Galloping growth in Airbnb sends rents 9 pct higher

Galloping growth in Airbnb sends Athens rents 9 pct higher

The price of renting a home in central Athens jumped 9.3 percent last year amidst strong demand for short term property rentals, data from a study put together by Grant Thornton shows.

The report, prepared on behalf of the Hellenic Chamber of Hotels, shows that the Airbnb-like market grew by 25 percent in 2018, and that 95 percent of available homes in central Athens have been pulled away from the regular long term rentals and offered for brief stays to visitors. On a national level, this has led to an 8.7 percent rise in rents.

The short term rental market in Greece is now estimated to be worth 1.9 billion euros, amounting to about 10 percent of total money tourists spend in the country every year.

SEE ALSO: Airbnb boom running out of steam in Athens-data (video)

Although Airbnb has been booming in the country, there are emerging signs that growth in the sector has peaked and started to level out. Data shows that the larger number of homes being offered on these platforms is creating downward pressure on prices, making this option less appealing to property owners.

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