In recent years, the short-term rental market in Attica, Greece, especially through platforms like Airbnb, has seen tremendous growth. According to a study by Grant Thornton, the revenue from short-term rentals in Greece surpassed €3.3 billion two years ago. The latest data from AirDNA, analyzed by the Institute of Tourism Research and Forecasting, highlights that short-term rentals have reached explosive levels, with the number of Airbnb properties alone rising to 279,886 units.
Back in 2014, there were only 16,083 Airbnb beds available in Attica. By the end of 2023, this number had skyrocketed to 137,000. In contrast, the total number of hotel beds in Attica remains below 68,000. This represents a 751% increase in Airbnb beds compared to a modest 16% increase in hotel beds. This means the capacity of Airbnb accommodations grew at an average annual rate of 24%, compared to just 1% for hotels.
The growth is even more striking in Athens, where Airbnb beds increased by 770%, while hotel beds grew by only 29%. This trend underscores the rising demand for alternative accommodation options among travelers, who increasingly favor the flexibility and variety offered by Airbnb rentals over traditional hotels.
This rapid expansion has significant implications for Greece’s tourism industry and the broader economy, presenting both challenges and opportunities for property owners and market stakeholders.