Thessaloniki’s short-term rental market is recording higher occupancy, rising nightly rates and a significant improvement in revenue performance in 2026. Revenue per available night has increased by 12.8%, while the average nightly rate has reached €65, although it remains approximately 33% below that of central Athens. Meanwhile, the market is entering autumn with cautious optimism: major trade fairs and events are supporting demand, but last-minute bookings and changes to flight connections are creating new conditions for property owners and managers.
Speaking to BnBNews.gr, Dimitris Missas, an adviser on equity investments and hospitality business development and a member of STAMA’s Board of Directors, outlines market performance, pricing differences and the outlook for the coming months, presenting short-term rental data through September 2026. As he explains, Thessaloniki has seen improvements in both occupancy and average nightly rates, strengthening overall accommodation revenue performance. However, this positive picture does not mean that every property performs equally well: location, quality, services and travel dates all contribute to significant differences.
Thessaloniki’s key performance indicators
| Indicator | 2025 | 2026 | Change |
|---|---|---|---|
| Occupancy | 43.51% | 46.69% | +7.3% |
| Average daily rate (ADR) | €61.93 | €65.08 | +5.1% |
| Revenue per available night (RevPAR) | €26.95 | €30.39 | +12.8% |
According to the comparative figures he provides, average occupancy among properties in the sample rose to 46.69% in the first nine months of 2026, from 43.51% in the corresponding period of 2025. This represents an increase of 3.18 percentage points, or 7.3% in relative terms, reflecting improved use of available accommodation capacity.
The average nightly rate, known as ADR, also increased, reaching €65.08 compared with €61.93 last year, a rise of 5.1%. The improvement was even greater in revenue per available night, or RevPAR, one of the key indicators used to assess accommodation revenue performance. Specifically, RevPAR rose from €26.95 in 2025 to €30.39 in 2026, an increase of 12.8%.
This matters because the increase in revenue per available night reflects both higher prices and improved occupancy. In other words, properties in this sample sold a larger share of their available nights while also achieving higher rates.
Missas clarifies, however, that these figures compare performance through the end of the summer season rather than providing a separate assessment of the summer months alone. He also stresses that improvements in these indicators do not automatically imply a corresponding increase in total revenue or booking numbers across the city. The overall picture also depends on the number and type of active properties and the nights they make available.
How much does a night in Thessaloniki cost?
The average rate of €65.08 reflects the nine-month period examined, rather than suggesting that all accommodation in Thessaloniki is priced at similar levels. Meanwhile, indicative prices displayed on Airbnb for September put the city’s average nightly rate at around €62. This is a different measure of the market, however, as a price displayed on a platform does not necessarily match the final rate paid for each booking.
In practice, prices vary considerably. A smaller or more basic property may be available for €45–€60 per night, while a good-quality, renovated apartment in the city centre will generally command a higher rate. Properties offering additional services show indicative rates of around €98, while those with distinctive features, prime locations and upgraded amenities can exceed €110–€120 per night.
A property’s size and condition, neighbourhood, quality of furnishings and equipment, guest reviews and, of course, the dates of the stay all play a decisive role. A high-quality property in a central location can achieve a significantly higher rate during periods of strong demand, particularly when the city hosts major trade fairs, conferences or other events.
The market’s average rate is therefore a useful indicator, but it cannot, on its own, capture an individual property’s full revenue potential.
Thessaloniki is 33% cheaper than central Athens
The comparison between Thessaloniki and central Athens is particularly revealing, highlighting the substantial differences that persist between Greece’s two largest urban short-term rental markets.
According to the same study, and for the same period, the average nightly rate in central Athens stood at €96.69, compared with €65.08 in Thessaloniki. The difference amounts to €31.61 per night, meaning Thessaloniki remains approximately 33% cheaper.
Interestingly, however, occupancy in Thessaloniki was higher than in central Athens. Within the sample examined, Thessaloniki recorded occupancy of 46.69%, compared with 44.74% in Athens. Despite this difference, revenue per available night remained considerably lower in Thessaloniki, at €30.39 compared with approximately €43.26 in the capital.
Although Thessaloniki achieved slightly higher occupancy, its RevPAR was therefore approximately 30% lower, mainly because of the substantial gap in average nightly rates.
Thessaloniki vs Central Athens
| Indicator | Thessaloniki | Central Athens |
|---|---|---|
| Average daily rate (ADR) | €65.08 | €96.69 |
| Revenue per available night (RevPAR), approximately | €30.39 | €43.26 |
RevPAR provides an approximate measure of revenue performance within the sample examined. It is not a measure of net profit.
As Missas explains, higher occupancy is not enough to offset the difference in rates. This does not mean, however, that net profitability in Thessaloniki is necessarily lower by the same percentage. Such a comparison would also need to account for operating expenses, management costs and other charges.
The comparison shows that the two markets operate at different price and revenue levels, even though Thessaloniki demonstrates solid demand and higher occupancy within this particular sample.
AirDNA reports 57% occupancy: Why the figures differ
Occupancy figures nevertheless require careful interpretation, as the available sources report different percentages that are not directly comparable.
