Leap in short-stay revenues

Paros, Mykonos and Athens among the locations with the highest growth in takings last year

Leap in short-stay revenues

Short-term rental industry revenues soared in Greece in 2022, with the island of Paros, Argostoli in Kefalonia, Peraia near Thessaloniki, the Athens suburb of Glyfada, Pefkohori in Halkidiki and, of course, the capital as a whole recording the largest increases. 

According to the data presented by research company Transparent at the ShortStay Conference 2023, which took place over the weekend at the University of Western Attica, the largest annual increase was on Paros with 50%. On the Cycladic island, the gross annual income from the utilization of a two-bedroom property stood at 34,255 euros – the second highest figure after Mykonos, which also saw a significant increase of 38% to €60,779.

In Athens, the increase in 2022 reached 37% compared to 2021, to €22,302, while from the rest of Attica, Glyfada stood out with an increase of 45% to €30,592, Alimos with a 31% rise to €24,078 and Palaio Faliro with an increase of 11% to €19,924. As can be seen, the southern suburbs and the center of Athens are areas of high demand for short-term rentals in Attica.

In another presentation at the conference, the Key Data company noted that the total amount of revenue from short-term rental accommodation in 2022 amounted to €3.46 billion. The number of listed assets is estimated at 144,000 nationwide, while overnight stays amounted to 20.87 million.

At the same time, the average price per night increased to €139 from €113 in 2021, a fact attributed on the one hand to the jump in demand compared to 2021, and on the other to the adjustment of prices by hosts and managers in order to compensate for the higher running costs of accommodation due to the increase in energy rates.

According to Transparent’s analysis, in addition to the increase in accommodation revenue, there has also been a 16% increase in the number of listings. In January this year, 164,868 assets were operating. Of these, 10,938 were located in the center of Athens, an increase of 18% since last January. A large increase of 27% is also seen in Thessaloniki, where the number of listings reached 3,090.

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