The commercial triangle of Athens, Koukaki, Neos Kosmos and Piraeus appears to be the most popular area for short-term rentals, judging by the strong supply trend at these points both year-on-year and compared to 2019 . According to data compiled by short-term rental analytics company AirDNA (www.airdna.co),
on behalf of K, the number of short-term rental homes in the commercial triangle recorded an annual increase of 15%, and compared to 2019 (that is, before the start of the pandemic), it reaches 28%.

When we take into account that the area has a very high concentration of housing with 1938 listings in April of this year (20% of all listings in the center of Athens), it is clear that a significant turn of investors towards the purchase and operation of houses in the wider historical area is recorded in the center Athens. The commercial triangle includes such areas 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 rising in other popular parts of the center. Koukaki found 949 listings, up 29% from last year and up 7% from 2019, while Neo Kosmos is up 33% from last year and 11% from 2019.

However, in other areas of the center the picture is ambiguous. Thus, despite a significant increase compared to last year, the number of housing is still lagging behind in 2019. This means that many landlords have come to realize that short-term rentals are not necessarily the “chicken with golden eggs” and that not all locations are equally profitable, especially considering the fact that long-term rentals now offer satisfactory returns on homes. Thus, for example. in the Exarchia region, the number of ads to date is 649, compared to 724 in 2019, i.e. they are 10% behind. On an annualized basis, of course, there is an increase of 27%. Accordingly, in Attica Square, the annual increase in housing reaches 41% (407 places), but still 2% less than in 2019. There are currently 9,625 short-term rentals in the center of Athens, just 1% more than in 2019, but also 26% more than last year.

However, trends in housing supply in other areas of Attica are also interesting. As AirDNA data shows, there is a clear upward trend in supply in the southern suburbs, especially in areas close to the beach and offering a particularly attractive (for foreign visitors) combination of sea and proximity to Athens. Thus, for example. The Saronic region, home to areas such as Saronida and Anavyssos, has increased the number of accommodations by 18% this year to 552, although compared to 2019, the number of offers has decreased by 21%. Accordingly, the area of ​​Spata and Artemis (Lutsa) recorded an increase of 30% compared to last year, and 21% in Markopoulos. These areas are favored by growing demand and by digital nomads who are interested in longer rentals, on the order of 2-3 months, which can also be done through digital short-term rental platforms.

Southern suburban areas such as Kallithea, Paleo Faliro and Glyfada are also seeing an upward trend this year. Specifically, Kallithea is seeing a 24% year-on-year increase and a 7% year-on-year increase to 289 locations, while 2019’s figure outperforms (even if only 3%) Paleo Faliro with 312 advertisements. , which is 47% more than last year. In Glyfada, the picture is mixed, as the annual increase is 28%, but compared to 2019, the placement is 17% less.

However, the most impressive results are recorded in Piraeus, which is expected to become one of the future hot spots of the short-term rental market due to a significant increase in investment activity, which is expected to come from investors from third countries. countries seeking to obtain a residence permit under the golden visa program. Short-term rentals increased 28% year-over-year to 369 and also 21% year-over-year. Piraeus has been exempted from the institutional change voted on a few months ago, which would double the minimum investment limit from 250,000 to 500,000 euros. Thus, there has already begun to grow investment interest in investing in real estate in the area, especially those located near the city center and offering access to fixed-line communications.

In the municipality of Saronicos, the average price per night exceeds 350 euros.

Although the supply is growing, it seems that the rate of increase in demand from abroad is even higher, which leads to an increase in the average price per night. In fact, since something similar happened in 2022, and also in 2021, when there were even fewer available properties compared to last year, prices have literally skyrocketed compared to 2019, which also allowed property owners to make more profit.

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

Even more impressive growth is recorded in the southern suburbs, where there is still a significant lack of housing compared to 2019. For example, in the area of ​​the municipality of Saronicos, the average price is 352.6 euros. , 135% higher than the corresponding month of 2019. Of course, in addition to the reduction in supply in relation to demand, an important role in this price increase has also been played by the vertical improvement in the quality characteristics of the properties offered, which are clearly more luxurious and larger than in 2019, which is also reflected in the price.

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

Another innovation concerns the fact that many choose Greece for holidays in September. Based on the latest monthly AirDNA survey published a few weeks ago, Greece recorded the third largest increase in bookings for September in the pan-European region, with 96% more overnight stays compared to the same period last year. The increase in demand this year, seen in September, is an international trend, as significant growth was registered in many directions, such as Croatia with 129.1%, Poland with 161.5% and Austria with 76.4%.

According to AirDNA analysis, “This year’s booking trends show a change in traveler behavior, both in terms of booking times and increasing periods of high demand. Historically, September is considered the 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 rates for those who book last minute at the most popular destinations.”