Demand for Short-term Tourist Rentals in Greece Booms in October, Says AirDNA

Photo source: Airbnb

Demand for Airbnb-style accommodation in Greece increased by 47.1 percent in October compared to the same month in pre-Covid 2019 indicating a growing trend for off season travel, said analytics experts AirDNA.

According to the AirDNA European Market Review, more people are booking trips in the shoulder season with Greece, Italy, Spain, Portugal, and Croatia welcoming more visitors outside the peak summer months.

Greece’s performance in October was the second best in Europe after France with demand exceeding by 8.6 percent available listings sending occupancy levels up by 31.6 percent for the month.

Top 20 European Countries: Percent Change in October Occupancy 2023 vs. 2022 and 2019 / Source: Airdna

Greece was also one of eight of the Top 20 European countries which recorded double-digit occupancy growth in October compared to 2019 due to off season travel. Occupancy levels exceeded 2019 by more than 20 percent in Greece (+31.6 percent), Spain (+23.3 percent), Portugal (+27.2 percent), Italy (+33 .2 percent) and Croatia (+33.6 percent).

Occupancy in Europe

Looking at occupancy over the last two years compared to 2019, October 2023 was easily one of the strongest-performing months, according to AirDNA.

Key findings for Europe include:

• available listings increased by 16.7 percent year-over-year (YOY) and 5.2 percent over 2019.
• demand also rose by 18.9 percent YOY and by 28.2 percent over pre-pandemic 2019.
• average daily rates (ADRs) rose by 14 percent YOY and by 42.5 percent over 2019.
• revenues were up by 35.3 percent YOY and by 82.5 percent from 2019.
• occupancy levels were up by 1 percent YOY and by “an impressive” 17.7 percent compared to 2019.
• revenue per available rental (RevPAR) grew by 15 percent YOY and by 67.5 percent from 2019.

Percent Change in Occupancy (2022 vs. 2019 in blue) and (2023 vs. 2019 in orange) / Source: Airdna

Looking ahead, AirDNA analysts said that travelers are already booking stays, which means that short term accommodation in Europe will remain in high demand into 2024.

According to data, current demand for December 2023 through April 2024 is 15 percent higher than last year. In December, demand is up by 18 percent YOY.

Eastern Europe will continue attracting travelers seeking affordable accommodation. Indicatively, ADRs for booked nights from December through February in the Top 50 European cities are currently averaging at 160 euros.