Revenues from short-term rentals have plummeted by over 60% in Athens, as the average monthly income from property lettings via online platforms such as Airbnb and HomeAway dropped to below 400 euros in May from €1,016 last September, the market’s peak, according to industry researcher AirDNA.
The same data also point to a drop in occupancy from 82% in September 2019 to just 35% in May 2020.
This shows the long way this market has to go to recover even part of the losses generated this spring, which will likely continue over the coming months. Although travelers around the world prefer private accommodation over hotels, the flow of visitors remains feeble, which will not allow the short-term rental market to recover quickly.
In Greece’s case this is primarily due to the fact it mainly depends on visitors from abroad and less on Greeks, as foreigners account for about 80% of guests at such accommodation. Given that American and British visitors will not be arriving anytime soon, the market will take time to recover, even if Greeks do appear more active this year.