Athens and other European capitals will see a sharp increase in short-term rental prices for New Year’s Eve compared to the same day last year, exceeding the average increase in hotel prices.
According to a survey of accommodation prices in 25 European capitals by D/AI Destinations, Athens will see a 7% increase in hotel prices for New Year’s Eve, while short-term rental prices will rise by 29%! Nevertheless, the Greek capital retains its position as the cheapest option in Europe, with an average hotel price of €179 and short-term rental price of €156.
In contrast, the most expensive European capital for New Year’s Eve, London, saw a 19% increase in short-term rental prices to 467 euros per night, while hotel prices rose by 4% to 510 euros.
In general, prices across Europe rose by 2.7% for the New Year, with short-term rentals up 8%. Some markets even show exceptional increases, such as Innsbruck, where the average price for short-term rentals (€417) exceeds that of hotels (€323).
Prices of short-term rentals driven by demand
The latest Eurostat study on short-term rentals shows that bookings in this sector have increased by 15% year-on-year, driven by the growing demand for personalised and flexible experiences.
Although the average price increase in hotels remains below 10%, the increases in short-term rentals exceed this figure in several cases, confirming the growing popularity of this type of accommodation.
Upward and downward trends across Europe
Of particular note are Bruges, with a 21% increase in hotel prices, and the short-term rental market in Madrid, which saw a rapid 43% increase due to increased demand for quality accommodation.
Paris, on the other hand, saw a decline in short-term rentals (-27%) and hotels (-5%), due to an oversupply of accommodation and new regulatory measures. There was also a notable decline in Helsinki, where hotel prices fell by 9%.
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