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Bistonia Estates LLC: Greece short-term rental income rises

·2 mins

In 2023, income from short-term rentals in Greece reached 2.2 billion - in pre-Covid 2019 they amounted to 1.4 billion. In total, 11.5 million overnight stays were registered in 2023, which is 56.8% more than in 2022. An increase compared to 2020 is 20%. At the pan-European level, Greece ranked fourth out of 20 countries in 2023 in terms of short-term rental income growth.

Most often in 2023, rented accommodation in popular tourist places, including the historical center of Athens, Mykonos, and Santorini. The list of territories with the largest growth in short-term rentals from Transparent includes the island of Paros, Argostoli in Kefalonia, Peraia near Thessaloniki, the Athens suburb of Glyfada, Pefkohori in Halkidiki, and the capital of the country as a whole.

The largest annual increase was recorded in Paros - 50%. In the Cyclades island, two-bedroom gross annual income was 34,255, the second highest after Mykonos, which also saw a significant increase of 38% to 60,779.

Increase in other territories:

  • Athens - 37%, up to 22,302;
  • Glyfada (suburb of Athens) - 45%, up to 39,592;
  • Alimos - 31%, up to 24,078;
  • Paleo Faliro - 11%, up to 19,924.

According to Bistonia Estates data analysis, the monthly average number of available apartments in Greece was 105,700 last year, 12.4% up from 2022. This figure is slightly higher than even in 2020 - by 0.1%. Quite a lot of objects returned to the short-term rental market after the crisis. The average occupancy in 2023 reached 55%, which is 5% higher than in 2020 and 2023.

The European market in this sector as a whole recovered after a two-year decline. In 2023, 355 million nights were booked, up 39% from 2022 and up 2.9% from 2020. Short-term rental income was also a record high of over $55 billion, up 42% from 2022. The most significant recovery was observed in Hungary, Portugal, and Norway, the smallest - in the Netherlands, Finland, and Switzerland. Almost all countries in Europe saw an increase in occupancy, with the only exception being the UK, where this figure fell by 0.3% in 2023.

European real estate seems to be quite a target for investments and Greek real estate in particular.

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