Airbnb breaks records in Greece with occupancy up 47.1% in October

Racing without brakes for Airbnb in Greece: tourism works, and so does short-term rental. Good weather is extending the tourist season, and bookings for short-term rentals are high.

And in October, tourists voted to “bite” Greece, as they decided to travel not only in the summer season. Demand in Greece was up 47.1% in October this year compared to the same period in 2019, according to international short-term rental analytics firm AirDNA. Housing supply moved up by 8.6%, while there was a large increase in occupancy – up 31.6% compared to 2019.

Across Europe, the short-term rental market has performed surprisingly well this year, with demand up 28% in October compared to 2019’s pre-pandemic levels. Croatia topped the ranking with an increase of 33.6%, followed by Italy with 33.2%, and Greece in third place with an increase of 31.6%. Spain (+23.3%) and Portugal (+27.2%) followed, while three more countries – France, Switzerland and Germany – recorded double-digit occupancy growth in October compared to last year pre-pandemic.

Significantly higher demand was recorded for short-term rentals in the country, amounting to 47.1%

There were several other countries where demand grew by more than 40% last month compared to 2019: Germany (+40.2%), Norway (+42.1%), Austria (+42.8%), Poland (+42.9%) and France (+60.5%) – perhaps thanks to the Rugby World Cup, which was hosted by several French cities.

Positive forecast for 2024
Demand remains high next year. Short-term rentals in Europe are up 15% between December and April. January and February, which are typically the lowest demand months of the year, show year-on-year growth of 12% and 15% respectively.

Popular European winter destinations include Spanish cities. Eastern Europe continues to attract travelers looking for cheaper options. The average price for bookings from December to February in the 50 largest European cities is now 160 euros. However, in Bucharest, Warsaw and Budapest the average price for the next three months remains below 100 euros, with demand in these three European capitals increasing by 45% in Bucharest and Warsaw, and by 35% in Budapest compared to last year.

Tourists in October
October recorded 2 million arrivals, up 11% from October 2022 and 24.5% from October 2019, according to data from the Institute of the Hellenic Association of Tourism Businesses (INSEETE).

In January-October 2023, 23.0 million international air arrivals were recorded, which exceeded the level of January-October 2022, showing an increase of 11.5%, 2.4 million arrivals. Compared to the period January-October 2019, the increase is estimated at 12%.

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