Short-term rentals account for 1.65% of Greek GDP
Short-term rentals (STRs) booked through online marketplaces comprise 21.5% of all overnight stays by tourists in Greece and make a great contribution to the country’s gross domestic product, according to a research report presented by Professor George Doukidis at the Prodexpo Real Estate Conference on Thursday.
The report was produced in collaboration with the Athens University of Economics and Business (AUEB) and aimed at finding out the contribution of short-term rentals to the Greek economy.
Leading the research were Doukidis and Dr Lefteris Kiosses, in collaboration with the AUEB’s e-Business Research Center, or ELTRUN.
Doukidis said that in 2022, STRs contributed 1.65% to GDP, equivalent to 3.44 billion euros and supporting 54,000 job positions.
The direct effect on GDP ranged between €7.58-8.12 billion, or around 3.64-3.90% of GDP.
In addition, STRs played a key role in tourism services, with overnight stays for eight consecutive months in 2022 totaling over 1 million in number.
The AUEB professor noted that STRs allow socially, financially and demographically vulnerable groups in society, primarily individuals, to seek an additional income stream and that they tend to be older adults living in either semi-urban areas or near urban centers.
Their geographical distribution is widespread as well, with Greece’s largest populated region, Attica, accounting for just 16-20% of overnight stays.
STRs offer alternatives to the fast-rising demand of tourism in Greece that cannot be accommodated by existing hotels, he noted.
