Investing in real estate Greece increasingly interesting: demand for Airbnb homes growing steadily

Short-term rental properties in Greece have become more attractive, with demand and prices growing steadily. Short-term rental properties in Greece are a thriving economic sector that contributes to both the national budget and the well-being of local homeowners from Athens to Thessaloniki. In 2022 – the first year after the lifting of the total lockdown and the global quarantine – rentals brought in almost 37% more profit for homeowners in Greece.

Research into the profitability of real estate in Greece

The Greek real estate market is routinely studied by market research company AirDNA. The company’s experts recently released statistics in a public survey. It shows that owners of residential properties in Greece earned a total of more than €2.2 billion from short-term rentals. To put this into perspective, owners earned around €1.4 billion from this a year earlier, in 2021 – 36.6% less.
As the need for and cost of short-term rentals increases, more and more domestic and international investors are choosing to invest in Greek real estate. Popular tourist destinations are not the only thing that are of interest to investors in Greece.

Demand for Airbnb is rising in Greece: prices per night are also increasing

Let’s take a look at the price and demand scenario to see how things stand for tourist rentals in Greece at the beginning of 2023. For example, average nightly prices for 2022 rose last year to €193, up 15% from the previous year. The increase was a whopping 35% higher than in 2019, the year before the epidemic. As new housing is being developed at a slower pace than the number of tourists wanting to visit Greece, daily rental prices clearly show stable growth in demand and a lack of supply. On average, up to 55% of homes were occupied simultaneously across the country in 2022, up from 12% in 2021..

More importance for short term rentals throughout Greece

In terms of growth in the number of accommodation options, Greece ranked fourth among the 20 members of the European Union in 2022. This is despite the fact that demand was forecast to grow significantly less. Tourists paid for 11.5 million overnight stays in 2022, an increase of 19% compared to the previous pre-pandemic year of 2019 and almost 60% compared to 2021. Visitors mainly opt for accommodations that offer high-quality service, located in Athens, Mykonos and Santorini. However, even in less popular regions of the country, there is a strong interest in short-term rentals.