Their idea quickly evolved into Airbnb as we know it today: a company which, thanks to its digital platform, has now become a global giant, along with a number of other platforms also involved in short-term rentals such as Homeaway or Booking. Short-term property rentals have spread at an impressive rate worldwide.
Notably, in Greece, Airbnb properties in started at just but still managed to exceed , just before the pandemic broke out. If we observe the situation across the Greek regions, we can see that most properties are clustered in the Attica Region, while more than half of the properties are situated in the Central part of Athens, and more particularly in the Municipality of Athens.
Additionally, large concentrations are found in some other regions of the country. A central feature of the short-term property rental phenomenon is its geographically uneven growth. In the Municipality of Athens, the largest concentrations are found in the most central, easily accessible and highly touristic areas, mainly around the Acropolis and Lycabettus Hill. These are areas of the city that are populated mainly by middle to high income residents, while in zones that are more working class and more distant from the centre, Airbnb property concentrations are smaller.
As a result of the proliferation of short-term rentals, a significant proportion of the available housing stock is being withdrawn from the conventional long-term rental market , resulting in a reduction in the supply of available properties for rent, while the demand remains stable or increases.
Thus, there are significant upward pressures on rental and property prices , especially in the central areas of Athens, without implying that the expansion of short-term rentals is the only cause for the renting cost increase. These pressures are also reinforced by the intensification of renovation works, which are often undertaken by owners of short-term rental properties, which in turn are pushing up the prices of the available stock as a whole.
