Greece recorded one of the strongest RevPAR increases in Europe in July, with revenue per available rental night rising 14.3% year over year, according to AirDNA’s latest European Review.
The performance stands out in a European market where RevPAR increased by 7.7% in July, driven primarily by higher rates. In Greece, however, the picture is more balanced, with the increase in rates accompanied by stronger occupancy, while the supply of short-term rental properties continues to contract.
Fewer listings, stronger demand
According to AirDNA, available short-term rental listings in Greece fell by 2% in July compared with the same month in 2025. The decline is once again linked to regulations introduced in October 2025 aimed at improving the quality of listings in the Greek market.
At the same time, demand moved higher. Demand nights increased by 1.9% year over year, reaching 2.68 million in July. This created a favorable combination for hosts: fewer available properties competing for a larger pool of demand.
As a result, occupancy increased by 1 percentage point to 71.3%.
The trend contrasts with the broader European market. Across Europe, available listings increased by 1.9% in July, while demand nights grew by just 0.8%. As a result, average occupancy edged down by 0.3 percentage points to 69.2%.
In Greece, by contrast, the contraction in supply is helping to support occupancy.
ADR rises to €200 per night
The second key factor behind the strong performance of the Greek market is pricing.
Average daily rate (ADR) increased by 12.8% in July, reaching €200.35. The increase was significantly higher than the European average, where ADR rose by 8.2% to €159.20.
The combination of higher rates and stronger occupancy pushed RevPAR to €142.80, representing a 14.3% year-over-year increase.
AirDNA notes that the increase in Greece’s ADR is not solely the result of hosts raising their prices. Changes in the composition of the market are also playing a role.
In particular, Greece recorded a 12.8% increase in ADR, compared with a 7.8% increase in the Repeat Rent Index (RRI), which tracks pricing changes among the same listings over time. The gap between the two measures suggests that part of the increase in the average rate is being driven by changes in the composition of the market.
In other words, as some lower-quality properties leave the market, the average price level is rising.
The development is particularly significant in Greece, where the October 2025 regulations were introduced specifically to improve the quality of short-term rental listings.
Demand is shifting toward higher-end properties
The changing structure of the market becomes even clearer when performance is examined by price tier.
AirDNA data show that higher-end properties recorded the strongest occupancy gains.
Luxury listings saw occupancy increase by 4.8 percentage points year over year, reaching 48.75%. Upscale properties followed, with occupancy rising by 4 percentage points to 56.39%.
Budget properties still recorded the highest overall occupancy, at 59.2%, but their year-over-year increase was much smaller, at just 0.5 percentage points.
The figures suggest that the market is not moving uniformly. Demand appears to be shifting to a significant degree toward higher-quality accommodation, a trend that also fits with the broader effort to upgrade Greece’s short-term rental offering.
Greece stands out in Europe
At the market level, Greece was among the European countries that managed to combine stronger demand with declining supply in July.
Demand nights in Greece increased by 1.9%, while available listings fell by 2%. This supply-demand balance helped push occupancy higher and created the conditions for stronger revenue growth.
Across Europe, by contrast, supply continues to expand faster than demand. Available listings reached 4.18 million, up 1.9% year over year, while demand nights totaled 61.68 million, up 0.8%.
The result was an average European occupancy rate of 69.2%, compared with 71.3% in Greece.
The difference is not accidental. Greece is going through a period of supply restructuring, with regulatory interventions reducing the number of available properties while demand remains resilient.
Strong signals for September and October
AirDNA’s forward-looking data also point to a strong shoulder season across Europe.
Demand nights for September are currently pacing 6.9% ahead of 2025, while October demand is 6% higher. Occupancy is also pacing above last year in both months.
The trend is accompanied by relatively high rates. September’s on-the-books ADR stands at €152.34, up 12.9% year over year, while October’s ADR is €148.58, up 14.3%.
RevPAR is pacing 16.9% higher for September and 15.9% higher for October.
The data point to a European short-term rental market in which travelers are not necessarily moving toward cheaper accommodation, but are instead shifting the timing of their trips.
For Greece, this trend is particularly important as the short-term rental market enters the next phase of its restructuring. Following the reduction in the number of listings, the key question will be whether the higher quality of available accommodation can translate into sustainably higher rates and revenues.
July’s figures suggest that, at least for now, the answer is yes.
