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Bistonia Estates LLC: Greece's Short-Term Rental Renaissance

·2 mins

In the year 2023, revenue generated from short-term rental properties in Greece was reported at €2.2 billion, a notable increase from the €1.4 billion recorded in the pre-pandemic year of 2019. The total number of overnight stays registered in 2023 amounted to 11.5 million, marking a 56.8% rise from the figures of 2022 and a 20% increase when compared to 2020. In the context of short-term rental income growth across Europe, Greece achieved the fourth rank among twenty countries in 2023.

The most frequent bookings of short-term rental accommodations in 2023 were in sought-after tourist destinations, which include the historical center of Athens, Mykonos, and Santorini. The areas experiencing the most significant growth in short-term rentals, as per Transparent’s report, encompassed Paros Island, Argostoli in Kefalonia, Peraia near Thessaloniki, Glyfada—a suburb of Athens, Pefkohori in Halkidiki, and the nation’s capital at large.

Paros Island observed the highest annual growth rate at 50%. In this part of the Cyclades, the gross annual income for a two-bedroom property was €34,255, ranking second only to Mykonos, which itself saw a remarkable 38% increase to €60,779. Growth in other regions included:

  • Athens at 37%, reaching €22,302;
  • Glyfada (a suburb of Athens) at 45%, reaching €39,592;
  • Alimos at 31%, reaching €24,078;
  • Paleo Faliro at 11%, reaching €19,924.

Data analysis conducted by Bistonia Estates revealed that the monthly average of available apartments in Greece for the last year stood at 105,700, a 12.4% increase from 2022 and marginally above the figures from 2020 by 0.1%. A significant number of properties re-entered the short-term rental market post-crisis. The average occupancy rate in 2023 was reported at 55%, a 5% increase from both 2020 and 2022.

The European market for this sector experienced recovery following a two-year downturn. In 2023, a total of 355 million nights were booked, a 39% increase from 2022 and a 2.9% rise from 2020. The revenue from short-term rentals reached a new peak of over $55 billion, marking a 42% increase from the previous year. The most noteworthy recoveries were seen in Hungary, Portugal, and Norway, with the least in the Netherlands, Finland, and Switzerland. With the exception of the UK, where occupancy slightly decreased by 0.3%, all European countries witnessed a rise in occupancy rates.

Investing in European, and particularly Greek, real estate appears to be an attractive prospect.

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