The commercial triangle of Athens, Koukaki, Neos Kosmos and Piraeus seem to be the most popular areas for short-term rental accommodation, judging by the strong upward trend in supply in these points, both compared to last year and compared to last year. 2019. According to data collected by short-term rental data analytics company, AirDNA (www.airdna.co),
On the part of “K”, the number of homes that are used under a short-term rental regime has registered an annual increase of 15% in the commercial triangle, while compared to 2019 (that is, before the outbreak of the pandemic) , the increase reaches 28%.
If one takes into account that the area has a very high concentration of accommodation with 1,938 listings in April this year (20% of all listings in the center of Athens), it is clear that a significant turn of investors towards the purchase and holding houses in the widest historical area is the center of Athens. The commercial triangle includes districts such as Psirri, Acropolis, Monastiraki and Plaka, which are a pole of attraction for foreign visitors, in terms of their accommodation. The trend is also strongly upward in other popular downtown areas. In Koukaki there are 949 ads, 29% more than last year and 7% compared to 2019, while in Neo Kosmos the increase is 33% compared to last year and 11% compared to 2019.
In other downtown areas, however, the picture is mixed. So while there was a significant increase from last year, housing numbers are still down from 2019. This means that many landlords have realized that short-term rental isn’t necessarily the “chicken with golden eggs” and that not all places are equally profitable, especially if one takes into account that now also long-term leases allow a satisfactory return on housing. So e.g. in the Exarchia area, the announcements today amount to 649, from 724 in 2019, that is, they fall short by 10%. On an annual basis, of course, there is a 27% increase. Thus, in Attica Square, the annual increase in accommodation reaches 41% (407 accommodations), but it is still 2% less than in 2019. In total, in the center of Athens there are currently 9,625 short-term rental accommodations, only 1% more than 2019, but also 26% more than last year.
However, trends in terms of accommodation supply in other areas of Attica are also interesting. As the AirDNA data shows, there is a clear trend of increasing supply in the southern suburbs, especially in areas that are close to the beach and offer a particularly attractive combination (for foreign visitors) of sea and proximity to Athens. So e.g. The Saronic region, home to areas like Saronida and Anavyssos, saw an 18% increase in accommodation this year to 552, although compared to 2019 there are 21% fewer accommodations. Thus, in the area of Spata and Artemisa (Loutsa) there is an increase of 30% since last year, while in Markopoulos 21%. These areas have been favored by the increase in demand and by digital nomads who are interested in longer leases, in the order of 2-3 months, which can also be done through digital short-term rental platforms. .
In southern suburban areas such as Kallithea, Paleo Faliro and Glyfada, the trend is also up this year. Specifically, in Kallithea there is an increase of 24% compared to last year and 7% compared to 2019 up to 289 accommodations, while the performance of 2019 is surpassed (even if only by 3%) by Paleo Faliro, since 312 ads are registered. , a size that is 47% higher than last year. In Glyfada, the picture is mixed, with a 28% year-on-year increase, but compared to 2019, accommodation is 17% less.
the great port
However, the most impressive performance is recorded by Piraeus, which is expected to become one of the future hot spots of the short-term rental market, thanks to the significant increase in investment activity that is expected to occur, due to third party investors. countries seeking to obtain a residence permit through the “golden visa” program. Short-term rental accommodation increased by 28% compared to last year to 369, but also by 21% compared to 2019. Piraeus has been exempted from the change in the institutional framework that was voted on a few months ago and which will establish the minimum investment limit. double from 250,000 to 500,000 euros. Thus, investor interest in real estate investments in the area has already begun to increase, especially those located near the city center and that offer access to fixed-line means.
In the Municipality of Sarónicos, the average price of an overnight stay exceeds 350 euros
Although the offer is moving upwards, it seems that the rate of increase in foreign demand is even greater, which translates into an increase in the average price per night. In fact, because something similar happened in 2022, but also in 2021, where the available properties were even less compared to last year, the prices compared to 2019 literally “skyrocketed”, which allowed for higher profitability as well. for the owners.
For example, this April the average price in the center of Athens is currently 97.3 euros/night, an increase of 18% compared to last year, but also 53% compared to the corresponding month of 2019. In the most popular, in the triangle shopping area (Acropolis, Monastiraki, Plaka) the average price is 115 euros, 39% higher than in 2019 and 22% compared to last year. Thus, in the Exarchia area, the increase has reached 59% since 2019, now reaching 75.5 euros, from 48 euros before the pandemic.
Even more impressive increases are recorded in the southern suburbs, where, after all, the accommodation stock is largely short compared to 2019. For example, in the Saronics municipality area, the average price is around at 352.6 euros. , 135% higher than the corresponding month of 2019. Of course, in addition to the reduction in supply in relation to demand, the vertical improvement in the quality specifications of the properties offered has also played an important role in this rise in prices. , which are clearly more luxurious and larger than in 2019, which is also reflected in the price.
According to AirDNA data, the number of bookings for the summer season in Greece is already increasing considerably (50% more bookings). However, we must also point out the tendency of many visitors this year to make reservations earlier than in previous years, in order to ensure the accommodation of their choice. Therefore, a clearer picture will emerge in the near future.
Another novelty concerns the fact that many choose Greece for their holidays in September. According to AirDNA’s latest monthly survey, published a few weeks ago, Greece recorded the third largest booking increase for the Pan-European for September, with 96% more overnight stays compared to the same period last year. The increase in demand this year observed for the month of September is an international trend, since significant increases are registered in many destinations, such as Croatia with 129.1%, Poland with 161.5% and Austria with 76.4%.
According to AirDNA’s analysis, “This year’s booking trends demonstrate a shift in traveler behavior, both in terms of when bookings are made and the length of the peak period. Historically, September was considered the end of the summer tourist season in Europe. But based on today’s bookings, it looks like this month will be much more mobile and hosts will be able to charge higher prices for last-minute bookers in popular destinations.”