An increase in the rental offer holiday accommodation, Airbnb type, exceeds the demand, which makes a slight decrease in the occupancy rates in our country during the summer, although Greece remains a popular destination for tourists, especially in famous hotspots such as Mykonos, Santorini and Rhodes.
As August is the best time for international tourists and locals on annual vacations, the latest figures reveal how the summer of 2024 will shape up throughout Greece and its regions, according to data from Key Data, a data provider for property managers, destination organizations. (DMOs) and short-term rental professionals. The company defines summer as arrivals in June, July and August, based on confirmed bookings until June 16, 2024. The occupancy rate is an important metric that shows the percentage of booking accommodation and shows that Greece is only 1% from last year for summer 2024.Â
While Athens and Attica showed a decrease of 11% and 7% respectively, Crete and the Peloponnese showed occupancy rates of 1% and 3% more than last year. The total supply of rental accommodation in Greece increased by 13%, while guest nights increased by 6%.
This increase in supply outstripped demand, creating a slight decrease in occupancy rates. However, with many bookings made within 30 days of travel, there is still the potential for occupancy to reach last year’s levels.
Average rental price of 209 euros in short-term rental accommodation
The average daily rental rate (ADR) for short-term rentals in Greece is €209, up 5% compared to last summer. This trend is consistent across regions, with the Peloponnese showing the smallest increase of 4%. Thessaloniki showed the biggest increase in ADR at 8%. Revenue per available rental (RevPAR), which balances occupancy and fees, grew 4% higher than last year in Greece, mainly due to price increases.
Regions such as Crete and Peloponnese, where occupancy and prices have increased, saw a RevPAR increase of 7% compared to last year. On the contrary, Attica and Thessaloniki showed a decrease in RevPAR, because their price increase did not compensate for the significant decrease in occupancy.
Despite a slight drop in the occupancy rate due to supply growing faster than demand, the Greek rental and townhouse market remains strong. Higher average daily rates and strong RevPAR indicate a profitable season.