Piraeus Businesses Join Forces with Short-term Rentals to Drive Tourism

A Memorandum of Cooperation between the Piraeus Traders Association and the Short-Term Accommodation Managers Association (STAMA Greece) was signed on Monday, marking a significant step toward enhancing tourism in Piraeus, home to Greece’s largest port.

The agreement aims to strengthen the city’s tourism industry through joint initiatives, with a primary focus on connecting local businesses with visitors staying in short-term rental accommodations.

“Tourists who stay in short-term rental accommodations are those who truly want to experience Piraeus as locals do,” said Piraeus Traders Association President Doros Kapralos. He highlighted that this partnership will boost local businesses and contribute to the city’s ongoing transformation into a thriving tourism destination.

Piraeus Traders Association President Doros Kapralos.

“Tourists staying in short-term rentals are known to spend more in local shops and restaurants, further integrating tourism into the city’s economic landscape,” Kapralos said.

Short-term rentals in Piraeus: Rising demand and market potential

The short-term rental market in Piraeus has seen significant growth, with active listings rising from 326 in January 2022 to 544 in January 2024, according to STAMA Greece. Despite this increase, demand still exceeds supply, particularly for larger properties.

STAMA Greece President Nasos Gavalas.

“It is my personal goal to establish Piraeus as a strong tourism brand,” said STAMA Greece President Nasos Gavalas. “There is great potential to grow this market and position the city as an autonomous destination.”

Revenue from short-term rentals reflects this upward trend. Data from KeyData shows that rental income grew by 50% over two years, reaching approximately €15 million from January 2023 to January 2025, compared to €10 million in the previous two years.

“This data demonstrates an upward trajectory for the market, with room for further growth and higher pricing potential,” said STAMA Greece Director Stathis Karopoulos.

STAMA Greece Director Stathis Karopoulos.

Karopoulos noted that most short-term rental properties in Piraeus are one- or two-bedroom units, accounting for 95% of the city’s inventory. These accommodations often come from redeveloped or previously unused properties, ensuring that the market does not detract from housing availability for families.

“The short-term rental market has the ability to stimulate economic activity and attract high-quality visitors,” Karopoulos concluded. “Piraeus is on the right track, but there is still much room for growth.”

Piraeus Mayor welcomes short-term rentals

Piraeus Mayor Yannis Moralis.

Short-term rental accommodations have played a crucial role in Piraeus’ tourism growth, according to the city’s mayor, Yannis Moralis. Speaking during the press conference to announce the agreement, Mayor Moralis noted that while Piraeus is home to Greece’s largest port, it has only recently started to establish itself as a standalone tourist destination.

“We want to increase short-term rental accommodations in our city, of course maintaining balance and limits,” the mayor stated, emphasizing that this sector has significantly contributed to tourism development.

Piraeus boasts a rich mix of both public and private buildings, many of which offer opportunities for redevelopment. Moralis highlighted ongoing efforts to utilize both private and public properties to create new short-term rental options. He views these rentals as tools for urban renewal and economic growth.

“The image of the city will improve further, and short-term rentals are a valuable tool that can contribute to entrepreneurship,” he added.

Strategic goals for growth

Moreover, during the press conference, STAMA Greece Director Stathis Karopoulos emphasized three key areas for unlocking the full potential of short-term rentals in Piraeus:

– Strengthening connectivity between Piraeus and public transportation networks.
– Differentiating Piraeus as a distinct tourism product within Greece.
– Utilizing the city’s extensive building stock for redevelopment.

The one-year ban on issuing Property Registry Numbers (AMA) for short-term rentals in three central Athens districts, effective in 2025, has opened the door for Piraeus to attract potential investors.

“Piraeus has both building stock and abandoned properties that can be transformed, giving them new life,” said STAMA Greece President Nasos Gavalas. “With these resources, it’s easier for investors who are unable to operate in Athens to come to Piraeus.”

STAMA Greece has set a goal to increase the number of short-term rentals in Piraeus to a four-digit figure by the end of 2025, compared to the current 544 listings. In comparison, Athens hosts approximately 13,000 short-term rental accommodations.