Greece is the loser in the field of Airbnb, as in July the decrease of the average daily rate (ADR) reached a double-digit percentage and reached 9.8%, with Greece recording the biggest drop among the 20 European countries examined by AirDNA. This picture of the Greek short-term rental accommodation market is far from being in line with that of the country until June, when Greece was in the top 10 countries with the highest increase in the index.
According to the latest data on the European short-term rental market, eight countries apart from Greece have seen a decrease in the average price of Airbnb accommodation in July this year, compared to July 2023. These are Croatia (7.8%), Hungary (6.8%), Sweden (4.1%), Portugal (2.7%), France (2.4%), Norway (2.3%), Poland (1.1%) and the United Kingdom (0.4%).
In contrast, increases were registered in Denmark (13.8%), Austria (6.9%), Germany (6.4%), the Netherlands (3.7%), Switzerland (3.0%), the Czech Republic (2.6%), Ireland (1.5%), Finland (1.4%), Belgium (1.2%), Spain (0.9%) and Italy (0.3%).
As the report points out, over the last five years, Europe has seen steady growth in revenue per room on an annual basis. The increase in the average daily rate in 2020 and 2021 is largely due to rising house prices, as well as inflation. However, since the first quarter of this year, ADR growth was found to be slowing significantly and in July recorded its first year-on-year decline since autumn 2022 in a number of markets, including Greece.
In terms of travel demand in July, the month when supply peaks in Europe, showed no signs of slowing down, with overnight stays in the Old Continent reaching 57.6 million, up 17.7% year-on-year.
Meanwhile, in the seventh month of the year, available listings set a new record, reaching 4 million in Europe, up 15% year-on-year and 5% compared to June.
Meanwhile, resilience in demand kept occupancy positive, averaging 68% across the European continent, up 0.3% year-on-year.
