Greece’s short-term rental market is up against major challenges due to the ongoing coronavirus (Covid-19) pandemic, but the sector’s experts see positive signs ahead for the 2021 tourism season.
“Occupancy rates in the short-term rental market in 2021 will reach 50 percent of the respective figures of 2019,” Greek Property Managers Association (PASIDA) President Andreas Chiou estimated during the 3rd BnB Greece Conference that was recently held online.
“If all goes well, 2021 could be a good year [for the sector] but not in the [high] levels of 2018 and 2019,” he added.
According to Chiou, travel could commence in Greece, as long as vaccinations continue and airlines resume services.
Meanwhile, data presented during the 3rd BnB Greece Conference showed that the number of overnight stays at Airbnb-style accommodation properties in Greece in 2020 came to 4.2 million compared to 8.3 million a year earlier, down by 49.3 percent.
Furthermore, the number of listings on platforms such as Airbnb and Vrbo dropped by 11.6 percent to 72,591 in 2020 from 82,138 in 2019. The data was provided by market analysts AirDNA.
According to the conference’s main conclusions, the international short-term rental market is expected to return to normality by 2023 or 2024.
In the meantime, in efforts to stay above water, Greece’s short-term rental market has turned to alternative options and long-term stays with owners offering their properties to academics and students, as well as to digital nomads and remote workers.
“Apart from tourists, who are a major source of income, there are other alternative options for short-term rentals such as remote workers that book a property for a longer period,” Greek Association of Sharing Economy (SODIA) President Dora Dima said.
According to Dima, remote workers and digital nomads opt for longer stays, aiming to combine business with leisure.