1/25/2024
The past resort season proved to be profitable for property owners in Greece who rent out their accommodations to vacationers. Both during the summer and autumn (until the end of October), analysts recorded a high demand for short-term rentals from tourists.
During the summer of 2023, travelers paid an average of over 200 euros per day for accommodation on the most touristy destinations. This surpasses even the average rates in the Maldives and the Canary Islands. This surge in prices was observed in Crete, Santorini, Corfu, Mykonos, Halkidiki, and Rhodes. Two factors contributed to this advantageous situation for those earning income from real estate in Greece: an influx of tourists and the availability of premium, luxury apartments.
In October 2023, analysts from the AirDNA company noted another interesting trend. During the “velvet season,” demand for accommodation in Greece increased by 47.1% compared to the previous year. Other European destinations also experienced growth, but not as pronounced, at 14%.
Despite the end of the season, prices in October 2023 remained high in Greece, averaging 177 euros per day. This is slightly lower than in October 2022 (by 1.3%). The slight decrease in prices amid rising demand is attributed by experts to the competitive policy of property owners. Real estate hosts reduced the cost of short-term rentals to enhance the attractiveness of October vacations in Greece.
The result of this policy was an increase in the average occupancy rate in the rental housing market, reaching 53%. Compared to October of the previous year, this represents a growth of 4.5%. This occurred despite an 8.6% increase in supply on the market, as there is considerable interest in buying property in Greece and subsequently renting it out.
Thus, 2023 confirmed the investment attractiveness of real estate in Greece. Acquiring property allows foreigners not only to obtain a residence permit in Greece but also to profitably rent it out during the tourist season. The demand in 2023 significantly increased and offset the growth in supply, enabling property owners to maintain high prices.
And if you are looking for a reliable partner to rent out your property, contact Trustate Resort.
Trustate Resort is a dynamically evolving tourism company specializing in property rentals for leisure in Greece. With over 10 years of experience in the industry, we take pride in creating unique and comfortable spaces for our clients, ensuring unforgettable vacation experiences.
Company Philosophy: Building Long-Term Relationships
Our services include:
– Efficient management of rental properties.
– Comprehensive collaboration with owners to optimize income and support property assets.
– Professional interaction with visitors from the beginning to the end of their stay.
– Resolving all questions and requests, ensuring a carefree and comfortable stay.
– Organizing effective communication between our offices for prompt issue resolution and experience exchange.
– Guaranteed cleanliness and safety, adhering to all health precautions to prevent the spread of Covid-19.
– Active promotion of properties through various channels, ensuring maximum visibility.
– Registration in systems and portals to attract a wide audience.
– Organizing all aspects of arrival, including transfers and on-site reception.
– Collaboration with interior & exterior designers, architects, gardeners, and other specialists to support and enhance properties.
We strive for the highest level of service based on professionalism, reliability, and attentive consideration of the needs of each client. Trustate Resort is your reliable partner for a quality and comfortable stay in Greece!