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Athens has a high occupancy rate for short-term rentals, yet the annual income per property remains low despite its numerous listings.
Athens ranks high in short-term rental occupancy, averaging 86.3 overnight stays per year, but the average annual income per property is relatively low at 8,796 euros. Despite its 'medium' ranking in terms of density with 13,274 active listings, Athens falls behind major tourism hubs like London and Paris that have over 95,000 listings. This positions Athens among the most burdened cities in Europe regarding rental density, exceeding cities known for overtourism like London and Barcelona.
With around 20 listings per 1,000 residents, Athens surpasses London (12.7), Barcelona (12.0), and Rome (14.7), evidencing a significant strain on its housing market. The data indicates that while there is potential for growth compared to Lisbon's 46.7 listings per 1,000 residents, Athens is already in a zone of intense structural pressure concerning its housing supply. The challenge lies not in the total number of Airbnb listings but in the extent to which they consume the residential stock, further complicating the housing crisis in the city.
The implications of these findings suggest that while Athens experiences high tourist attraction, this influx isn't translating into favorable economic returns for property owners. The city's approach to managing the balance between tourism and housing availability will be crucial moving forward, especially considering the regional comparisons with other European capitals known for their tourism challenges. It raises questions about regulatory measures that may need to be implemented to ensure sustainable tourism practices in Athens.