Total rental income in Greece via the Airbnb and HomeAway platforms amounted to 1.15 billion euros in the 12-month period of June 2018 – May 2019. According to a study by the Institute of Hellenic Tourism Enterprises (INSETE) on: Short-term financial leases in Greece, via Airbnb and HomeAway platforms’, during that period 170,542 properties in Greece were featured for rent on the two platforms, of which 137,484, that is, 81%, were leased at least once.
Of these, 121,287 comprised self-contained accommodation, while the remaining 16,197 were public spaces within the rented accommodation. Of the € 1.15 billion in total revenue, € 1.08 billion was raised from self-contained accommodation. For these accommodations, the average occupancy-rate stood at 53%; the average accommodation price at € 146; the daily income per accommodation available at € 77; and the average annual income per accommodation at € 8,912. These platforms cover only part of the short-term lease market, while, according to Euromonitor, total expenditures on accommodation in 2018 were calculated at 9.9 billion euros.
Need for regulation
The size of the short-term lease market alone imposes now the need for its regulation, as SETE points out. The Institute adds that the massive tourist rentals through platforms such as Airbnb and HomeAway has multiple implications, both within the context of tourism activity, through the often unfair competition to businesses and the attraction of new markets, as well as beyond that, by creating, for example, problems in apartment buildings, “displacing” residents from entire areas, changing the landscape, increasing rentals, causing homelessness to tourist destinations, etc. /ibna