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Athens Declare Short-term Rental Market Collapse

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The supply has fallen by more than a quarter.

More than 3,000 apartments in Athens have been removed from online platforms like Airbnb during the past 12 months, reports Ekathimerini. The total number of available properties has fallen from 12,000 to 9,000. The reason is a sharp decline in tourist flow due to the coronavirus pandemic.

For instance, the supply has returned to the level of the second half of 2019. There was a moment when it began to grow rapidly, especially less popular areas among tourists with cheaper rental offers.

The publication sneers: "Now it seems that property owners in areas such as Ambelokipi, Kipseli, Pangrati and Patisia believe that it is safer to rent out their homes to local residents for two- three years." The point is that these areas are considered rough and are populated by poor people from Asia and Africa. But now, according to the forecasts, Greece will lose 70% of tourism revenues in a year. Therefore, homeowners are crossing themselves over to long-term rentals, even if they have to rent out apartments to refugees or the unemployed.

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