the commercial triangle of Athens, Koukaki, Neos Kosmos and Piraeus appear to be the most popular areas for hosting short-term rental accommodation, judging by the strong upward trend of supply in these places, both in relation to last year and compared to 2019.

According to data compiled by short-term rental data analytics company AirDNA (www.airdna.co) on behalf of “K”, the number of homes being used through short-term rentals has seen an annual increase of 15% in the commercial triangle , while compared to 2019 (that is, before the outbreak of the pandemic), the increase reaches 28%.

If it is taken into account that the area has a very high concentration of accommodation with 1,938 advertisements in April this year (20% of all advertisements in the center of Athens), it is clear that a significant turn of investors towards the purchase and exploitation of houses in the wider historical area is recorded center of Athens. The commercial triangle includes districts such as Psirri, Acropolis, Monastiraki and Plaka, which are a pole of attraction for foreign visitors, in terms of their accommodation. The trend is also strongly upward in other popular parts of the center. In Koukaki, 949 ads are found, 29% more than last year and 7% compared to 2019, while in Neo Kosmos, the increase is 33% from last year and 11% compared to 2019.

In other areas of the center, however, the picture is mixed. So while there is a significant increase from last year, the numbers of accommodation are still behind those of 2019. This means that many landlords have realized that short-term renting is not necessarily the “hen with the golden eggs” and that not all locations are equally profitable, especially if you take into account the fact that now also long-term leases allow satisfactory returns on houses.

Thus, e.g. in the area of ​​Exarchia, the advertisements today amount to 649, from 724 in 2019, i.e. they fall short by 10%. On an annual basis, of course, there is an increase of 27%. Accordingly, in Attica Square, the annual increase in accommodations reaches 41% (407 accommodations), but is still 2% less than in 2019. In total, in the center of Athens, there are currently 9,625 short-term rental accommodations, just 1% more than 2019, but also 26% more than last year.

However, the trends regarding the offer of accommodation in other areas of Attica are also interesting. As AirDNA data shows, there is a clear tendency to increase supply in the southern suburbs, especially in areas that are close to the beach front and offer a particularly attractive (for foreign visitors) combination of sea and proximity to Athens.

Thus, e.g. the Saronic region, home to areas such as Saronida and Anavyssos, saw an 18% increase in accommodation this year to 552, although compared to 2019 there are 21% fewer listings. Accordingly, in the area of ​​Spata and Artemisa (Loutsa) an increase of 30% is recorded since last year, while in Markopoulos by 21%. These areas have been favored by the increase in demand and by digital nomads who are interested in longer leases, of the order of 2-3 months, which can also be done through digital short-term rental platforms.

In areas of the southern suburbs, such as Kallithea, Paleo Faliro and Glyfada, the trend is also upward this year. Specifically, in Kallithea there is an increase of 24% compared to last year and by 7% compared to 2019 to 289 accommodations, while the performance of 2019 is surpassed (even if only by 3%) by Paleo Faliro, as 312 advertisements are recorded, a size that is and 47% higher than last year. In Glyfada, the picture is mixed, as there is an annual increase of 28%, but compared to 2019, accommodation is 17% less.

The big port

However, the most impressive performance is recorded by Piraeus, which is expected to develop into one of the future hot spots of the short-term rental market, thanks to the significant increase in investment activity that is expected to occur, due to investors from third countries seeking to secure a residence permit through of the “golden visa” program. Short-term rental accommodations were up 28% from last year to 369, but also up 21% from 2019.

Piraeus has been exempted from the change in the institutional framework that was passed a few months ago and according to which the minimum investment limit will be doubled from 250,000 to 500,000 euros. Thus, investment interest in real estate investments in the area has already begun to increase, especially those located near the city center and offering access to fixed-line means.

Although the supply is moving upwards, it seems that the rate of increase in demand from abroad is even higher, resulting in an increase in the average price per night.

In fact, because something similar happened in 2022, but also in 2021, where the available properties were even less compared to last year, the prices compared to 2019 have literally “taken off”, allowing a greater return for the property owners as well.

For example, this April the average price in the center of Athens is currently 97.3 euros/night, increased by 18% compared to last year, but also by 53% compared to the corresponding month of 2019. In the most popular area, in commercial triangle (Acropolis, Monastiraki, Plaka) the average price is 115 euros, 39% higher than in 2019 and 22% from last year. Accordingly, in the area of ​​Exarchia, the increase reaches 59% since 2019, now reaching 75.5 euros, from 48 euros before the pandemic.

Even more impressive increases are recorded in the southern suburbs, where, after all, to a large extent, the stock of accommodation falls short compared to 2019. For example, in the area of ​​Saronikos Municipality, the average price stands at 352.6 euros, 135% higher than the corresponding month of 2019. Of course, in addition to the reduced supply in relation to demand, an important role in this price increase has also been played by the vertical improvement in the quality specifications of the offered properties, which are clearly more luxurious and larger than in 2019, which it is also reflected in the price.

Based on AirDNA data, the number of bookings for the summer season in Greece is already moving strongly upward (50% more bookings). However, this year’s tendency of many visitors to make reservations earlier than in previous years should also be noted, in order to secure the accommodation of their choice. Therefore, a clearer picture will emerge in the near future.

Another new development concerns the fact that many are choosing for their holidays in Greece in September. Based on AirDNA’s latest monthly survey, published a few weeks ago, Greece recorded the third largest increase in bookings for September pan-European, with 96% more overnight stays compared to the same period last year. This year’s increase in demand observed for the month of September is an international trend, as significant increases are recorded in many destinations, such as in Croatia with 129.1%, in Poland with 161.5% and in Austria with 76.4%.

According to AirDNA’s analysis, “booking trends this year demonstrate a shift in traveler behavior, both in terms of when bookings are made and the extension of the high demand period. Historically, September was considered the tail end of the summer tourist season in Europe. But based on today’s bookings, it looks like this month will be much more mobile and hosts will be able to charge higher prices for those who make last-minute bookings at the most popular destinations.”