This year has not been profitable for short-term rental apartment owners in Greece. With the exception of some areas in central Athens and the southern suburbs that enjoyed some demand only during the summer months, the number of foreign visitors to Greece was definitely not enough to justify investing in the business.
The statistics on property ads on platforms such as Airbnb and HomeAway showed a steep decline from the highs of two years ago. On average, the drop is calculated at around 50%, while there also are some cases in areas like the suburbs of Filothei and Psychico in northern Athens where it has dropped by 70%. In general, the drop has been more dramatic in the northern suburbs, which were always a risky market for short-term property investors, as their distance from the main tourism sites and the lack of access through the metro and the tram made them target a different audience, primarily Greek guests from outside Athens. The southern suburbs showed greater resilience, as did areas with easier access to the center of the capital.
