Demand for Airbnb Rentals in Greece Soars in May

Demand for Airbnb-style tourist rentals in Greece in May exceeded pre-Covid 2019 levels and supply, found data released by analytics firm AirDNA.

Demand for short-term holiday rentals in Greece is going strong with prebookings for the June-August period up by 21 percent compared to 2022.

At the same time, current demand in Greece has surpassed 2019 levels and is exceeding supply.

AirDNA said the greatest gap between supply and demand growth was recorded in Greece in May, where demand growth since 2019 is almost five times higher than supply growth over the same period.

Overall in Europe, more than 37 million nights were spent in short-term vacation rentals, up by 32.8 percent over 2019 and by 22.6 percent compared to 2022. Supply of available listings was up by 8.6 percent on 2022 and by 4.8 percent above 2019 while occupancy grew by 5.4 percent year over year. Average daily rates (ADRs) also rose by 19.1 percent y-o-y boosting revenue in May by 45.9 percent y-o-y and by 96 percent compared over 2019.

Additionally, Greece has seen the biggest increase in international arrivals up from 84.5 percent in 2019 to 90 percent in the last year.

Looking ahead, AirDNA analysts found that demand for the next six months will maintain its momentum.

Since June 11, there were 23 percent more nights booked in the next six months compared to the same period last year. June, July, and August are seeing 16 percent, 17 percent, and 23 percent growth, respectively, y-o-y in demand pacing. At the same time, however, the most significant growth is seen in autumn, with 56 percent more nights booked for September and 45 percent more nights booked for October compared to the same months a year earlier.