Airbnb boom running out of steam in Athens-data (video)
The short term property rental market in Athens is beginning to show signs of saturation and growth in the sector could even slow to a halt, according to Airbnb data obtained by greekguru.net.
April figures from AirDNA, a site that provides analytics and reports based on Airbnb data, show that the number of homes for rent in central Athens jumped 57 percent to 4,951, versus 2,247 in the same month a year earlier. Revenue growth, however, is trailing well behind and is seen by some experts as possibly stagnating due to the soaring supply levels.
The average daily rate charged by homes in April rose by just 7 percent year-on-year to $62. In some parts of Athens, such as Gyzi and Ambelokipoi, this figure dropped down to 2 percent.
Elsewhere, owners are charging less and less for visitors to stay at their home.
In the First Athens Cemetery area the daily charge fell by 5.5 percent in the last twelve months, while in Elliniroson it plummeted by 20 percent, the data showed.
The changing economic reality could be a game changer for those with real estate, in what was considered by many as an easy way to beat income provided by long term rentals. There are, however, some pockets of central Athens where income from Airbnb is still on the up, such as Kolonaki and Goudi, while the country's strong tourism industry continues to lend valuable support to the market.
Despite this, a growing number of property owners have started to rethink future options, particularly after Greece's decision last year to slap a tax of up to 45 percent on income from short term rentals.
"Many owners will probably start looking at long-term rentals versus short term. This involves less wear and tear for the units and less hassle for them. Others may stick with platforms like Airbnb and start managing the place themselves to save on fees for management services," said architect Katerina Sirouni.
"The location of the property will largely determine these decisions. There will always be demand for a place near the Acropolis, for instance," she said.