Greece’s Airbnb Accommodation Demand Jumps 22% in June

Demand for Airbnb-style accommodation rentals in Greece increased by 22 percent in June, surpassing the European average, according to data released by analytics firm AirDNA.

Specifically, AirDNA’s Europe Market Review reported that European summer demand was “off to a sizzling start” last month. Overnight stays in Europe reached a record high of 44.5 million in June, marking an impressive 18.6 percent increase year-over-year.

Greece among Top 10 countries with highest demand for Airbnbs

The largest increases in demand were recorded in the Nordic countries and North-Eastern Europe.

The top year-on-year demand growth in June was recorded in Finland (+32.3 percent), Norway (+29.3 percent), Poland (+27.7 percent), Sweden (+27.4 percent), and the Czech Republic (+25.3 percent). They are followed by Hungary (+25 percent), Spain (+24 percent), Denmark (+23 percent), and Germany (+23 percent). Greece completes the top ten, with a 22 percent increase in demand in June.

Strong listing growth leaves hosts with more unbooked nights

However, as AirDNA notes, “strong demand growth doesn’t always mean more revenue for hosts” as four of the top five countries that led demand growth in June (Czech Republic, Sweden, Poland, and Norway) actually saw year-over-year (YOY) declines in revenue per available room (RevPAR). According to AirDNA, RevPAR growth in June slowed to 1.4 percent, “the lowest year-over-year growth” seen in nearly two years.

“Guests are flush with choices for accommodations and therefore the competition is high,” says AirDNA.

The data also indicates a modest occupancy increase in short-term rentals in Europe in June along with a stagnant average daily rate (ADR) growth.

The largest drop in ADR was recorded by Croatia (nearly -10 percent), while the largest increase was recorded by Denmark (12.8 percent%).

In June, Greece recorded a decrease in ADR compared to the same month in 2023 but saw an increase in occupancy of just under 5 percent.

Despite Greece’s ADR drop last month, AirDNA has included the country in the top 5 most expensive European markets for summer 2024.

Mykonos puts Greece in Top 5 most expensive destinations

With an average price per night of 253 euros, Greece ranks as the fourth most expensive country in Europe for short-term rentals. Iceland tops the list at 264 euros, followed by Monaco at 261 euros and the United Kingdom at 260 euros. Spain is the fifth most expensive country in Europe to rent an Airbnb, with an average daily rate (ADR) of 236 euros.

However, AirDNA notes that Greece’s presence in the Top 5 most expensive markets is largely due to luxury destinations such as Mykonos.

“It’s destinations like Mykonos that put Greece on the map as one of the most expensive countries in Europe,” says AirDNA.

August demand for Airbnb accommodation in Europe

With regard to August, according to AirDNA’s Europe Market Review, demand for short-term rentals in Europe shows no signs of slowing down. Current demand for August is up 20 percent compared to last year, while September and October bookings are up 18 percent year-over-year.

AirDNA’s previous report on the European market indicated that summer demand for Airbnb accommodation increased by 18 percent. Greece was in 11th place among the 20 largest European markets.