Greece sees 9.8% fall in Airbnb ADR in July 2024

Greece experienced the largest drop in Average Daily Rate (ADR) for Airbnb accommodations across Europe last month, according to an analysis by AirDNA.

The analytics firm’s report revealed that Greece’s ADR decreased by 9.8% in July, marking the first significant decline in 20 months for the European short-term rental market. After nearly two years of steady growth, ADR fell 1.5% year-on-year across Europe.

The fall in Greece’s ADR is attributed to a reduction in occupancy rates, amid a surge in supply that outpaced demand. Other countries, including Hungary, the UK, and France, also witnessed similar trends with decreasing overnight rates this summer.

The decline contrasts with Greece’s strong performance in June, when it ranked among the top 10 countries with the highest increase in demand, according to AirDNA’s previous report.

Moreover, AirDNA pointed out that summer travel demand showed no signs of slowdown in July across Europe. Total demand nights for the European continent reached 57.6M nights, up 17.7% on an annual basis, the report said. July is typically the month when supply peaks in Europe. 

Available listings hit a new record, reaching 4 million across the continent last month, up 15% compared to July 2023 and 5% on a monthly basis. Demand resilience kept occupancy positive, and July’s occupancy averaged 68% across Europe up 0.3% y-o-y.

Looking ahead at fall and winter bookings, the current demand pacing for Europe is showing strong booking growth from September through the end of the year. Demand is up 14% y-o-y through December. The shoulder months of September and October are seeing 15% y-o-y demand growth, while November and December bookings also point to the likelihood that European short-term rentals demand will end on a high note this year. 

AirDNA’s report includes data from short-term rental platforms such as Airbnb and VRBO for the European market.