Home » Business » Airbnb: Record plunge in prices in Greece (charts) – 2024-08-26 20:24:10

Airbnb: Record plunge in prices in Greece (charts) – 2024-08-26 20:24:10

July travel remained hot in Europe, with total overnight demand on Airbnb reaching 57.6 million nights, up 17.7% year-on-year.

July is usually the month when supply peaks in Europe.

According to AirDNA data available beds last month hit a new record high of 4 million in Europe, up 15% year-on-year and 5% since June.

Resilience in demand has kept occupancy in positive territory, which last year averaged 68% across the European continent, up 0.3% year-on-year.

Despite the strength of supply, demand and occupancy, last month was also the first month – in twenty – that Europe saw the annual average daily rate (ADR) decline.

After nearly two years of steady growth, ADR last month fell 1.5% year-on-year.

The x-ray of European Airbnb in July

  • Available beds totaled 4 million, up 15% year-on-year (YOY)
  • Demand reached 57.6 million, up 17.7% year-on-year
  • Average daily prices (ADR) averaged €174, down 1.5% year-on-year
  • Average occupancy was 68%, up 0.3% year-on-year and down 2.8% compared to 2019
  • Revenue per available rental (RevPAR) decreased 1.2% year-on-year to €119
  • Bookings were up 23.2% year-on-year

Prices are falling

Over the last five years, a steady increase in average daily prices has been recorded in Europe. However, this trend seems to have stopped in July.

Not all European countries recorded a year-on-year decline in ADRs. Among the top 20 European countries, nine saw a decrease, with Greece recording the highest rate at 9.8%. They are followed by Croatia with 7.8% and Hungary with 6.8%. On the other hand, the largest increase was recorded in Denmark, with 13.8%, Austria (6.9%) and Germany (6.4%)

Airbnb: Record plunge in prices in Greece (charts)
 – 2024-08-26 20:24:10

As the report points out, for countries such as Norway, Sweden and Greece, the year-over-year decline in ADR has consistently coincided with a decline in occupancy, driven by supply growth far outstripping demand growth.

Booking Window στα Airbnb

Airbnb’s analysis of the booking window (the time between the property’s closing date and the arrival date) for short-term rentals showed a compression trend, with fewer guests booking a stay well in advance, while more are booking a stay in last minute.

Over the past five years, there has been a significant decrease in the percentage of bookings more than 60 days in advance, as well as a notable increase in the percentage of stays booked less than 14 days in advance.

Booking times may also vary by location. European cities tend to have longer times because they mainly receive foreign travelers who book their accommodation in advance.

The median booking time for the 50 largest European cities last year was 27 days. The median time for destinations outside the 50 largest European cities was 23 days over the last year.

Optimistic predictions

With current booking trends pointing to shorter times, Airbnb owners can’t get a clearer picture of how traffic will shape up during the fall and winter seasons sooner.

This also means winter holiday bookings could be slower than in previous years.

It is important to note that shorter times do not necessarily mean that overall bookings will decrease.

The current demand rate for Europe shows strong year-on-year growth in bookings from September to the end of the year. Europe’s demand rose 14% year-on-year through December.

The months of September and October see demand increase by 15% year-on-year, while November and December bookings also point to the possibility that European STR demand will end this year on a high.

Source: ot.gr

#Airbnb #Record #plunge #prices #Greece #charts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.