Short-term rental did not cause an increase in property prices, as stated by Giacomo Trovato in an interview with K., head of Airbnb’s short-term rentals in the regions of Italy and Southeast Europe. The reason for the rising cost, according to Trovato, who was in Greece a few weeks ago to attend the Delphi Economic Forum, is due to the lack of adequate housing stock. He adds that the current regulatory framework allows landlords to take advantage of short-term rentals.

– I would say that short-term rentals are very popular in Greece. They are the backbone of the culture of Greek hospitality and make it unique. Home sharing is a global phenomenon that supports an increase in tourist traffic, allowing owners to capitalize on assets that often go unused.

For our part, we strive to make a significant contribution to the Greek economy and want to contribute to the formation of a healthy and responsible tourism model. In this direction, we want to ensure that the owners comply with all administrative and tax obligations. That is why we are satisfied with the agreement we have reached with the Greek tax authorities on the registration of tenants in the Register of Short-term Property, the exchange of data and the removal of registrations that do not comply with the law. In addition, there are several trends worth mentioning.

One of them is an increase in demand for less popular destinations. In the fourth quarter of 2022, overnight stays in popular urban destinations accounted for 51% of total gross bookings globally, up from 59% a year ago. The second concerns the increase in the number of long-term bookings associated with the fact that the smart work is gaining momentum. Therefore, this type of bookings of 28 days or more accounted for 21% of the total gross overnight stays in Q4 2022.

The vast majority of Greek hosts only have one entry.

– There are more than 100,000 ads in Greece. The vast majority of Greek hosts have only one listing, while a large number of properties are located outside urban centers, helping to increase the benefits for local families and communities.

Our survey of our host community shows that 75% of hosts do not consider hosting through Airbnb their main occupation. In fact, 30% of respondents continue to rent their first home, the property they actually live in. For guests, the average spend per person per day over the last 6 months was $113 (excluding accommodation costs).

“We take housing issues seriously and always welcome any opportunity to work with governments to find solutions. With regard to the dynamics of rental prices in Greece, experts agree that the issue of lack of affordable housing can be reduced to the fact that affordable housing is not being built enough. This is also the reason why the cost of housing is rising everywhere and for everyone.

The truth is that most Airbnb hosts only rent one home, while for many, using their property through the platform acts as leverage to offset the increased cost of living.

“We are documenting the historical challenges that cities face and want our platform to be part of the solution. We always welcome legislative initiatives, supporting the adoption and implementation of simple rules that work to the benefit of households and to the detriment of speculators, which fuel anxiety about homelessness and generate excessive tourism. We firmly believe that Greek households and citizens renting premises must be protected. The current regulatory framework serves this purpose, coupled with an agreement that Airbnb has entered into with the Greek tax authorities.

“We believe that clear, proportionate and simple rules can unlock the benefits of hosting for those who manage their assets through our platform and help them increase their income. In addition, the institutionalization of the mandatory registration of property in the short-term lease register, which we are implementing together with the Independent State Revenue Administration and other platforms, is crucial. This is despite the Commission’s proposal to introduce a regulation on the collection and exchange of data on short-term rentals, which is under the scrutiny of the European Parliament.

In addition, the Greek short-term rental register ensures the most efficient and effective exchange of data, which is also in the spirit of the Commission’s proposal.