Airbnb July ADR in Greece Drops Sharply, Marking Europe’s Largest Decline

For the first time in 20 months, the Average Daily Rate (ADR) for Airbnb accommodations across Europe has declined, according to the latest report from analytics experts AirDNA.

The report, which examines the performance of short-term rentals across 20 European countries, found that nine experienced a drop in prices this July with Greece recording the highest with its ADR down by 9.8 percent.

Referring to the country, AirDNA noted that Greece’s year-on-year decline in ADR aligns with a reduction in occupancy rates, which resulted from supply growth far exceeding demand growth. Other countries, including Hungary, the UK, and France, also began to see a decrease in overnight rates this summer.

It should be noted that in AirDNA’s previous report, Greece ranked among the top 10 countries with the highest increase in demand in June.

AirDNA’s report includes data from short-term rental platforms such as Airbnb and VRBO for the European market.

Moreover, the report said that across Europe demand for travel remained robust in July — a month that typically sees peak supply. Overnight stays reached 57.6 million, reflecting a 17.7 percent increase year-on-year.

In July, available listings hit a new record, reaching 4 million across Europe, a 15 percent increase year-on-year and a 5 percent rise from June. Despite the surge in supply, resilient demand kept occupancy rates stable, averaging 68 percent across Europe, a slight 0.3 percent increase from the previous year.

Looking ahead, demand figures for Europe show a strong uptick in bookings from September through the end of the year. Year-on-year demand is up 14 percent through December. The shoulder months of September and October are seeing a 15 percent year-on-year increase in bookings, while projections for November and December suggest that demand for short-term rentals in Europe will finish the year on a positive note.