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Athens’ Prime Districts Boast Tripled Rental Incomes from Short-Term Rentals

Athens’ Prime Districts Boast Tripled Rental Incomes from Short-Term Rentals

In the heart of Athens, the commercial triangle – encompassing Plaka and Monastiraki – saw an average monthly income surge to €3,200 from short-term rentals during the third quarter of 2023 (July-September). Koukaki, its neighbouring district, followed closely with €3,010 per month from similar rentals, igniting demand among both locals and international investors for properties in these sought-after areas.

The allure of these locales stems from their STR income, nearly three times higher than that of long-term leases. Even top-notch, renovated residences in central Athens struggle to yield €1,000-1,200 per month in long-term rentals, emphasising the impact of short-term letting on property owners in these zones.

Although the third quarter of this year witnessed a 56% spike compared to 2019 and a 4% rise from 2022, the average monthly income from STRs in the Athens centre remained 25% lower than the most popular spots.

This shift in districts like Koukaki and the commercial triangle underscores their transformation into tourist hubs, primarily owing to their proximity to Athens’ attractions, notably the Acropolis. This trend mirrors a pan-European phenomenon evident in tourist hotspots like Paris, Rome, and Barcelona.

The figures presented are derived from data on demand, occupancy rates, and average nightly prices analysed by AirDNA (airdna.co) on behalf of Kathimerini. In the commercial triangle, the average nightly rate hit €133 in the third quarter, marking an 11% increase from the previous year and a 28% surge from 2019.

While occupancy remained steady at 80.3% compared to last year, it surged by 14% from 2019, highlighting a notable uptick in demand. This culminated in an average income of €106.9 per available property, equating to a monthly income of €3,200.

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