Airbnb guests in Greece paid 35% more in 2022 compared to 2019, the period before the pandemic, since the average price for the whole year was 193 euros, a figure also increased compared to 2021 by 15%.
Europe-wide, the short-term rental market has seen a significant recovery, with revenues of $55 billion last year across Europe, 42% more than in 2021. Total bookings across Europe are estimated at 355 million overnight stays. 3% higher than 2019 and 39% higher than 2021.
Based on data from the specialised analysis company AIRDNA, it is estimated that approximately 11.5 million nights were spent in Greece with short-term rental accommodation, a figure increased by 56.8% compared to 2021.
This marks Greece as the fourth highest performing country in the top 20 most popular European destinations - up 19% on 2019.
The number of available properties was on average close to 105,700 on a monthly basis. There are obviously large fluctuations due to the intense seasonality of Greek tourism, with a marginal increase of only 0.1% compared to 2019.
Accordingly, across Europe on a supply level, the average number of listings available was estimated to be over 2.5 million monthly, up 11.2% from 2021, although still below 2019 by 7.4%.
Given that demand outstripped supply last year, the average occupancy across Europe increased rapidly, a total of 6.9 percentage points compared to 2021 and +5.9% compared to 2019.
Hungary saw the biggest recovery in occupancy rates, followed by Portugal, Norway and Greece in 4th place. On the contrary, the Netherlands, Finland and Switzerland recorded the smallest recovery in terms of occupancy.
The trend is pan-European
Amid tough economic conditions, it stands to reason that guests last year preferred more affordable options, with occupancy rates rising faster in smaller, urban apartments, and especially in the more affordable ones without luxury extras (swimming pools, hot tubs, parking spaces, etc.).
Lower budget accommodation was at the forefront last year with amenities such as air conditioning and use of a kitchen showing significant demand.
The short- term rental market in Europe is expected to remain strong for the first part of 2023, according to AIRDNA estimates, with overnight bookings running at a rate of 25.9% above 2022 figures.
Stefania Souki is a columnist for New Money.