Hosthub’s statistics are published annually following an analysis of short-term rental bookings in Greece. The aim is for property managers to have a better picture of the market, to compare the performance of their own accommodation with the rest in the region where they operate and to make better business decisions on the strategy and pricing of their accommodation.
Although the Greek market represents only 30% of their customer base (Hosthub has customers in 87 countries), their customer base is growing rapidly every year, so this year they had a particularly significant sample of the Greek market of several thousand accommodation establishments, representing approximately 5-7% of the Greek market – something that adds particular importance to this analysis. Having now a sufficient sample in many regions of Greece, Hosthub’s statistics for 2024 covers the following regions:
- Total Territory
Average annual income: €12,500.00
Occupancy rate: 45.6%
Average price per night: €114.80 - Centre of Athens
Average annual income: €15,600.00
Occupancy rate: 62,9%
Average price per night: €105.80 - South suburbs of Athens
Average annual income: €14,100.00
Occupancy rate: 55,4%
Average price per night: €114.70 - Thessaloniki
Average annual income: €9,200.00
Occupancy rate: 67,1%
Average price per night: €61,90 - Crete
Average annual income: €12,400.00
Occupancy rate: 39,3%
Average price per night: €129.10 - Cyclades
Average annual income: €21,100.00
Occupancy rate: 28,9%
Average price per night: €279.80 - Ionian Sea
Average annual income: €15,400.00
Occupancy rate: 32,1%
Average price per night: €179,50
Understanding Hosthub’s statistics
There are 4 charts for each region:
- ADR – Average Daily Rate (Average per night)
The average revenue per night per accommodation, for nights booked (nights stayed). - ARR – Average Revenue per Rental (Average Monthly Revenue per Rental)
The average monthly revenue per rental takes the average annual revenue of the total number of rentals per region, and breaks it down by month. - OR – Occupancy Rate
The percentage of nights booked on average, per month per property. - RevPAR – Revenue per Available Room (Daily Revenue per Available Room)
Perhaps the most important metric for any manager to monitor! It is a combination of average rate and average occupancy, so it combines 2 indicators in one.
Each chart has 2 lines and a shaded blue area:
- Dark Blue line: Shows us what we know so far for 2024
- Light Blue line: Shows what we knew on the same day for 2023
- Shaded blue area: shows us final results for 2023
This mapping is called the Pacing Report, and it helps us understand what to expect for the rest of 2024 by giving us an overall picture of 2023 and comparing similar periods for both years.
Total territory
For the Greek territory as a whole, so far 2024 has moved inline with 2023 on all levels. The occupancy rate has slightly improved (2.01%), while prices have decreased by 6.91% nationwide. The only noteworthy thing is that last year it seems that managers were much more optimistic about the prices they could maintain after the summer (light blue line in ADR), while reality proved them wrong (shaded blue area). This year, they seem much more grounded in the prices they have set for the remaining months of 2024.
Centre of Athens
The centre of Athens seems to have had a drop in both the occupancy rate (-7.69%) and average prices (-12.10%), resulting in the RevPAR dropping by 17.2%. Here again, the optimism about post-summer prices last year, and rationalization this year, is strongly evident.
South suburbs of Athens
For the first time this year Hosthub has introduced statistics for the southern suburbs of Athens, as the “Athenian Riviera” shows dramatic growth due to the projects in both Elliniko and the Flisvos Marina. Occupancy rates may remain stable (-1.09%), but this is mainly due to many new accommodations entering the market, while the ARR (average monthly revenue per rental) reached €3,000 in the summer months, achieving an increase of 9.6% from last year.
Thessaloniki
It is evident that Thessaloniki is the region with the smallest seasonal variations, as the occupancy rate remains relatively stable throughout the year. Compared to 2023, there is a slight drop in the occupancy rate, but it seems that it will improve in the coming months, while the average price per night remains one of the lowest for the regions under review.
Crete
Crete is the region that managed not only to have a positive difference in ADR, but also managed to raise the average price per night higher than all other regions (12.16%). The reason for this is mainly the many new villas that have been built and raise the average prices for the island as a whole, but lower the occupancy rates (-2.87%).
Cyclades
Due to the rationalisation of prices mentioned earlier, there has been a jump in prices in the Cyclades, this year resulting in a decrease in the occupancy rate (-6.28%) and also in the average prices (-9.83%), therefore driving all the other indicators down too. Hosthub’s assessment, based on statistics, is that the same will continue for short-term rental accommodation in the Cyclades, with a possible recovery in 2026.
Ionian
The Ionian Islands as well as areas such as Parga and Sivota are the pleasant surprise of the year, as well as a new addition to the roster with Hosthub’s statistics for short-term rental accommodations. With an increase in all indicators, the Ionian islands seem to have attracted quite a few Cyclades lovers this year, and pre-bookings for 2025 show a similar trend.
For more short term rental charts and statistics see the survey on Hosthub
