The market is moving from the explosive growth of properties to a phase of higher returns – What the data shows for Greece and Europe
Short-term rentals are entering a new phase of growth in 2026, with demand remaining strong, but revenue growth now relying more on prices than on expanding supply. The trend is particularly evident in Greece, where the average daily rate exceeded €200 in July, while revenue per available property increased at a double-digit rate.
Market data shows that short-term rentals have now become an established part of the tourism economy. At the same time, however, stricter regulation at European level, supply constraints and the greater professionalization of the sector are changing the terms of competition.
Record 951.6 million overnight stays in Europe
The starting point for 2026 is particularly strong. According to Eurostat data, visitors recorded 951.6 million overnight stays in 2025 in short-term accommodation booked through online platforms such as Airbnb, Booking and Expedia.
This figure was 11.4% higher than in 2024, when 854.1 million overnight stays were recorded, confirming the continued expansion of the market.
The 2025 performance was also almost double that of 2019, before the pandemic, highlighting the scale of the change in travellers’ preferences.
France, Spain and Italy together accounted for more than half of overnight stays in the EU, while Greece ranked among the most important European markets, with approximately 52 million overnight stays.
2026 changes the growth model
The data available so far for 2026 shows that the market continues to grow, but in a clearly different way.
In July, demand nights in the European market increased by just 0.8%, while supply increased by 1.9%. At the same time, the average daily rate (ADR) increased by 8.2%, to €159.2.
The increase in prices had a direct impact on profitability: RevPAR increased by 7.7%, to €110.1, while average occupancy remained essentially stable at 69.2%.
These figures reflect a critical shift in the market: revenues are now growing much faster than the volume of bookings.
The market therefore appears to be moving from the phase of mass expansion to a phase of improving performance per property.
Greece: Average rate above €200
The Greek market shows even stronger momentum.
According to AirDNA data, the average daily rate for short-term rentals in Greece stood at €200.35 in July 2026, recording an annual increase of 12.8%.
The increase in RevPAR was even stronger, reaching €142.80, representing a 14.3% increase.
The comparison with the European market is indicative. In the same month, the average daily rate in Europe was €159.2 and RevPAR was €110.1.
Greece is therefore not only recording higher prices. It is also recording a significantly higher increase in performance.
Supply is declining
The particular characteristic of the Greek market is that rising prices are combined with a reduction in supply.
In June 2026, approximately 156,000 active listings were recorded, a figure 2.5% lower than a year earlier.
At the same time, the average daily rate increased by approximately 12%, to €178.80.
In July, demand increased by 1.9%, while supply continued to decline. This development created a favourable environment for properties that remain active on the market, allowing for higher prices and greater revenues.
The result is that the Greek market no longer needs a large increase in the number of properties to increase its overall turnover.
Athens: Strong increase in revenue
The picture in Athens is particularly interesting.
AirDNA data for July 2026 shows approximately 13,569 active listings, average occupancy of 64% and an average daily rate of approximately $107.
Annual revenue per active listing reached approximately $23,400, an increase of 56.1% year-on-year.
At the same time, occupancy increased by 9.5%, while RevPAR increased by 6.5%.
Athens’ performance shows that demand for short-term accommodation remains strong even in a market where regulatory interventions have limited the expansion of supply.
Major platforms see continued growth
The resilience of the global market is also confirmed by the results of the major platforms.
Airbnb reported $3.61 billion in revenue for the second quarter of 2026, compared with $3.1 billion a year earlier.
Nights and experiences booked increased by 10%, to 148.3 million.
The company also expects revenue growth for the full year 2026 to reach at least the mid-teens, having upgraded its previous forecast.
The message to the market is clear: demand for short-term rental accommodation continues to grow internationally, despite pressures from the cost of living, geopolitical uncertainties and stricter oversight of the sector.
Different estimates for the size of the global market
Forecasts for the size of the global market vary significantly, as research companies use different definitions and methodologies.
Some estimates place the global short-term vacation rental market for 2026 above $165 billion, while others estimate it at around $106–110 billion.
The discrepancy does not necessarily mean a different assessment of the direction of the market. It mainly reflects what is included in the calculation: rental revenues alone or broader economic activity and bookings made through the platforms.
More important for capturing the trend is Phocuswright’s forecast for the development of global gross bookings, which are estimated to have reached $219.9 billion in 2025 and are expected to reach $270.6 billion by 2029.
Regulation changes the landscape
At the same time, short-term rentals are facing an increasingly stricter regulatory framework.
European authorities are strengthening transparency around short-term rentals, with the new rules providing for greater data availability, registration mechanisms and the transmission of information from platforms to public authorities.
For markets facing strong tourism pressure, this policy has a dual effect.
On the one hand, it limits the uncontrolled growth of listings. On the other, it restricts supply at a time when demand remains high, which could push up prices for legal and active properties.
Quality becomes the new competitive advantage
As the market matures, owners and professional property managers are being called upon to invest more in quality.
Location, cleanliness, reviews, photographic presentation, amenities and speed of service are becoming increasingly important.
A Vrbo survey shows that 86% of travellers say they are willing to pay more for higher quality, while 81% would pay more for a property that offers them stronger trust signals.
This trend is strengthening the professionalization of the market and creating a greater gap between well-organized properties and occasional owners.
What 2026 ultimately shows
The data available so far leads to a key conclusion: short-term rentals are not abandoning their growth trajectory, but are changing their model.
Europe continues to record high demand, but revenue growth is now driven mainly by pricing.
Greece is even higher on the curve, with an average daily rate above €200 in July and double-digit RevPAR growth.
For the remainder of 2026, the key challenge is the balance between demand, prices and supply. If tourism demand remains at current levels while the number of available properties continues to decline, upward pressure on prices will remain.
For owners, this translates into higher potential returns, but also increased requirements: compliance with the regulatory framework, professional management and continued investment in quality.
In other words, 2026 does not appear to be the year of “more Airbnbs”. It is the year of more expensive, better-organized and more professional properties.
