Greece’s Short-Term Rental Market Achieves New Heights in August 2024

Photo source: Airbnb

Greece’s short-term rental market continued to thrive throughout 2024, according to data from INSETE, the research institute of the Greek Tourist Confederation (SETE).

In August 2024, the number of short-term rental accommodations in Greece reached a new record of 232,841, an increase of 25,000 compared to the previous year. This surge has resulted in 1,022,633 beds available, up from 917,619 in August 2023.

In the first half of 2024, a clear trend of steady growth in short-term rental numbers is evident compared to 2023.

Increase in bed supply

In July 2023, the total number of beds of short-term rentals in Greece peaked at 939,167 before experiencing a notable decline to 917.619 in August. However, the market landscape changed in 2024, where a stabilization in bed numbers was observed, with more than 105,000 additional beds available in August 2024 compared to August 2023.

An analysis of the data on short-term rental beds between 2023 and 2024 shows a significant increase in the first half of 2024.

Occupancy rates

Data indicated that occupancy rates of short-term rentals in Greece remained strong throughout the summer months, despite the over 10 percent annual increase in the number of beds. Only July experienced a slight decline, with occupancy dropping to 51 percent from 52 percent in the previous year. June 2024 saw an occupancy rate of 40 percent, compared to 38 percent in June 2023, while August occupancy rates were comparable for both years, at 59 percent.

An analysis of short-term rental occupancy for Q1 2024 shows stability compared to Q1 2023, despite the increase in the supply of accommodations and beds.

Average overnight stays

In the first half of 2024, trends indicated a slight decline in the average number of overnight stays per visitor and per short-term rental accommodation. Notably, February saw an increase to 3.6 nights from 2.8 in the same month of 2023.

However, both July and August maintained stability, with average overnight stays remaining at 4.1, consistent with the previous year.

The average length of overnight stays in short-term rentals from January to August 2024 was marginally lower compared to the same period in 2023, except for February, which saw an increase.

It is also important to highlight that while Greek visitors accounted for a significant portion of the short-term rental market during the first quarter of 2024, foreign visitors’ share increased significantly from 60 percent to 66 percent on a monthly basis. Between April and August, the percentage of foreign visitors rose to 89 percent to 91 percent.