Greece’s two largest cities run very different short-term rental markets. Athens is nearly four times the size by active listings and earns 50% more per property, but it is also the more restricted, more competitive and more expensive market to enter.
We compared 11,747 active Airbnb listings across both cities on earnings, occupancy, pricing, guest satisfaction and regulatory risk. Here is what the data shows.
Which city earns more from Airbnb, Athens or Thessaloniki?
The median active Airbnb listing in Athens earned $7,200 a year against $4,800 in Thessaloniki, making Athens 50% more profitable for the typical host.
The gap comes from both sides of the equation. Athens hosts charge more per night, $72 against $55, and they fill more nights, 96 against 84. Neither difference is dramatic on its own, but they compound.
Athens vs Thessaloniki at a glance
| Metric | Athens | Thessaloniki |
|---|---|---|
| Total listings | 15,584 | 4,762 |
| Active listings (10+ reviews) | 8,938 | 2,809 |
| Median nightly price | $72 | $55 |
| Median annual revenue | $7,200 | $4,800 |
| Median occupancy | 96 days/year | 84 days/year |
| Top 25% earn above | $14,688 | $9,180 |
| Top 10% earn above | $25,380 | $13,500 |
Where is the gap between average and top hosts widest?
The top 10% of Athens hosts earned above $25,380 a year against $13,500 in Thessaloniki, meaning the ceiling in Athens is nearly double.
This is the more important finding for anyone deciding between the two markets. In Thessaloniki, the top 25% threshold sits at 1.9 times the median. In Athens it sits at 2.0 times, and the top 10% threshold is 3.5 times the median against 2.8 in Thessaloniki. Athens rewards good operators more, and punishes poor ones by leaving them further behind.
Is the difference pricing or occupancy?
In Thessaloniki the difference between top and typical hosts is almost entirely occupancy, while in Athens it is both pricing and occupancy.
Thessaloniki’s top quartile charge $66 a night against $52 for everyone else — a 27% premium — but fill 210 nights against 60. The nightly rate barely moves; the calendar does all the work.
Athens top performers charge $113 against $62, an 82% premium, and fill 246 nights against 72. Both levers are being pulled hard. An Athens property that is well positioned and well managed can command genuinely premium rates in a way a Thessaloniki property largely cannot.
Top 25% vs everyone else
| Metric | Athens top 25% | Athens rest | Thessaloniki top 25% | Thessaloniki rest |
|---|---|---|---|---|
| Median nightly price | $113 | $62 | $66 | $52 |
| Median occupancy | 246 days | 72 days | 210 days | 60 days |
| Median review score | 4.90 | 4.83 | 4.88 | 4.82 |
| Entire apartments | 99% | 95% | 99% | 98% |
One number is worth pausing on. In both cities, the review score gap between top earners and everyone else is under 0.1 stars. Top hosts are not dramatically better rated — they are marginally better rated, and that margin translates into three to four times the occupancy.
Which city has happier guests?
Athens scores marginally better on guest sentiment, with 87.7% positive reviews against 86.2% in Thessaloniki, though Thessaloniki carries slightly more negative reviews at 1.6% against 1.0%.
The more useful difference is in what guests complain about. Both cities share one dominant problem — properties being smaller than guests expected, which accounts for roughly four in ten negative reviews in Athens and is the leading complaint in Thessaloniki too.
After that they diverge. Noise is the single most common individual complaint in Athens, appearing in 12.7% of negative reviews. In Thessaloniki, parking appears repeatedly and does not feature in Athens at all — a function of a city where guests are far more likely to arrive by car. Thin walls also show up in Thessaloniki specifically.
Guest sentiment compared
| Sentiment | Athens | Thessaloniki |
|---|---|---|
| Positive | 87.7% | 86.2% |
| Mixed | 11.3% | 12.2% |
| Negative | 1.0% | 1.6% |
| Reviews analysed | 10,020 | 6,180 |
Which city is more restricted?
Both cities now have licence freezes covering their central districts, but Athens has been closed to new registrations since January 2025 while Thessaloniki’s freeze began on 1 July 2026.
In Athens the suspension covers the 1st, 2nd and 3rd Municipal Districts and runs to the end of 2026, taking in Plaka, Syntagma, Monastiraki, Kolonaki, Exarchia, Koukaki, Mets, Neos Kosmos, Thissio, Petralona, Gazi, Votanikos and Metaxourgeio. In Thessaloniki it covers the Α΄ Municipal Community — the historic and commercial centre — and also runs to the end of 2026.
The practical effect is the same in both cities. Existing operators are protected and their position is arguably strengthened, because new competition cannot enter. New investors are pushed outward: toward Pagkrati, Kypseli, Ampelokipi and Piraeus in Athens, and toward Kalamaria and the metro-served eastern neighbourhoods in Thessaloniki.
So which city should you invest in?
On the data, Athens offers higher absolute returns and a higher ceiling, while Thessaloniki offers a lower entry price and a market where consistent management alone closes most of the gap to the top performers.
The honest framing is that the choice depends less on the city than on how you intend to operate. An investor who will manage actively, price dynamically and maintain a near-perfect review score will earn considerably more in Athens, where those skills are rewarded with an 82% nightly premium. An investor who wants a property that performs steadily without intensive management will find Thessaloniki’s smaller gap between good and average less punishing.
What the data rules out is the passive version of either. A property sitting at 60 to 72 booked nights a year earns between $4,000 and $7,000 gross before the climate resilience levy, platform commission, cleaning and tax. The returns that make short-term rental worth doing sit at the 200-plus night mark in both cities, and nothing about the location gets you there on its own.
Frequently asked questions
Is Athens or Thessaloniki better for Airbnb?
Athens earns more — a median of $7,200 a year against $4,800 in Thessaloniki — but has higher property prices and a longer-standing licence freeze in its central districts.
How much does the average Airbnb make in Athens?
The median active Athens listing earned $7,200 a year at $72 a night across 96 booked nights.
How much does the average Airbnb make in Thessaloniki?
The median active Thessaloniki listing earned $4,800 a year at $55 a night across 84 booked nights.
Why do top Airbnb hosts earn so much more?
Because they fill three to four times as many nights — 246 against 72 in Athens and 210 against 60 in Thessaloniki — despite review scores less than 0.1 stars higher.
Can you still get a new Airbnb licence in Athens or Thessaloniki?
Not in central Athens or the Α΄ Municipal Community of Thessaloniki, where new registrations are suspended until the end of 2026, but the rest of both cities remains open.
Do guests complain about different things in Athens and Thessaloniki?
Both cities share small-space complaints, but noise leads in Athens at 12.7% of negative reviews while parking appears in Thessaloniki and not in Athens at all.
About this data
This comparison uses 8,938 active Athens listings and 2,809 active Thessaloniki listings from the Inside Airbnb dataset, October 2025 snapshot, where active means at least ten reviews. Revenue and occupancy are estimates derived from listing availability and pricing rather than reported earnings. Sentiment figures come from AI analysis of 10,020 Athens and 6,180 Thessaloniki English-language reviews covering 2019 to 2025. Figures are in US dollars as published in the source dataset.
Related: Athens Airbnb Earnings, Thessaloniki Airbnb Earnings, How Airbnb Income Is Taxed in Greece.
Greek BnB Data provides insights for property owners and investors across Greece. Brothers Consulting manages short-term rental properties in Porto Heli, Ermionida, Argolida and Thessaloniki, Greece.