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Short-term Rentals Account for 1.65% of Greek GDP

Short-term Rentals Account for 1.65% of Greek GDP

The findings presented at the Prodexpo Real Estate Conference reveal that online marketplace bookings for short-term rentals (STRs) in Greece contribute significantly to the country’s economy. According to Professor George Doukidis, who shared research conducted in collaboration with the Athens University of Economics and Business (AUEB), these STRs constitute 21.5% of all tourist overnight stays.

The aim of this joint report was to ascertain the economic impact of short-term rentals on Greece. Professor Doukidis, alongside Dr Lefteris Kiosses and the AUEB’s e-Business Research Center (ELTRUN), spearheaded the research effort. Their findings indicate that:

In 2022, STRs contributed approximately 1.65% to the GDP, amounting to 3.44 billion euros and supporting around 54,000 job positions.

The direct influence on the GDP was estimated between €7.58-8.12 billion, representing about 3.64-3.90% of the GDP. Moreover, these short-term rentals played a pivotal role in tourism services, with over 1 million overnight stays recorded for eight consecutive months in 2022.

Professor Doukidis highlighted that STRs provide an avenue for socially, financially, and demographically vulnerable groups, particularly individuals, to generate additional income. These individuals are often older adults residing in semi-urban or urban proximity. Geographically, their distribution spans across Greece, with Attica, the most populated region, only accounting for 16-20% of overnight stays.

He emphasised that STRs serve as an alternative for meeting the escalating demand for tourism in Greece, especially when existing hotels cannot accommodate it effectively.

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