Europe’s Highest Growth in February Airbnb Demand was in Greece
Demand for Airbnb-style rentals in Greece was the strongest in Europe last month despite historically being the least busy period of the year, marking a 60 percent increase compared to 2022, said analytics firm AirDNA.
According to the latest AirDNA data, in February, Greece, Norway, and Portugal recorded the highest growth rates in demand, with year-over-year increases of 60 percent, 52.7 percent, and 44.1 percent, respectively, reflecting a strong interest in these destinations.
Overall in February, RevPAR increased by 19.2 percent compared to the same month a year earlier, the number of available listings grew by 2.8 percent over pre-Covid 2019 and by 13.7 percent compared to 2022, and total demand in night stays rose by 47.3 percent over 2019 and by 26.6 percent compared to 2022. Occupancy also increased last month by 6.9 percent compared to the same month in 2019 and by 4.9 percent over 2022 while average daily rates (ADRs) were up by 13.7 percent year-on-year.
AirDNA analysts said February demand was indicative of what European destinations should expect in spring. Indicatively, despite being considered a low demand period, short-term rental demand in February increased by 47.3 percent over the same period in 2019 (26.6 percent higher than in 2022 and 115.9 percent higher than in 2021).
Listings also rose by 2.8 percent compared to 2019, increasing by 13.7 percent from 2022.
Meanwhile, the number of available listing nights increased steadily in line with demand. In February, the supply of available nights was 37.8 percent greater than in February 2019.
Growth continues into summer
Looking ahead, AirDNA analysts expect growth and momentum in Europe to continue over the next six months. Since March 11, demand for short-term rentals in Europe increased by 32.8 percent compared to 2022 and by 24.5 percent against 2019. The number of nights booked for May grew by 42.6 percent over 2019 and by 42.5 percent compared to 2022.
“With May typically considered a less busy month for tourism after the Easter break, this signals that travel seasonality is expanding beyond peak periods. That said, travelers remain eager to lock in their summer accommodations. As for the months of June, July, and August, nights booked were pacing up by 32.3 percent, 33.7 percent, and 34.9 percent, respectively, over 2019,” said the report.