Europe’s Airbnb market enters a new phase: what it means for Greece and Athens

However, Europeans do not appear to be abandoning their travel plans. Instead, they are changing when and where they travel.

According to June data, the number of available short-term rental listings across Europe reached 4.1 million, representing an increase of just 1.3% compared with the previous year. This marks the slowest rate of growth since April 2022.

The slowdown is also evident in the number of new listings entering the market. In June 2026, approximately 140,000 new listings were added, compared with 150,000 in 2025 and more than 180,000 in both 2023 and 2024.

This trend reflects a market that has moved beyond its period of rapid expansion and is entering a phase of maturity, similar to that of the United States, where annual supply growth has slowed to 2%.

Greece Follows a Different Path

Alongside Croatia, Greece is one of the few major European markets recording a decline in the number of active listings. This contraction is primarily attributed to regulatory measures introduced in October 2025, aimed at improving accommodation quality and reducing the presence of lower-standard properties.

The withdrawal of thousands of smaller or less competitive listings has not resulted in lower prices. On the contrary, Greece’s Average Daily Rate (ADR) increased by 12.2%, compared with 7.5% across Europe as a whole.

Even more noteworthy is the performance of the Repeat Rent Index (RRI), which tracks price changes for the same properties while excluding the impact of newly added listings. The index rose by 7.2%.

The gap between ADR and RRI suggests that price growth is driven not only by higher pricing from property owners but also by changes in the composition of the market, with fewer low-cost properties and a larger share of higher-quality accommodations.

Specifically, in June 2026, Athens’ short-term rental market comprised 19,093 active listings. On average, each active property generated approximately €14,900 in revenue over the previous twelve months.

Properties were occupied for 60% of available nights, while the Average Daily Rate (ADR) stood at approximately €100 per night.

Revenue per Available Rental (RevPAR), adjusted for occupancy, reached approximately €59 per day.

Compared with June 2025, total property revenues increased by 16.7%, occupancy rose by 2.5%, ADR increased by 7.1%, RevPAR grew by 5.3%, while the number of active listings declined by 3.6%.

These figures indicate that Athens is generating greater economic value with a smaller inventory of properties, a development that could be viewed as a sign of a maturing market.

Demand Is Not Declining — It Is Shifting

Across Europe, overnight stays declined by 3.3% in June, totaling 46 million nights. New bookings made during the month fell by 1.6%, marking the eleventh consecutive month of decline.

However, the picture changes when looking at the months ahead. Bookings for July are up by 5.3%, August by 5.4%, while September records a 9.6% increase—the strongest performance of the year.

This trend suggests that travelers are not cancelling their holidays. Rather, they are postponing them. Higher temperatures, rising transportation costs, and the search for better value appear to be encouraging an increasing number of Europeans to travel during the shoulder season rather than peak summer months.

For Greece, where 41.6% of annual overnight stays are concentrated in July and August, the strengthening of September demand is particularly significant.

“Coolcations” Are Reshaping Europe’s Tourism Map

Another factor increasingly influencing the market is the rise of so-called “coolcations”—holidays in cooler destinations.

June 2026 ranks among the warmest Junes ever recorded in Europe. Greece and Spain experienced prolonged heatwaves, while France and the United Kingdom recorded temperatures approximately 3°C above historical averages.

The impact on travel behaviour is beginning to emerge.

Regions located north of the 55th parallel are recording demand growth of between 14% and 21% for July and August. Denmark is posting a 30.2% increase in forward bookings, Finland 21%, Sweden 14.3%, and Poland 12.2%. By contrast, traditional Mediterranean destinations are facing increasing pressure. Bookings for Spain are down by 6%, while Croatia has recorded a 4% decline.

The Danish coastline, Norway’s fjords, and the Alpine mountain destinations are now among the fastest-growing tourism markets in Europe.