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More than 3,000 listings for apartment rentals in the center of Athens have been “downloaded” from digital short-term rental platforms such as Airbnb in the last 12 months. According to Kathimerini, as the analysis of the relevant figures shows, of the nearly 12,000 residential properties that were rented as short-term guest accommodation in early September, the relative size has now fallen below 9,000 properties.
Thus, the short-term rental market, in terms of number of apartments, has begun to return to the level it was in the second half of 2017, before the occurrence of oversupply and real estate advertisements in areas of low tourist interest, how. the northern suburbs or remote areas of the center. According to executives from the real estate market, in many real estate cases, which tried to exploit individual owners, the project was condemned from the beginning due to the lack of demand from foreign visitors for the area where the property was located. Therefore, these people soon realized that using their wealth through short-term leases was not the most appropriate way, especially when taking into account the fact of increasing expenses / expenses.
It is recalled that, unlike what applies to long-term leases, where the tenant pays DEKO’s utilities and costs, this does not apply to short-term leases. If the income exceeds these expenses, it is obviously advantageous to furnish the property and use it in this way. But when that doesn’t happen, it’s obvious that a long-term return on the lease is an option, even if the final income is less.
Of course, especially this year, the pandemic has dramatically reduced the average occupancy of short-term rental accommodations, thus accelerating the process of returning to conventional leases. Landlords who used Airbnb as a form of ancillary activity are now rushing to diversify their strategy, preferring a 2-3 year contract with a Greek tenant. Respectively, those professionals who operated more than 2-3 properties are switching to a combination of their strategy, keeping the more commercial apartments for short-term rentals and converting the rest to long-term rentals. For example, flats in areas such as Kypseli, Patisia, Pagrati, Ampelokipi revert to more conventional forms of rent, something that occurs to a lesser extent in neighborhoods such as Koukaki, Monastiraki, Plaka, Psyrri and Thiseio, which are located in the historic center.
Source: Diary
