Greece experienced a significant rise in short-term rental accommodations in 2024, with offerings surpassing 230,000 properties nationwide by August.
This marked an unprecedented milestone as the number of available beds in these units climbed to 1.022 million, overtaking the 887,740 beds at the country’s hotels. Analysts attribute this growth to sustained demand from inbound tourism and the increasing preference for flexible accommodation options.
Tellingly, occupancy rates for short-term rentals reached 59% in August, reflecting heightened interest from international travelers.
Market experts suggest that without the availability of short-term rentals, Greece’s tourism sector could not have managed the growing visitor inflow effectively – especially in urban hubs like Athens and prominent summer destinations.
Even with the usual seasonal decline following the summer peak, the sector’s momentum remained strong.
By November 2024, short-term rentals totaled 205,000 units, which amounts to 20,000 more than the same period in 2023. This is tantamount to an additional 90,000 beds, given that available beds numbered 920,000 compared to the same month in the previous year. According to data from the Institute of the Greek Tourism Confederation (INSETE), occupancy rates exhibited steady or increased levels across several quarters, signifying that demand rose in tandem with supply.
In response to the rapid proliferation of short-term rentals, the Greek government introduced a series of regulations aiming to level the playing field with hotels, address housing market concerns, and maintain the character of local neighborhoods.
Among these measures were mandatory professional licensing for individuals managing more than two properties and stringent health and safety requirements.
Moreover, restrictions were implemented in areas like central Athens, where excessive short-term rental activity has transformed the housing landscape. New regulations also ensure that rental properties meet primary use, ventilation, and liability insurance standards.
While these initiatives are designed to regulate growth and protect community interests, industry stakeholders remain uncertain about their long-term impact. The effectiveness of these policies will become clearer after the release of first-quarter data for 2025, which will indicate whether the measures succeeded in curbing unsustainable expansion while maintaining Greece’s appeal as a premier global tourist destination.