Greece’s Short-Term Rental Market Sees Growth in Listings and Stable Demand

With the number of short-term rentals in Greece reaching 232,196 in July 2024, the total number of available beds surpassed 1 million, reaching 1,020,996, according to new data from INSETE.

Continuous upward trend

An analysis of the first half of 2024 reveals a clear trend of steady growth in the number of accommodations compared to 2023. Photo source: INSETE

The research institute of the Greek Tourism Confederation (SETE) reported that short-term rental listings of all types, as registered on various platforms such as Airbnb, have been on an uninterrupted upward trend since the start of the year.

An analysis of the data on short-stay beds from 2023 to 2024 reveals a significant increase in the first half of 2024. Photo source: INSETE

In July 2024, the number of short-term rentals (listings) increased by 20,000 compared to July 2023, while the number of available beds rose significantly by 81,000 over the same period.

Occupancy rates remain stable

Despite the growing supply of rental properties and beds, occupancy rates for short-term rentals remained stable during the first quarter of 2024 compared to the same period in 2023. This stability suggests that demand has been rising almost in line with the increase in supply.

In the second quarter of 2024, occupancy rates were slightly higher than those in the same period of the previous year. In July 2024, the latest month for which data is available, occupancy rates for short-term rentals in Greece reached 52 percent, the same level as in July 2023.

The analysis of accommodation occupancy for Q1 2024 shows stability compared to Q1 2023, despite the increased supply of accommodations and beds. Photo source: INSETE

Slight decline in overnight stays 

Except for January and February, the average number of overnight stays per visitor decreased slightly each month through July 2024 compared to the same period in 2023.

Specifically, in July 2024, the average overnight stay per visitor in short-term rentals was 4.2 nights, a reduction of 2.3 percentage points compared to July 2023. However, these declines were relatively marginal.

The average length of overnight stays from January to July 2024 increased only in the first two months compared to the same period in 2023, while the remaining months recorded a decrease. Photo source: INSETE

Visitor profile for short-term rentals

During the first quarter of 2024, Greek occupants made up a significant portion of short-term rental stays: 40 percent in January, 38 percent in February, and 34 percent in March, with foreign visitors accounting for the remaining percentages.

However, this trend shifted dramatically in the following months, with Greek occupants comprising only 11 percent in April and May, and dropping further to just 9 percent in June and July, while foreign visitors surged to 91 percent.

The breakdown of short-term rental travelers throughout the year reveals a positive trend in the composition of foreign and domestic travelers in Q1 2024, with foreign travelers dominating significantly in Q2 2024. Photo source: INSETE