The widespread narrative that short-term rentals in Athens have expanded at the expense of hotels is not supported by the findings of the latest Carrying Capacity Study commissioned by the Municipality of Athens.
Instead, the data for the 2018-2025 period indicate that short-term rentals and the hotel sector have grown in parallel, driven by the city’s overall tourism boom rather than by one accommodation type replacing the other.
The study, prepared for the Sustainable Tourism Observatory of Development Athens, examines the evolution of tourism activity in the Greek capital following the pandemic and maps the geographical distribution of both short-term rental (STR) properties and hotels.
Short-term rentals and hotels expanded together
One of the study’s most noteworthy findings concerns accommodation capacity, which provides the most meaningful basis for comparing the two sectors.
According to the report, the number of beds in short-term rental properties increased from 56,956 in 2018 to 70,460 in 2025, representing growth of 23.7%.
Over the same period, hotel bed capacity rose from 28,045 to 35,229, an increase of 25.6%.
In other words, both sectors expanded their accommodation capacity at almost identical rates.
These figures suggest that short-term rentals did not grow by displacing hotels. Rather, both sectors expanded as Athens welcomed a rapidly increasing number of visitors over the past seven years.
The study also reports that the number of STR units increased by 33.5%, while the number of hotel establishments grew by 29.1%.
However, comparing the number of units should be approached with caution, as the two categories are not directly comparable. A single hotel may include dozens or even hundreds of rooms, whereas one short-term rental unit typically represents a single apartment or house.
For this reason, bed capacity offers a much more accurate comparison of the two accommodation models.
Where Airbnb listings are concentrated
The study confirms that short-term rentals have a much broader geographical footprint than hotels.
The highest concentrations of STR properties are found in:
- Commercial Triangle
- Psyrri – Koumoundourou
- Monastiraki – Plaka
- Makrygianni
- Koukaki
- Veikou
- Kallirrois
- Exarchia
The Commercial Triangle recorded the most significant growth, with the number of short-term rentals nearly tripling between 2018 and 2025. Strong growth was also observed in Koukaki and Exarchia, indicating that tourism activity is gradually spreading beyond the traditional historic centre.
The report also shows that most short-term rentals are located close to metro and urban rail stations, with the majority situated within a 15-minute walking distance of public transport.
Hotels remain concentrated in traditional tourism districts
Hotels continue to display a far more concentrated geographical pattern.
The city’s main hotel clusters remain:
- Commercial Triangle
- Monastiraki – Plaka
- Psyrri – Koumoundourou
- Agios Konstantinos – Vathis Square
The findings illustrate two distinct development models. Hotels continue to invest primarily in established tourism districts, while short-term rentals make use of the existing residential housing stock, spreading tourism activity across a wider range of neighbourhoods.
Different figures for active short-term rentals
One of the study’s most notable aspects concerns the estimated number of short-term rental properties operating in Athens.
The Carrying Capacity Study reports 18,769 STR units in the Municipality of Athens in 2025, based on data provided by the Greek Tourism Confederation’s research institute (INSETE), which in turn relies on information from Lighthouse, a global short-term rental analytics platform.
However, Greece’s Independent Authority for Public Revenue (AADE) reports a considerably lower figure. According to the tax authority, there are 14,622 active short-term rental properties in the Municipality of Athens—properties that generated income and submitted tax declarations.
The discrepancy reflects the different methodologies used. Lighthouse records active listings published on booking platforms, whereas AADE records properties with actual taxable activity.
Restrictions slowed new listings
The study also examines the impact of the suspension of new short-term rental registrations in Athens’ 1st, 2nd and 3rd Municipal Communities.
According to the findings, annual STR growth in these districts slowed dramatically. While the number of listings increased by 18%-20% between 2023 and 2024, growth fell to 1.7%-5.4% during the 2024-2025 period.
The researchers conclude that the measure has effectively slowed the expansion of new supply, although it has had no impact on the existing stock of short-term rental properties.
Athens is not an overtourism destination
Despite growing pressure in certain central neighbourhoods, the study concludes that Athens as a whole cannot yet be classified as an overtourism destination.
Instead, tourism pressure is concentrated in a limited number of districts within the historic centre, while signs of tourism expansion are beginning to emerge in surrounding neighbourhoods.
The researchers also stress that more evidence is needed before drawing firm conclusions about the relationship between short-term rentals, tourism intensity and rising housing costs.
Overall, the findings provide a more nuanced picture of Athens’ tourism market. Short-term rentals have become a key pillar of the city’s accommodation sector, but their growth has occurred alongside—not at the expense of—the hotel industry, as both sectors have expanded in response to the sustained increase in visitor demand.
