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Top 10 locations in Greece, where the profit from daily rents grew the most

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To compile the rating, AirDNA specialists used the RevPAR indicator (revenue per available room) - it reflects the landlord's income per month without taking into account the costs of maintaining and paying taxes (the cost of daily rents multiplied by the occupancy rate of an apartment or house per month).

Analysts have calculated how rental income has changed in all locations in Greece, where more than 100 ads on Airbnb have been published, over two years: from July 2016 to June 2018.

The leaders of the rating were Andiparos Island, Dim Messini and Kitira Island, where tenant income grew by 105, 84 and 71%, respectively. At the same time, the lessor's income in the locations traditionally popular with tourists has grown much less: on the island of Santorini - by 32%, in Crete - by 25%, in Athens - by 17%.

Top 10 locations in Greece for profit growth from short-term rental real estate

LocationThe growth of RevPAR, July 2016 – June 2018,%RevPAR, July 2018, EuroNumber of announcements, July 2018Occupancy, July 2018,%
Andiparos10586018025
Messini8446018026
Kitira7153022026
Serifos6088023036
Trifilia5874019030
Kei57101051023
Igoumenitsa5358015038
Istiea-Edipsos5326017020
Ikaria5139015027
Katerini4246016043
Santorini323940224076
Crete259501262050
Athens171010706080

Data: AirDNA

However, if you look at the absolute values, the picture loses its appeal. So, in monetary terms, the profit in most of the locations presented is low. As of July 2018, six out of 10 RevPAR markets are below 550 euros per month, while, for example, in Athens and Crete it is about 1 thousand euros, and in Santorini - almost 4 thousand.

Another distinguishing feature of dozens is low occupancy rate. In July, one of the hottest months on the short-term rental market in the Mediterranean, only 20-30% of houses and apartments were loaded in seven out of 10 locations. In Igoumenitsa and Katerini, this figure was about 40%, which is still significantly lower than in Crete (50%), Santorini (76%) and Athens (80%).

The offer in the locations that made up the top ten of the rating cannot be called excessive. Nine of the 10 locations have a total of 150-200 objects for rent. For comparison: in Athens on Airbnb 7 thousand apartments and houses are for rent, in Crete - over 12 thousand.

So far, foreign investors bypass the markets from this rating. According to the official agency of Greece Enterprise Greece as of May 2018, 30% of foreigners who buy property in Greece under the “golden visa” program purchase houses and apartments in Piraeus, 26% in Athens and 21% in Palini (eastern suburb of Athens ) The remaining choose large cities in Central Macedonia (Polygyros, Thessaloniki), on the islands of Crete (Chania, Heraklion, Agios Nikolaos), Peloponnese (Corinth) and Corfu. Russian investors, aimed at obtaining a Greek residence permit, most often buy real estate in Polygyros (32% of applicants).

Despite less impressive growth in rental income, international investors are more likely to choose real estate in Athens. According to Alina Churikova, Tranio project manager in Greece, the capital shows the highest percentage of occupancy in the short-term rental market during the year: “In contrast to resort locations, tourists go to Athens in the winter as well, so real estate works here without a break for the low season, and investors get more attractive returns than anywhere else in Greece. ”

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