Photo source: Airbnb
Greece’s short-term rental market showed clear signs of seasonal slowdown in January, but property owners largely held firm on pricing, according to new data from analytics firm AirDNA.
The report highlights the strong seasonality of Greek tourism, with both demand and supply declining during the winter month. The number of active short-term rental listings fell by 7 percent year-on-year, placing Greece among a small group of European countries – alongside Spain and Croatia – where supply contracted.
Demand dropped by 10 percent compared to January last year. Despite this, occupancy remained at 44.7 percent, above the European average of 42 percent. AirDNA suggests that the reduction in listings may be linked to severe weather conditions and the introduction of new regulatory measures affecting the market.
Importantly, hosts did not significantly reduce prices. The average daily rate (ADR) slipped by just 1 percent year-on-year to 82 euros. Revenue per available rental (RevPAR), which reflects both occupancy and pricing, declined by 8 percent – a drop attributed primarily to seasonal patterns rather than a structural weakening of travel demand.
AirDNA data shows that while Greece’s average daily rate remained broadly stable in January, lower occupancy weighed on performance, resulting in a year-on-year decline of roughly 8 percent in RevPAR.
Europe stabilizes after rapid growth
Across Europe, the short-term rental market appears to be entering a phase of stabilization after several years of rapid expansion. Available listings rose by 3.5 percent year-on-year, surpassing 3.4 million properties, while demand edged slightly lower, bringing average occupancy to 42 percent.
AirDNA data shows that while Europe’s average daily rates declined marginally in January, the Repeat Rent Index climbed to 7.7 percent, suggesting pricing resilience among existing short-term rental properties despite slower overall market growth.
The European average daily rate fell marginally by 0.6 percent to 117 euros. Meanwhile, the Repeat Rent Index – which tracks pricing trends for comparable listings over time – increased by 7.7 percent, its highest level in 15 months, suggesting continued pricing resilience among established operators.
Among Europe’s 20 largest markets, 17 recorded lower occupancy in January. Greece posted a 6.9 percent decline, although the drop was partly offset by reduced supply. Spain (-1.8 percent) and Croatia (-16 percent) also saw occupancy losses, with the latter experiencing the sharpest fall due to a 22 percent drop in demand.
By contrast, Denmark, Norway and Hungary recorded the strongest revenue gains.
Greece recorded a roughly 7 percent decline in short-term rental supply and a 6.9 percent drop in occupancy in January, placing it among the few European markets where both listings and occupancy contracted year-on-year, according to AirDNA.
AirDNA also notes growing interest in “shoulder season” travel – trips taken just before or after peak summer months – as travelers seek lower prices and fewer crowds. While coastal destinations tend to see sharper seasonal price swings, major urban centers such as Athens show more moderate fluctuations.
According to AirDNA, Athens displays relatively limited seasonal price and demand swings compared to highly seasonal coastal markets, indicating a more stable year-round urban short-term rental profile.
Overall, January’s performance reflects winter seasonality rather than a broader slowdown in Greece’s tourism outlook.
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