While the nine-month data examined show average occupancy of 46.69%, AirDNA reports 57% for the 12 months ending in August 2026.
Missas clarifies that the two measurements cover different periods and use different calculation bases. They cannot, therefore, be combined into a single occupancy range or treated as interchangeable descriptions of current market conditions.
The occupancy outlook for October and November
With the summer season over, attention is now turning to autumn performance. According to Missas, demand is so far following a normal seasonal pattern, although changes in guest behaviour are making final booking levels harder to predict.
The most significant development is the marked shortening of the booking window: the time between making a reservation and arriving at the property.
An increasing number of visitors are deciding to travel and booking accommodation much closer to their arrival date. This means that bookings recorded several weeks ahead of a given month do not necessarily reflect the demand that will ultimately materialise.
“The fact that there are not yet many bookings for later dates does not necessarily mean demand is weakening,” Missas stresses, noting that a significant share of reservations may come in at the last minute.
Based on the available data, he estimates that occupancy could reach 55%–60% in October and 50%–55% in November. These figures are his own estimates, rather than confirmed bookings or a published forecast from a data analytics company.
| Month | Estimated occupancy |
|---|---|
| October | 55%–60% |
| November | 50%–55% |
Market performance will depend heavily on demand emerging closer to arrival dates, as well as on the events hosted by Thessaloniki.
Unlike destinations focused primarily on summer holidays, Thessaloniki can attract visitors throughout the year, combining urban tourism with business activity, trade fairs, conferences and cultural events.
During autumn, city breaks and business trips become increasingly important. The Dimitria Festival in October, the Philoxenia–Hotelia and Food & Drinks trade fairs in November, and other conferences and cultural events generate additional accommodation demand.
However, Missas points out that stronger demand on specific dates does not automatically ensure high occupancy throughout the month. A major trade fair, for example, may produce very high occupancy for two or three days without that pattern continuing across October or November as a whole.
Ryanair changes the winter outlook
Another factor affecting the market’s prospects is Thessaloniki’s air connectivity, particularly during winter.
Missas refers to the announced closure of Ryanair’s base at Thessaloniki’s Macedonia Airport from late October 2026, alongside a reduction in the airline’s winter flight programme.
This development is a cause for concern because flight connections are essential to the growth of city-break tourism. Visitors choosing a destination for two or three days place particular importance on direct flight availability, ticket prices and ease of travel.
A potential reduction in airline capacity and connections could therefore affect demand for short trips to Thessaloniki and, in turn, demand for short-term rental accommodation.
The scale of the impact cannot yet be reliably assessed. As Missas explains, much will depend on whether other airlines can replace the connections and capacity being reduced.
Trade fairs and conferences provide grounds for cautious optimism about winter. However, the combination of a shorter booking window and changes in flight connections makes reliable forecasting more difficult.
The market will therefore need to monitor bookings closely as arrival dates approach to gain a clearer picture of actual demand.
How the Thessaloniki International Fair drives demand and prices
Major events are particularly important for Thessaloniki, with the potential to change occupancy and pricing significantly within just a few days.
According to Missas, events now have a pronounced effect on demand in the city. Trade fairs, conferences and major cultural events create peak periods during which accommodation demand rises sharply, particularly for high-quality properties in the city centre.
The clearest example is the Thessaloniki International Fair, which attracts large numbers of visitors and business travellers from Greece and abroad every year.
During this year’s event, many city-centre hotels had already reached full occupancy for the fair’s two weekends, while media reports recorded rates approaching twice their usual levels on peak-demand dates.
This heightened activity also affects short-term rentals, as visitors look for alternative accommodation, particularly in central neighbourhoods and properties with high standards and strong reviews.
Missas makes clear, however, that the figures showing rates almost doubling relate to the hotel market and cannot be applied directly to all short-term rental accommodation.
They do not mean that the average rate across the entire Airbnb market doubles during the Thessaloniki International Fair. Nevertheless, very substantial increases can occur on specific dates at some of the best properties.
The same pattern occurs on a smaller scale during other trade fairs, conferences and events in the city. The impact depends on visitor numbers, where visitors come from, the event’s duration and the location of the accommodation.
A property close to the exhibition centre or in an area with easy access to event venues may benefit more from increased demand than a comparable property located farther away.
As Missas points out, Thessaloniki’s average nightly rates do not follow a uniform pattern throughout the year. Instead, they fluctuate significantly as major events create demand peaks that affect both occupancy and prices.
This characteristic makes effective property management increasingly important, with owners and professional managers needing to adapt their pricing to demand and the events calendar.
Making the most of peak-demand dates is particularly valuable because it can substantially influence a property’s overall revenue performance, even when occupancy is lower during other parts of the month.
Overall, Thessaloniki’s short-term rental market is performing positively in 2026. Improvements in its key indicators show that properties in the sample examined are generating more revenue per available night than last year. However, the substantial pricing gap with Athens, growing reliance on major events, the shift towards bookings closer to arrival and changes in air connectivity create a more complex outlook for the coming months.
The challenge now is to maintain higher occupancy while making better use of demand, so that improved performance becomes more sustained and consistent throughout the year.
