Greek short-term rental market: island occupancy falls as Athens maintains 72%

This development forms part of a broader European trend of slowing demand, accompanied by rising prices and a gradual restructuring of supply, according to AirDNA’s monthly market review for October 2026.

Across Europe, booked nights declined by 1.7% year-on-year to 38.5 million, while the average daily rate (ADR) increased by 8.8% to €131.18. Revenue per available rental (RevPAR) rose by 7.2%, despite occupancy falling to 54.3%.

Tourist Season Ends Earlier on Greek Islands

In Greece, the decline in demand was more pronounced in island destinations, which experienced an earlier slowdown in activity as the tourist season approached its end.

According to AirDNA data, the largest occupancy declines were recorded in Mykonos, down 9.1 percentage points, Milos, down 8.9 percentage points, and Zakynthos, down 7.7 percentage points.

Athens presented a different picture, with occupancy remaining stable at 72.1%. Available supply declined by 6.5%, while demand fell by a similar percentage, leaving the occupancy rate largely unchanged.

Greek Market Maintains Higher Rates Than the European Average

The latest available comparative data from AirDNA for September indicate that the Greek market continues to outperform the European average in terms of pricing and revenue per available rental.

The average daily rate in Greece increased by 13.9% year-on-year to €164.70, while occupancy stood at 60.2%.

Revenue per available rental increased by 16.6% to €99, despite a 3% decline in available supply and a 2.7% reduction in booked nights.

This development suggests that improved financial performance is not necessarily being driven by an increase in bookings, but rather by higher prices and changes in available supply.

Europe: Higher Revenues Despite Lower Demand

At European level, available short-term rental listings reached 3.79 million in October, representing a 0.8% year-on-year increase.

Booked nights fell to 38.5 million, recording a 1.7% decline, while occupancy decreased by 0.8 percentage points to 54.3%.

Despite weaker demand, prices continued to rise. The average daily rate reached €131.18, up 8.8%, while RevPAR increased by 7.2% to €71.24.

The divergence between demand and pricing indicates that the market is entering a period in which revenue management is becoming more important than simply increasing the number of available properties.

Spain: Supply Declines as Prices Continue to Rise

Spain provides a characteristic example of a market where contracting supply is accompanied by significant price increases.

In October, available listings declined by 5.9%, while booked nights fell by 5.6%. However, the average daily rate increased by 12.5%, and revenue per available rental rose by 13.7%.

The largest price increases were recorded in Madrid, at 21.2%, followed by Barcelona, at 18.7%, and Malaga, at 16.5%.

These developments come amid tighter restrictions on short-term rental operations in several Spanish cities. The reduction in available supply, combined with changes in the composition of accommodation listings, appears to be supporting higher prices.

Netherlands: VAT Increase Puts Pressure on Operators’ Margins

The Netherlands presents a different case, with tax policy having a direct impact on the financial performance of the market.

As of 1 January 2026, VAT on short-term accommodation services increased from 9% to 21%, creating an additional financial burden for businesses subject to the new rate.

According to AirDNA, property operators appear to have absorbed a significant proportion of the increase rather than passing the full additional cost on to guests.

In Amsterdam, the average daily rate increased by 6.7% over the January–October 2026 period, reaching €238.12. The increase was limited to 6.4% when comparing like-for-like properties.

Passing on the full tax increase would have required an increase of approximately 11% in final prices.

Over the same period, booked nights in Amsterdam declined by 4.9%, while occupancy fell by 0.9 percentage points, with available supply remaining broadly stable.

In the rest of the Netherlands, prices for comparable properties increased by 9.8%, although AirDNA notes that the upward trend had already begun before the tax change.