Short Term Rentals Outperform Hotels | eKathimerini.com
Demand in the Greek short-term rental market has been restored to 70% of 2019 levels, even surpassing the country’s hotel sector.
An AirDNA survey across Europe, released this week, showed that in the year to the end of August, demand in the Greek market was only 28.9% lower than in first eight months of 2019.
In August 2021, in particular, demand (based on overnight stays) in Greece was only 19.6% lower than two years earlier. The greater isolation offered by short-term rentals from high-traffic hotels appears to have favored a faster recovery in this market, matching the expectations of most real estate experts.
Across Europe, AirDNA recorded more than 42.3 million overnight stays in August, 21% less than the same month in 2019 and 16.5% more than August 2020. In other southern countries of Europe, the difference compared to 2019 was larger, with Italy at -23.9% and Spain at -27.7%.
The average occupancy rate for short-term rentals in Greece was almost 70% in August.
One of the reasons the Greek market has rebounded this year is that a significant part of the loss in terms of foreign visitors was offset by Greek customers. In 2019, only 13% of the demand for short-term rentals came from Greece, while this year this rate is considered to have tripled.
“Countries where significant demand from domestic customers has been observed have performed better than others which continue to depend on demand from abroad,” explained AirDNA.
The Athens market also showed a particularly positive image in terms of ad reduction, as it was among the most contained in Europe: this August’s ads may have been 36% less than in August. 2019, but it was the fourth smallest drop in Europe. , behind St. Petersburg, Cannes and Vienna. In cities like Barcelona and Rome, the reduction was close to 50%.
There is also room for optimism for the September-November period, given that bookings through September 1 were only 27% below 2019 levels: in Europe, bookings for this fall could be 19. % lower than in 2019, but in Spain and Italy they were more than 30% less than two years ago.