Short-term rentals continue to reshape Thessaloniki’s real estate market, influencing both investment strategies and the geographical distribution of tourist accommodation across the city. This issue took center stage at the Prodexpo North 2026 conference, where real estate executives, brokers, and investors assessed the actual impact of platforms like Airbnb on the housing crisis and market equilibrium.
According to Lefteris Potamianos, President of the Hellenic Federation of Realtors (POSMAS), experience from the new regulatory framework in Athens suggests that these measures have not led to substantial market shifts. As he noted, the public debate surrounding Airbnb often oversimplifies a far more complex issue. “The housing problem is real, but its causes run deeper,” he stated, highlighting that homeownership in Greece has declined significantly over the past twenty years.
Sharing this sentiment, Kostas Georgakos, CEO and co-founder of Prelevits & Georgakos Real Estate, pointed out that the new short-term rental law is only just beginning to be implemented in Thessaloniki. He estimated that these changes are unlikely to fundamentally disrupt market operations, while emphasizing the need for systematic dialogue between the state and industry professionals to accurately record prevailing market conditions.
The “new geography” of Airbnb in Thessaloniki
Data indicates that short-term rentals in Thessaloniki are evolving spatially. According to research by Prosperty, short-stay activity is no longer confined to the historic and commercial city center but is gradually expanding into the western and northwestern districts of the urban complex.
Areas such as the municipalities of Pavlos Melas, Kordelio–Evosmos, Ampelokipoi–Menemeni, and Neapoli–Sykies are seeing rising demand, as they combine lower accommodation costs with easy access to the city center. This evolution reflects a maturing and diversifying market, where both visitors and investors seek alternative locations with a better cost-to-performance ratio.
This shift is also reflected in occupancy rates. The Municipality of Pavlos Melas records the highest average occupancy at 38.4%, followed by Kordelio–Evosmos at 33.8%. Central Thessaloniki ranks third at 32.7%, proving that demand is no longer restricted exclusively to the traditional market core.
Prices and fragmented markets within the same city
The differentiation between regions is also evident in nightly rates. The Municipality of Pylaia–Chortiatis commands the highest average price at €124, essentially operating as a “premium” market.
The center of Thessaloniki maintains an average price of €87, which aligns with the citywide average, while areas like Kordelio–Evosmos show prices near this level. Conversely, districts such as Pavlos Melas and Ampelokipoi–Menemeni operate at lower tiers, averaging approximately €59 and €54.7 per night, respectively.
This data demonstrates that the short-term rental market in Thessaloniki now functions as a collection of distinct sub-markets, each with varying price points, demand levels, and investment returns.
The city center still dominates
Despite the gradual strengthening of peripheral areas, Thessaloniki’s city center remains the market’s primary core. Of the approximately 4,606 active short-term rental listings recorded in the city, more than 4,000 are located in the central district.
This concentration largely explains the intensity of the public debate regarding short-term rentals, as housing pressure is primarily felt within specific neighborhoods of the historic center.
In terms of yields, the center remains the strongest market, with an average annual revenue per property of approximately €10,700. However, other areas are showing competitive returns, further fueling the trend of geographical investment dispersion.
A mature city-break market
In recent years, Thessaloniki has evolved into one of Greece’s most dynamic city-break destinations. According to data from the Short-Term Accommodation Managers Association (STAMA), the city functions largely as a last-minute destination, with many bookings occurring just days before arrival.
Tourism demand also exhibits a unique seasonality. Unlike coastal destinations, Thessaloniki sees particularly strong traffic during the autumn months, with October often emerging as the best month of the year due to conferences, exhibitions, and major cultural events.
