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Greece is ranked among the top five countries in Europe for the highest Average Daily Rate (ADR) for short-term rental accommodations this summer, according to a recent report from analytics experts AirDNA.
The data reveals that Greece’s short-term rentals achieved an ADR of 214 euros during the summer months of June to August, reflecting a 70 percent occupancy rate. This figure slightly surpasses the ADR for hotels in Greece during August, which climbed to 187 euros. Additionally, the Revenue per Available Room (RevPAR) for short-term rentals in Greece reached 150 euros.
In terms of ADR, Greece ranks fourth in Europe, following Monaco, the United Kingdom, and Iceland. Monaco leads with the highest ADR at 301 euros, although it recorded a 52 percent occupancy rate and a RevPAR of 157 euros. The United Kingdom’s ADR stands at 220 euros, with a 70 percent occupancy rate and a RevPAR of 154 euros. Iceland’s ADR reached 250 euros, with a 74 percent occupancy rate and a RevPAR of 185 euros.
Among other Mediterranean countries, Spain reported an ADR of 205 euros, a RevPAR of 141 euros, and an occupancy rate of 69 percent. Italy, meanwhile, recorded an ADR of 185 euros and a RevPAR of 124 euros, with occupancy rates at 67 percent. Notably, France had an occupancy rate of 64 percent, an ADR of 155 euros, and a much lower RevPAR of 99 euros compared to Greece. In the Adriatic region, Croatia achieved a 77 percent occupancy rate, an ADR of 188 euros, and a RevPAR of 145 euros.
ADR in European Cities
In terms of individual cities, short-term rentals in Athens saw a 69 percent occupancy rate during June to August, with an ADR of 113 euros and a RevPAR of 78 euros.
Conversely, Barcelona and Amsterdam faced limited supply due to new regulations, achieving an occupancy rate of 70 percent and average prices exceeding 200 euros.
Paris, despite hosting the Olympic Games this summer, experienced one of the lowest occupancy rates among major European cities, with only 56 percent occupancy. Its ADR was 268 euros, and its RevPAR was 150 euros.
Demand Growth for Cheaper European Destinations
AirDNA reports a growing trend of interest in more affordable, off-the-beaten-path European destinations. This summer, 7 of the top 10 countries with the highest year-over-year (YOY) growth in short-term rental stays were lesser-known spots with average nightly rates below 100 euros. Notably, Kosovo, Moldova, and Albania saw demand increases of over 50 percent this summer.
Specifically, Albania recorded a 59 percent increase in demand, with an ADR of 77 euros, an occupancy rate of 58 percent, and a RevPAR of 44 euros. Kosovo’s demand surged by 66 percent, while Moldova experienced a 63 percent increase compared to the same period in 2023.
Travel demand for more popular European destinations remained robust during June to August. Denmark and Spain successfully returned to pre-pandemic levels, while Greece enjoyed an 18 percent rise in demand during the same summer months.
On a Pan-European scale, the average increase in August was 21 percent compared to August 2023. During the peak of summer, overnight stays in Europe reached a record high of 64.2 million, with a Pan-European average price of 177 euros.
Demand for short-term rentals in Greece for the coming months
Looking ahead to October, Greece is expected to maintain its dynamic growth, with demand registering a 29 percent increase over October 2023. However, November may signal a downturn in demand, with an anticipated drop exceeding 15 percent on an annual basis. Meanwhile, December shows faint signs of recovery, with a projected 2 percent rise in demand compared to December 2023.
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Source link : https://news.gtp.gr/2024/10/02/airdna-greece-ranks-high-in-summer-adr-for-short-term-rentals/
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Publish date : 2024-10-03 07:34:02
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