Winter short-term rental shift
The performance of short-term rental accommodation located in Greece’s most popular winter destinations, such as Arachova and Kalavryta, is lower than last winter. Apparently, the wave of inflation over the last year and the mild weather have worked against attracting more visitors – these are destinations aimed almost exclusively at Greek visitors, which actually limits their appeal.
According to data processed by AirDNA on behalf of Kathimerini, demand for the most popular destinations in December 2023 – January 2024 presents a mixed picture. Based on the bookings made, in Arachova there is a 21% decrease in demand in December (1,608 bookings, against 2,028 last year), while for January 2024 the drop reaches 28% (563 against 779).
Accordingly, in Kalavryta demand for December is down by by 17% (803 reservations, against 962 last year), while in January the picture remains unchanged compared to the same month of 2023.
The exception is accommodation in Karpenisi, which shows clearly better performances. In December demand recorded an increase of 8% and in January of 34% (with 286 reservations, from 213 in January 2023).
In terms of average price per night there appears to be a decline of prices in a move by hosts to increase demand. In Arachova, the average price this year for December is 300 euros, while for January it is €266, registering an annual drop of 13% and 18% respectively. In Kalavryta the average price is €194 in December (8% more than last year) and 185 euros in January 2024, 7% lower than the corresponding month of 2023. In Karpenisi the average price reaches €241 euros in December (+9%) and €267 in January, recording a drop of 23% from last year, which may also explain the increase in demand for this particular month.
These prices are the same or even higher than those applicable in the most popular summer destinations in July and August. For example, the average price per night in places such as Crete, Corfu and Rhodes this summer was around €200. However, it should be noted that most homes offered in winter destinations are noticeably larger than summer vacation homes.
