Has Greece Reached its Limit for Airbnb Style Rental Properties?



Greece’s idyllic Symi Island. Photo credit: Wikipedia

Official data presented during the recent ΒΝΒ Conference about Greece’s short-term property rental market revealed some interesting information about the situation that online platforms such as Airbnb and HomeAway have created.

According to official data, between December 2018 and December 2019, the total number of available properties from these two platforms in Greece rose by a staggering 23.9 percent.

Additionally, during these twelve months, the number of overnight stays rose by a stunning 95.1 percent, meaning that the number of people who chose properties belonging to these platforms for their stay in Greece almost doubled in one year.

However, what is crucial here is the fact that the occupancy rate fell by 15 percent between the end of 2018 and 2019.

This means that the number of such properties available now in Greece exceeds the actual demand.

This fact should serve as a clear warning to all those who profit from these platforms, raising questions about whether property owners in Greece are far too interested in short-term rentals.

This situation has led thousands of permanent residents in Athens and other cities in Greece to be effectively evicted from their own neighborhoods, since there is an inadequate supply of long-term, leased apartments in tourist areas in Greece at the present.

And this is not difficult to understand if we consider just how much money these owners have made by using the short-term platforms.

It is indicative of the issue that the average income a property owner who rents his residence on AirBnb-style platforms was €1,016 in Athens in September of 2019.

Of course, these profits increase exponentially on the Greek islands, with average short-term rental income amounting to €1,886 on Corfu; €2,525 on Zakynthos (Zante), €3,420 on Paros and a whopping €7,570 on Greece’s cosmopolitan island of Mykonos.