight consecutive months in 2022 over one million stays while meeting the growing demand for accommodation in areas where hotel accommodation was lacking.

Unlike most tourism activity in Greece, which is concentrated in certain destinations, short-term rentals are also widely dispersed geographically. According to the study findings, Attica accounts for only 16-20 percent of total overnight stays.

Photo Source: Airbnb

Exploring the effects of home-sharing activity on society, the study found that Airbnb activities in Greece have become an important source of supplementary income for many particularly during Greece’s debt crisis while breathing new life into vanishing neighborhoods.

Research concludes that the development of short-term rental activity is of crucial importance for the future of Greek tourism.

Meanwhile, in response to hoteliers’ demands for regulation of the segment, Greek Finance and Economy Minister Kostis Hadzidakis announced that the ministry would be tightening rules and increasing penalties for short-term rental operators starting on January 1, 2024.