Tourism: 2024 is off to a good start – Airbnb accommodations and hotels are overcrowded

In the first quarter of this year, tourists flocked to Greece. Compared to last year, there is an increased demand for holiday accommodation in tourist accommodation.

In this case, short-term housing rentals (Airbnb) and hotels benefit. This conclusion was reached by experts who analyzed both the results of the research and the assessments of hotel owners, who for the first time in recent years seem to be very satisfied during the period called “off-season”.

As noted, the rising international tourist flow after the pandemic was not just a reaction to the imposed quarantine, but also represents a significant change in consumer behavior, which, among other things, puts travel first, says Hellenic Hotel Chamber President Alexandros Vasilikos.

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Christina Tetradi, vice-president of the Hellenic Chamber of Hotels (ΞEE) and president of the Zakynthos hoteliers, notes that the first booking figures are very encouraging. While the President of the Union of Hoteliers of Athens Attika Argosaronicou (ΕΞΑΑΑ) RS. Lamprini Karanasiou Zulowitz notes that in Athens the number of orders is growing every month. “If Athens also had the appropriate infrastructure, such as a large international conference center, then the picture would be even better,” he adds.

Where do tourists come from?
Let us also recall that in the two months of January and February, the number of international arrivals at Athens Airport increased by 17%: the number of travelers reached 2,230,052, compared to 1,906,575 last year during the same period.

According to sources in the region, the largest increase was recorded due to arrivals from the Netherlands (89%), Germany (77%), France (45%), Cyprus (44%), USA (29%), UK (13%), Italy (13%), Spain (11%). While traffic from Switzerland (-1%) and Israel (-9%) decreased slightly.

Across all 14 Fraport airports, international air traffic grew by 11.1% in January-February, with passenger numbers reaching 468,743 from 421,733 in the same two months in 2023. The top five international arrivals were Germans, Cypriots, Italians, British and Dutch.

Increase in occupancy
Increased arrivals also lead to increased occupancy of hotel units. According to ΙΤΕΠ President Konstantina Svinu, the average occupancy of the country's hotels in January and February of this year increased again compared to last year. Average hotel occupancy in January rose to 41% (from 38% last year for the same month) and in February to 46% (from 43% last year).

Facts about Athens
According to data collected by the Athens-Attica Hotel Association and Argosaronic in collaboration with GBR Consulting, two traditionally neutral months such as January and February this year turned out quite well for hotels in Athensstimulating a 9% occupancy rate in the first two months compared to the corresponding 2023 months and generating a very small but positive increase in accommodation prices.

Of course, as always, Athens continues to be the European capital with the lowest “average room rate” and constantly strong lag behind their competitorswhich, despite almost identical occupancy rates over the same period, have a much higher average.

However, all experts agree that short-term rentals are making the most of this trend, as hotel occupancy is growing positively, but not at the same rate as arrivals. In the first two months of 2024, the average occupancy of hotels in Athens reached 59.3% (versus 54.4% in the first two months of 2023), the average room rate (ADR) reached 92.58 euros (versus 90.89 euros in the first half of the year) . That is, there was a very small increase of 1.9%, while revenue per available number (RevPar) reached 54.92 euros compared to 49.47 euros in the corresponding period in 2023 (it appears to have increased by 11% compared to first two months of 2023).

The situation in February of this year developed more positively than in the same month of 2023. The month closed with an average occupancy rate of 66.3% (compared to 58% in February 2023 – an increase of 14.3% compared to the corresponding period in 2023).

The average room rate (ADR) in February 2024 reached 94.49 euros against 91.76 euros in February 2023 (an increase of 3%) and exceeded 90.34 euros in January 2024. And revenue per available room (RevPar) in February amounted to 62.64 euros 2024 compared to 53.23 euros in 2023 (an increase of 17.7%) and exceeded RevPar 47.69 euros in January 2024 .

As we see, dynamics of the average room rate, as well as revenue per available room (RevPar) for Athens in February 2024 was clearly positive compared to 2023 figures, but deviations from the performance of the main competitors are still problematic: the average room price in Athens in February 2024 (92.58 euros) differs significantly from the average price , for example in Constantinople (114.85 euros), Madrid (138.03 euros), Paris (279.98 euros), Barcelona (154.39) and Rome (162.57). The cities that also recorded the best “revenue per available room” were:

• 68.45 euros for Constantinople,
• 183.39 euros for Paris,
• 93.86 euros for Madrid,
• 103.13 for Barcelona,
• 88.93 euros for Rome.

Prospects and problems
Consistently competitive prices in Athens, as well as a mild winter with ideal temperatures for international visitors, coupled with good domestic stability (tags that directly or indirectly affect tourism), certainly contributed to the tourism activity observed in February. Athens has once again clearly proven that it attracts visitors even outside the peak season. This is certainly a strong signal that should be fully exploited by decision makers in the field of promotion and advertising, as well as by everyone involved in the tourism business.

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