BUSINESS

Short-term lettings earn average of 1,000 euros/month in Athens

NIKOS ROUSSANOGLOU

TAGS: Property

The number of properties in the center of Athens that are leased out via the Airbnb online platform has exceeded 8,000, as the appeal of short-term leasing among property owners has grown and the number of foreign visitors who opt for such accommodation is soaring.

According to data from analysis company AirDNA, 8,068 properties can currently be found available for rental on Airbnb in the heart of the Greek capital, which is 57 percent higher than at the same time last year when 5,127 properties were available.

Across Attica, including the southern suburbs, the total number of properties listed on Airbnb have exceeded 10,000.

The increased popularity of short-term leasing is easy to understand: One just needs to take a look at the expected revenues for owners, which easily exceed the takings from a conventional rental. It appears that, on average, in the center of Athens, where most tourism sites are located, the average daily rental rate paid is 54 euros, while the occupancy rate comes to almost 80 percent, which translates into monthly revenues of 1,000 euros. This is according to data compiled during the last 30 days – i.e. the high season for tourism. At the same time, the typical rental rate for a two-bedroom apartment in central Athens does not exceed 500 euros.

Of course in the case of Airbnb leasings the owners also have to factor in various other expenses, such as utility bills, as well as the common bills in apartment blocks that they have to foot, but even so the balance is clearly in favor of short-term rentals.

The draw becomes even greater if one takes a closer look at the three most popular districts, which are the city center (including Plaka and Monastiraki), and the neighborhoods of Koukaki and Exarchia: An impressive five out of eight ads (63 percent) come from owners of multiple properties, as this has turned into a clear business opportunity.

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