Oh, yeah short-term rentals in the context of the sharing economy, have increased significantly in recent years in our country, boosting tourism figures, i.e. travel arrivals and the corresponding receipts. At the same time, the rise of the said market, together with the Golden Visa program which was established in Greece in 2013, contributed to the increased inflows of foreign capital, aimed at the housing market, reports an economic analysis by Alpha Bank in the weekly economic bulletin.
In terms of the number of available accommodations through the Airbnb digital platform - in specific regions of the country, which received at least one evaluation and of FDI (foreign direct investment) in real estate, in the period 2013-2022. it is observed that the two figures moved almost parallel in the last decade, while the rise they recorded was rapid.
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Specifically, in 2022, FDI in real estate reached 2 billion euros, marking an increase of 68% on an annual basis and the best performance since 2002. It is indicatively noted that, in 2013, during the financial crisis in Greece, FDI in real estate amounted to 156 million euros.
As regards the properties that were made available for short-term lease in the selected areas, in which intense tourist activity is recorded, namely in Athens, Thessaloniki, Crete and the South Aegean and were evaluated by at least one customer, they amounted to almost 42 thousand. in 2022, while until 2016 it was less than 10 thousand. It is worth noting, as mentioned in the analysis of Alpha Bank, that the total number of registered accommodation on the platform in the four regions, in 2022, was significantly higher, as it approached 73 thousand ., while it is estimated that in the entire territory it exceeded 100 thousand.
According to a study by the Center for Planning and Economic Research ("Short-term Rental of Real Estate in Greece", November 2022) and the relevant literature, an additional impact of the development of the short-term rental market in a country is the fact that it may limit the supply of real estate for long-term lease and lead to a rise in rents.
The extent to which the latter will occur depends, among other factors, on the individual characteristics of the short-term rental market, e.g. whether all or part of the property is to be disposed of. Additionally, according to a relevant research by the European Commission, in various EU-27 countries, including Greece, it is observed that a significant percentage of properties rented through short-term rental platforms have been purchased for this purpose (Greece: 11,3 %, EU-27: 12,8%, one property, Greece: 30,2%, EU-27: 5,7%, more than one property). This fact is in line with the rise of XAE in real estate and is one of the factors of increasing demand.
Source: RES-EAP