Greece: Airbnb Occupancy Hits 40% in June

Short-term accommodations are increasingly dominating the market, with Insete data revealing that by June, the number of these properties had surged to 224,860, and the total bed count approached 1 million. Despite this growth, the oversupply has resulted in lower occupancy rates, which have fluctuated from just 12% in January to 40% by June.

The institute reports that 2024 has experienced a steady rise in accommodation supply, underscoring the rapid expansion of the short-term rental market. This growth, averaging about 20,000 new units per month, pushed the total number of accommodations to 224,860 by June, up from 204,578 the previous year. A parallel trend is evident in the number of beds, which has progressively increased from January to May 2024 compared to the same period in 2023.

Booking Window

Analysis of the booking window—the interval between reservation and arrival—for short-term rentals shows a trend of earlier bookings in the first quarter of 2024 compared to 2023. However, this trend reversed in the second quarter, with bookings becoming less advanced. Consequently, the booking window in June 2024 was 57 days, a decrease of 5.0% from 60 days in June 2023.

Accommodation Occupancy

Analysis of accommodation occupancy rates for the first quarter of 2024 shows stability compared to the same period in 2023, despite a rise in property and bed supply. This indicates that demand has kept pace with the increased supply. The trend continues into the second quarter of 2024, which recorded higher occupancy rates than the previous year. Notably, June 2024 saw an occupancy rate of 40%, up from 38% in June 2023.

Average Length of Stay

In the first half of 2024, the average length of stay for overnight bookings initially rose compared to the same period in 2023, but then saw a decline. The average stay increased to 3.5 nights in January (+6.8%) and 3.7 nights in February (+32.6%). From March onward, however, the trend shifted, leading to a decrease in the average length of stay to 3.8 nights by June 2024, down 5.0%.

Traveler Demographics

Throughout 2024, the short-term rental market has displayed a notable shift in traveler demographics, with a clear change in the balance between international and domestic visitors. In the first quarter, international travelers made up between 60% and 66% of bookings. This trend intensified in the second quarter, with their share soaring to approximately 90% as the season began in April.