To make the rating, AirDNA specialists used the RevPAR (revenue per available room) indicator - it reflects the income of the landlord per month without taking into account maintenance and taxes (the cost of daily rent 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 listings have been published on Airbnb, over two years: from July 2016 to June 2018.
The leaders of the rating were the island of Antiparos, Dim Mesini and the island of Kythira, where tenants' income grew by 105, 84 and 71%, respectively. At the same time, in the locations traditionally popular with tourists, the income of landlords has grown much less: on the island of Santorini - by 32%, in Crete - by 25%, in Athens - by 17%.
Top 10 Greece Locations for Growth in Profits from Short-Term Rentals
| Location | RevPAR growth, July 2016-June 2018,% | RevPAR, July 2018, euro | Number of ads, July 2018 | Occupancy, July 2018,% |
|---|---|---|---|---|
| Antiparos | 105 | 860 | 180 | 25 |
| Messini | 84 | 460 | 180 | 26 |
| Kythera | 71 | 530 | 220 | 26 |
| Serifos | 60 | 880 | 230 | 36 |
| Triphilia | 58 | 740 | 190 | 30 |
| Kea | 57 | 1010 | 510 | 23 |
| Igoumenitsa | 53 | 580 | 150 | 38 |
| Istieia-Edipsos | 53 | 260 | 170 | 20 |
| Ikaria | 51 | 390 | 150 | 27 |
| Katerini | 42 | 460 | 160 | 43 |
| Santorini | 32 | 3940 | 2240 | 76 |
| Crete | 25 | 950 | 12620 | 50 |
| Athens | 17 | 1010 | 7060 | 80 |
Data: AirDNA
However, if you look at the absolute values, the picture loses its attractiveness. So, in monetary terms, the profit in most of the locations presented is low. As of July 2018, in six out of 10 markets, RevPAR is 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 distinctive feature of the top ten is its 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 locations out of 10. In Igoumenitsa and Katerini the 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 the top ten of the rating cannot be called excessive. Nine out of 10 locations have only 150-200 objects for rent. For comparison: 7,000 apartments and houses are rented on Airbnb in Athens, over 12,000 in Crete.
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 rest choose large cities in Central Macedonia (Polygyros, Thessaloniki), Crete (Chania, Heraklion, Agios Nikolaos), Peloponnese (Corinth) and Corfu. Russian investors aiming at obtaining a Greek residence permit most often buy real estate in Polygyros (32% of applicants).
Despite the less impressive growth in rental income, international investors are more likely to choose real estate in Athens.As Alina Churikova, project manager for Tranio in Greece, explains, the capital shows the highest occupancy rate in the short-term rental market during the year: “In Athens, unlike resort locations, tourists also travel in winter, so real estate works here without interruption during the low season. and investors receive more attractive returns than anywhere else in Greece. ”