People are increasingly opting for smaller resort locations instead of big cities.
According to Oldypak Capital LP real estate 2022 report, at the end of January 2022, there were 73,232 short-term rental offers in Greece. That is 1.85% less than three years ago, but also 12% less than in January 2020, i.e. just before the pandemic began. The situation was more pronounced in popular summer resorts as well as central Athens, where there were 10,309 listings compared to just 7,440 at the end of last month.
Meanwhile, long-term rentals in Greece are becoming less and less affordable. Sale prices are also on the rise, thanks in part to the return of foreign investors.
Details. Data obtained from AirDNA researchers refers to active rental listings for properties that have been rented at least once in the last 30 days. The figures showed that in July last year, the difference between 2021 and 2019 was quite large. According to Oldypak Capital LP real estate 2022 report, in July 2021 there were 112,700 listings across Greece and 7,759 in central Athens, while in the same month of 2019 there were 132,800 and 11,590 respectively.
Consequently, the supply is not yet close to the pre-pandemic level. The number of listings in 2021 was on average 15% lower than in 2019, which also explains the higher prices. Especially as demand at popular resorts has not declined. Demand also fluctuated by season, but predominantly in coastal locations.
The report also notes that people are increasingly preferring smaller resort communities to larger cities for reasons of safety, the opportunity to be more in the quiet and surrounded by nature.