Bistonia Estates LLC team naviges the Greek Rental Market
In 2023, the cash flow from short-term rentals in Greece hit a sweet spot of €2.2 billion, up from €1.4 billion back in the good ol’ pre-Covid days of 2019. A whopping 11.5 million overnight stays were logged in 2023, a hefty 56.8% jump from 2022, and even 20% better than 2020. When it comes to the hustle of short-term rental income growth across Europe, Greece landed a solid fourth place out of 20 countries in 2023.
The hottest spots for snagging a short-term rental in 2023 were the usual suspects: the historic heart of Athens, and the ever-popular Mykonos and Santorini. The places making the biggest leaps in the short-term rental game, according to the folks at Transparent, included the island of Paros, Argostoli on Kefalonia, Peraia near Thessaloniki, the chic Athens suburb of Glyfada, Pefkohori in Halkidiki, and, of course, Athens itself.
Paros was the star of the show with a 50% growth spurt. Over there, a two-bed pad could rake in an annual gross of €34,255, only trailing behind Mykonos, which also saw its numbers swell by 38% to €60,779. Other areas saw their share of the action too:
- Athens surged by 37%, hitting €22,302;
- Glyfada (that swanky Athens suburb) boomed by 45%, reaching €39,592;
- Alimos climbed by 31%, up to €24,078;
- Paleo Faliro grew modestly by 11%, up to €19,924.
Data crunching by Bistonia Estates showed that the monthly average number of available apartments in Greece last year was 105,700, which is 12.4% more than in 2022 and just a tad above 2020’s figures by 0.1%. Quite a few places bounced back into the short-term rental market after the downturn. The average fill rate in 2023 was a cool 55%, showing a 5% uptick from both 2020 and 2022.
The broader European scene got back on its feet after a two-year slump. In 2023, bookings for 355 million nights were made, up by 39% from 2022 and even up by 2.9% from 2020. The dough from short-term rentals hit an all-time high of over $55 billion, up by 42% from the year before. The biggest comebacks were in Hungary, Portugal, and Norway, with the Netherlands, Finland, and Switzerland at the slower end. Almost every European country saw more folks staying over, except the UK, where occupancy dipped slightly by 0.3%.
It looks like putting your money into European, especially Greek, real estate is a pretty savvy move right now.
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- Greg Miller
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