Greece’s short-term rental market grew again in 2025 — but at the slowest rate since the pandemic recovery began. Rental days rose 4.7% and declarations 7.1%, against 14.4% and 20.6% the year before, and against growth rates above 70% in 2021 and 2022.
The boom is not over. But the shape of the curve has changed, and it has changed at the same moment that licence freezes have closed the centres of both major cities to new entrants.
How fast is Greece’s short-term rental market still growing?
Greek short-term rental days grew 4.7% in 2025 to 8.65 million, the slowest annual growth rate recorded since the market began recovering in 2021.
The deceleration is remarkably consistent. Growth in rental days has fallen every single year since the 2021 rebound — 83.8%, then 71.9%, then 29.7%, then 14.4%, then 4.7%. Declarations have followed the same path, from 89.5% growth down to 7.1%.
Greek short-term rental activity, 2019–2025
| Year | Declarations (000s) | Change | Rental days (000s) | Change |
|---|---|---|---|---|
| 2019 | 977.3 | — | 3,771.9 | — |
| 2020 | 400.9 | −59.0% | 1,747.6 | −53.7% |
| 2021 | 759.5 | +89.5% | 3,211.8 | +83.8% |
| 2022 | 1,378.3 | +81.5% | 5,520.9 | +71.9% |
| 2023 | 1,918.0 | +39.2% | 7,159.8 | +29.7% |
| 2024 | 2,313.8 | +20.6% | 8,193.0 | +14.4% |
| 2025 | 2,491.7 | +7.1% | 8,647.7 | +4.7% |
Is this a crash or a maturing market?
This is deceleration, not decline — the market grew in 2025, and every year since 2021 has set a new record for total rental days.
Some of the earlier growth was arithmetic. Recovering from a collapsed 2020 base produces large percentage gains that cannot continue indefinitely. By 2023 the market had already surpassed its pre-pandemic peak, and growth from that point onward is real expansion rather than recovery.
What 2025 shows is that the real expansion has slowed to low single digits. For an owner deciding whether to enter the market, the difference matters: a market growing at 4.7% a year does not absorb new supply the way one growing at 71.9% does.
Which regions are still growing fastest?
Eastern Macedonia and Thrace recorded the fastest growth in rental days in 2025 at 21.1%, followed by Central Macedonia at 9.3% and the Ionian Islands at 5.5% — all ahead of the 4.7% national rate.
The pattern is that growth has moved away from the established centres. Eastern Macedonia and Thrace is one of the regions classified as an early-development area under Greece’s new spatial framework for tourism, precisely because it has been under-developed relative to the rest of the country. It is now the fastest-growing short-term rental market in Greece.
Is Athens losing its share of the Greek market?
Attica’s share of national rental days fell from 36.0% in 2024 to 34.7% in 2025, while Central Macedonia’s rose from 13.8% to 14.9%.
This is a small shift in a single year, and one year is not a trend. But the direction is consistent with what the regulation would predict. Athens has been closed to new short-term rental registrations in its 1st, 2nd and 3rd Municipal Districts since January 2025 — the first full year of that freeze is the first year Attica’s share has fallen.
Thessaloniki, by contrast, spent 2025 entirely unrestricted; its freeze only began on 1 July 2026. Central Macedonia gained share in exactly the window when its main city was open and Athens’ was not.
Where has the slowdown come from — Greek or foreign guests?
Domestic demand has stalled almost completely, with rental days by Greek guests growing just 1.4% in 2025 against 5.3% for foreign guests.
The gap widened sharply. In 2024 domestic days grew 9.4% and foreign days 15.4%; in 2025 domestic growth fell to under a fifth of that. Foreign guests already accounted for 84.2% of all rental days in 2024, and that share rose further in 2025.
For hosts, this reinforces something the data has shown for years: the Greek short-term rental market is an export market. Listings, pricing and communication that work for an international audience are not an optimisation — they are the core of the business. Domestic demand is not where the growth is.
What does a slowing market mean for owners?
Slower demand growth combined with continued supply growth means occupancy pressure, and the data already shows the median property is far from full.
Greece had 207,572 registered short-term rental properties at the last regional count, and declarations grew faster than rental days in 2025 — 7.1% against 4.7% — meaning more listings chasing a slower-growing pool of nights. The average number of days per declaration has stayed at roughly 3.5, so this is not about shorter stays; it is about supply outpacing demand.
The consequence for existing owners is that occupancy becomes harder to hold, and the gap between well-managed and passively-managed properties widens. Our analysis of over 40,000 Greek listings found that properties rated 4.9 to 5.0 earn 3.4 times what properties rated below 4.5 earn. In a market growing at 71.9%, weak operators still filled nights. At 4.7%, they will not.
For prospective investors, the combination of slowing demand growth, rising supply, licence freezes in the most profitable central districts and a new spatial framework that creates powers for further restriction is a materially different proposition from the one that existed three years ago.
Frequently asked questions
Is the Greek Airbnb market still growing?
Yes, but slowly — rental days grew 4.7% in 2025 to 8.65 million, down from 14.4% growth in 2024 and 71.9% in 2022.
How many short-term rental nights were booked in Greece in 2025?
8.65 million rental days across 2.49 million declarations, according to the Hellenic Statistical Authority.
Which Greek region has the fastest-growing short-term rental market?
Eastern Macedonia and Thrace, where rental days grew 21.1% in 2025, ahead of Central Macedonia at 9.3% and the national average of 4.7%.
Is Athens losing market share in Greek short-term rentals?
Attica’s share of national rental days fell from 36.0% to 34.7% between 2024 and 2025, the first year of its central licence freeze.
Are Greek or foreign guests driving demand?
Foreign guests — rental days by international visitors grew 5.3% in 2025 against 1.4% for domestic guests, and foreigners account for over 84% of all rental days.
Why is Greek short-term rental growth slowing?
The market has passed its post-pandemic recovery phase, domestic demand has stalled, and licence freezes now restrict new registrations in the central districts of both Athens and Thessaloniki.
About this data
Figures are from the Hellenic Statistical Authority’s experimental statistic on short-term rental accommodation operating through digital platforms, covering 2019 to 2025, published July 2026, with 2019–2024 figures from the equivalent release of July 2025. The underlying data comes from the Short-Term Stay Property Registry held by the Greek tax authority (AADE) and covers only lettings arranged through digital platforms — privately arranged short-term lets are excluded. ELSTAT classifies these statistics as experimental and under continuing methodological development.
Regional share figures for 2024 and 2025 are as published; the year-on-year comparison of those shares is our own. Foreign and domestic growth rates are as published, and the resulting 2025 share split is approximate because the published percentages are rounded.
Related: Greece Airbnb Market Statistics, Athens vs Thessaloniki Airbnb, Greece Airbnb Regulations 2026.
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.