Airbnb: Greece increasingly attracts foreign tourists

Europe-wide, Airbnb’s short-term rental market has performed remarkably well in 2023, with demand increasing by more than 20% compared to 2019 (pre-pandemic) levels.

Norway topped the rankings with year-on-year growth of 34.2%, followed by Poland with 24.6% and the Czech Republic with 23.6%, according to international short-term rental analytics company AirDNA. They are followed by Hungary with 23.3% and Sweden with 21.2%, with demand for short-term rentals in Greece increasing significantly to over 25%.

However, six countries saw a fall in demand: Croatia (26.5%), Ireland (20.7%), the Netherlands (19.0%) and Denmark (16.2).

International travelers played a big role in driving demand, accounting for more than 75% of overnight stays at Airbnb properties.

In the capital of Greece, Athens, it was recorded a 20% increase in the supply of affordable housing compared to 2022, while occupancy remained unchanged and income per affordable housing increased by 15%.

Among the 50 European cities examined, only 13 saw year-on-year growth in occupancy (due to new regulations that began affecting several cities last year). However, a decrease was also noted in other popular metropolitan areas, such as Warsaw with a drop of 14%, Dublin with 11%, Belgrade with 10%, Turin with 9%, and London, where the drop was 8%.

However, demand and the number of available tourist accommodations has increased by 23% compared to last year, AirDNA reports. In smaller cities, demand increased by 8% year-on-year and housing availability increased by 11%.
For example, from the annual reports of the Institute of the Association of Greek Tourism Enterprises (ΙΝΣΕΤΕ) with individual characteristics for the 13 regions and based on inbound tourism data in 2022, it appears that the South Aegean Islands, with revenues of 4.7 billion euros, maintains first place among the 13 regions , they account for 27% of total tourism revenues.

In terms of quality data for the accommodation sector, in general Greece has a very high level of customer satisfaction with its hotels, with a GRI Overall Satisfaction Index score of 87% based on relevant reviews. Of the 13 regions of the country, two regions have a score of more than 90%: Epirus (90.8%) and Cyclades (90.2%). While Attica and the Ionian Islands have relatively low scores (85%).

The cultural richness of the country with its ancient and modern resources, as well as the opportunities for further development of Greek destinations, are reflected in all regions. For example, there are 867 traditional settlements in Greece, most of them located in the Cyclades (163), Peloponnese (149), Crete (99) and the Ionian Islands (84).

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