Markets long on short-term rentals
The so-called commercial triangle of Athens, including districts such as Plaka and Monastiraki, secured an average monthly income of some 3,200 euros during this year’s third quarter (July-September) through short-term rentals (STRs).
Accordingly, in neighboring Koukaki, the average monthly income from STRs was €3,010, demonstrating the reason why the residences in the above areas are in demand among Greeks and foreign investors.
This is an income that is approximately three times higher than that from long-term rentals, explaining the great impact of STR activity among apartment and house owners in these areas. Notably, the average rental income through long-term leases in the center of Athens, and especially in the above-mentioned areas, does not exceed €1,000-1,200 (about €10-12 per square meter), and this concerns residences of special characteristics and renovated.
Overall in the center of Athens the average monthly income from STRs in the third quarter of this year amounted to €2,375, marking an increase of 56% compared to 2019, but also 4% compared to 2022. However, it remains 25% lower than that in the most popular spots.
It is therefore clear that districts such as Koukaki and the commercial triangle as a whole now have a clearly touristic character, thanks to their proximity to the attractions of Athens, especially the Acropolis. That is a pan-European phenomenon, observed in almost all cities of strong interest to tourists, such as Paris, Rome and Barcelona.
The above figures are based on the data of demand, occupancy and average price per night, analyzed on behalf of Kathimerini by the STR research company AirDNA (airdna.co).
In the commercial triangle during the third quarter of this year, the average rate per night was €133, 11% higher than last year and 28% higher than 2019. Accordingly, the average occupancy remained stable compared to the corresponding period last year, at 80.3%, but up 14% on 2019, a sign of significantly higher demand. The average income per available property amounted to €106.9, which translates into a monthly income of €3,200.
