Greece Sees Airbnb Demand Drop in Q1 2024 Despite Strong Autumn

Demand for short-term rentals in Greece in the first quarter of the new year is on the decline despite a boom in October and November, found data released by AirDNA this week.

More specifically, prebookings for the first three months of 2024 are down by 25 percent. Greece and Croatia (-43 percent) are the only two European countries marking drops with destinations in the rest of Europe seeing a 15 percent rise in the first half of 2024 compared to 2023.

Overall, Europe is set to start the new year strong. Indicatively, Finland and Norway, among the Top 20 European countries, are leading demand in Q1 2024. Demand is up for Finland by 44 percent year on year and for Norway by 61 percent.

AirDNA analysts attribute the demand to earlier Easter holidays in March. Airbnb demand for March 2024 in 15 of the Top 20 European countries is up by more than 20 percent over the same period last year.

The report also notes that despite warm temperatures and a lack of snowfall, demand across popular European ski areas still saw growth.

In November meanwhile, Europe’s short-term rental market saw significant growth, with a strong supply and stable demand. More specifically, the increase in listings suggests strong investor confidence despite high interest rates, said AirDNA analysts.

Greece together with Croatia, Spain, and Czechia reported occupancy growth in November. Demand for night stays in Greece rose by 6.4 percent in November compared to the same month last year boosting occupancy to 8.7 percent but available listing nights dipped by 2.1 percent for the month.

For Greece, Croatia, and Spain, November was the strongest performing month in terms of year on year occupancy growth in 2023.