Archive photo of fireworks welcoming the New Year at the Hellenic Parliament on Syntagma Square, Athens. Photo source: Municipality of Athens
Athens is among the European cities with the highest demand for short-term rentals during the upcoming holiday season, according to data released by analytics firm AirDNA.
Demand for Airbnb-style rentals in Athens has surged by 31 percent compared to December of last year, placing the Greek capital in sixth place on the list of top European destinations for the winter month. The increase positions Athens alongside key Christmas destinations such as Rovaniemi in Finland and Basel in Switzerland, underscoring the city’s growing appeal to tourists.
Predictions for the holidays
As the Christmas holidays approach, forecasts for short-term accommodation demand in Europe are showing strong growth. Similar to last year, demand is expected to peak in the weekend before Christmas and remain high until the New Year.
“Overall, hosts should be in good spirits this holiday season,” says AirDNA.
According to data, current demand pacing for the two weeks around Christmas and New Year’s, December 20 to January 2, 2025, is up 27 percent year-over-year (YOY).
European rental market overview for September 2024
Moreover, AirDNA released data on the short-term rental market for September 2024, which shows positive signs of recovery across Europe. Total overnight demand reached 45 million, reflecting a 17.3 percent increase from September 2023, although this figure is down 30 percent from the highs seen in August.
Greece is among the countries that achieved a significant rise in occupancy. According to AirDNA, occupancy in Greece increased by 6.6 percent, with similar increases recorded in other well-established tourism markets, such as Croatia (+8.8 percent), Spain (+6.9 percent), and Portugal (+4.3 percent). In contrast, several countries experienced year-on-year declines in occupancy for September, including the Czech Republic (-9 percent), Austria (-4 percent), Sweden (-2.2 percent), Poland (-1.7 percent), and Norway (-0.5 percent).
Moreover, overnight stays by foreign visitors in short-term rental accommodations in Greece increased by approximately 21 percent compared to the previous year, while overnight stays by Greek residents rose by around 24 percent.
Meanwhile, the number of available short-term accommodation listings in Europe rose by 12.2 percent year-on-year to 3.9 million in September. Average occupancy reached 55 percent, marking a year-on-year increase of 1.5 percent. The Average Daily Rate (ADR) also saw a significant rise of 9 percent, reaching 164 euros. This increase contributed to a notable improvement in revenue for European hosts, who earned an average of 90 euros per available rental night.
Greece
The positive trends in the Greek short-term rental market are also reflected in the official revenue figures presented at the recent Prodexpo real estate conference in Athens.
Speaking at the conference, Giorgos Pitsilis, head of the Independent Authority for Public Revenue (AADE), said that tax revenues from short-term rentals in Greece have increased more than tenfold since 2017.
Pitsilis revealed that tax revenues from short-term rentals were around 70 million euros in 2017, while last year they surged to 740 million euros. For 2024, AADE has already recorded revenues of 742 million euros within the first nine months, compared to 640 million euros during the same period in 2023. According to Pitsilis, tax revenues from short-term rentals are expected to reach 830 million euros by the end of the year.
Moreover, in addition to tax revenues, short-term rentals also generate substantial revenues on a global scale, as noted by Konstantinos Kiamas, vice president of STAMA Greece (Short-Term Accommodation Managers Association of Greece). According to Kiamas, the sector’s turnover reaches 5 billion euros.
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Source link : https://news.gtp.gr/2024/10/23/airbnb-athens-ranks-among-europes-top-10-for-december-holidays/
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Publish date : 2024-10-24 07:25:00
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