The short-term rental turnover exceeded 3.5 billion euros during 2023 and now the turnover it carries out is equal to 30% of the receipts of the hotel industry. In fact, last year the short-term rental sector surpassed the hotel bed capacity, offering 939,000 beds in 212,199 accommodations last July. For their part, the registered 10,047 hotel units offered 887,748 beds. Hotel revenues reached 10.6 billion euros last year, up 22.5% compared to 2022, while the recovery of the cruise industry is also notable. Last year cruise ships brought to Greece about 7 million visitors.

The turnover generated by the accommodation of guests in short-term rental accommodation has increased significantly compared to previous years and now approaches approximately 30% of the turnover made by hotel units. In fact, the capacity of the short-term rental market in terms of available beds has now exceeded the corresponding capacity of hotels. In particular, according to data from the Institute of the Association of Greek Tourism Enterprises and the Institute of Tourism Research and Forecasting of the Hellenic Chamber of Hotels, last year in July the available beds in short-term rental accommodation amounted to 939,000, while the available beds in hotels throughout the country amounted to 887,748 .

According to data from short-term rental platforms, such as Airbnb and Booking, which are available to the above two research centers, the turnover in this category exceeds 3.5 billion euros. It is noted that in Greece the Hellenic Chamber of Hotels has registered 10,047 hotel units with 444,389 rooms and 887,748 beds, as mentioned above. In short-term rental in 2023 the maximum number of accommodation offered (which may have one or more rooms) was 212,199 with 939,000 beds and was recorded in July. The corresponding figures in 2022 were 195,231 accommodation and 875,000 beds in July.

It is noted that the peak in July last year preceded measures announced by the government to regulate the short-term rental market, which classified owners of more than two properties as a business subject to normal taxation. In addition, accommodation fees are now charged just like hotels.

However, market circles estimate that the exit of real estate from this market may ultimately prove to be limited, as the demand for housing from foreign travelers as well as Greeks, not only remains strong this year, but is also increasing.

More at moneyreview.gr