Greece’s Short-term Rental Market Grows Sharply in 2024, Ranks 5th in Europe

• 19 April, 25

Greece’s short-term rental market experienced robust growth in 2024, with overnight stays in Airbnb-style accommodations increasing by more than 31 percent in the first quarter of the year compared to the same period in 2023.

According to Eurostat’s monthly data on short-stay accommodations listed on online platforms, Greece ranked fifth among European Union countries in total overnight stays, with more than 45 million recorded annually. France led the ranking with 190 million overnight stays, followed by Spain with 169 million and Italy with 124 million. Germany ranked just ahead of Greece with 59 million.

Strong gains across all quarters

Eurostat figures show that Greece’s short-term rental market gained significant momentum throughout 2024, with all four quarters posting solid year-on-year growth.

The first quarter led with a 31 percent increase, followed by a 24.7 percent rise in the fourth quarter, highlighting the sector’s expanding strength beyond the peak summer season. The second quarter, spanning April to June, posted a 21.2 percent increase, while the third quarter saw the smallest gain at 14.3 percent.

In absolute terms, the third quarter remained the strongest, recording over 26 million overnight stays. The second quarter followed with approximately 11 million, and the fourth quarter with around 5.4 million stays.

2024 EU performance

Across the European Union, guests spent a total of 854.1 million nights in short-term rental accommodation in 2024, booked via Airbnb, Booking.com, Expedia Group, or TripAdvisor. This represents an 18.8 percent increase over 2023, when 719 million nights were recorded—marking a new all-time high, according to Eurostat.

Record-breaking growth across the EU in Q4

Data compiled by the four major platforms and reported by Eurostat show that the fourth quarter of 2024 continued the upward trend seen in recent years. Each month exceeded previous-year levels, setting new records across the board.

October recorded 65 million overnight stays, up 17.7 percent compared to 2023. November followed with 38.6 million stays, an increase of 21.5 percent, while December logged 51.7 million stays – 14.2 percent higher than the year before.

In total, 155.3 million overnight stays were recorded in Q4 2024 across the EU, marking a 17.4 percent year-on-year rise. Since Eurostat began collecting this data in 2018, fourth-quarter overnight stays have more than doubled.

Top performers and regional highlights

Among EU countries, Malta posted the highest quarterly growth rate at 36.3 percent, followed by Slovakia at 32.9 percent and Finland at 31.9 percent. Larger markets such as France, Spain, and Italy also saw strong performances, with increases of 18.9 percent, 13.4 percent, and 19.7 percent respectively.

Greece, along with France, Spain, Italy, Germany, Portugal, Poland, and Austria, significantly outperformed pre-pandemic levels.

As for regional performance in the third quarter (July-September) of 2024, the most popular areas for short-term rentals included Jadranska Hrvatska in Croatia (25.2 million nights), Andalusia in Spain (17.2 million), and France’s Provence-Alpes-Côte d’Azur (15 million). In Greece, the South Aegean (5.35 million) and Ionian Islands (4.88 million) led in overnight stays, followed by Crete (4.59 million), Attica (3.41 million), and Central Macedonia (3.33 million).

Cre: news.gtp.gr