The section from Varkiza to Sounio and from there to Lavrio and Markopoulos, Porto Rafti and Rafina, constitutes the “heart” of hospitality in Atticafor the summer visitors of the Athenian Riviera.
During the previous decades, many of the properties in these areas were rented to Greeks on a seasonal basis, as many wanted to have an accommodation close to their place of work and residence, so that they could go in the summer and especially on weekends.
Although this practice continues to this day, it now concerns more individual apartments, for which there is no particular demand in the winter months, pushing their owners to choose occasional exploitation, instead of e.g. a long-term contract. These are old properties, which were originally built as holiday homes, i.e. as holiday homes, having the corresponding specifications.
During the 2000s and later, this began to change, as many residences were built as main residences, as their owners wanted to stay in an area with a high quality of life and close to the sea. Today, several of these houses, and of course others built in the interim, are used as tourist accommodation, in various forms, either through digital short-term rental platforms, or to digital nomads, who are interested in staying in Athens for a few months, especially during between April and October.
Bookings for short-term rentals this August increased by 19% in Glyfada and about 34% in Vouliagmeni.
According to data from the short-term rental analysis company AirDNA, this August saw a significant increase in bookings in areas of the Athenian Riviera, such as Glyfada, which recorded an increase of 19% year-on-year, and Vouliagmeni, where the increase reached 34% in the same month. One of the reasons for this development was certainly that these areas have begun to re-establish themselves in the consciousness of many foreigners as a holiday destination of high prestige and glamour, now having the corresponding properties to justify it.
In the area that includes the entire section from Lagonisi to Sounio, the average price per night, during this summer, was 353 euros, an increase of 41% compared to last year, when it did not exceed 250 euros. In fact, compared to 2019, the last year before the outbreak of the pandemic, the increase reaches an impressive 135%, since then the average price/night did not exceed 150 euros.
This development is attributed to both the surge in demand and the steep improvement in the quality of properties offered on the short-term rental platforms Airbnb and Vrbo, which AirDNA monitors. In fact, this specific area of Attica gathers the most expensive short-term rental prices (on average), surpassing other popular spots, such as the Acropolis, precisely because of the high quality of the properties available.
In Sounio, a villa with a pool and four bedrooms is currently being rented for 205 euros/night, while in Legraina a seaside residence is being rented for 180 euros/night.
Even at the end of October, which is not a period of high demand, there are ads for renting villas for three-figure sums per night. For example, on the Airbnb platform one will find available today a six-bedroom villa with a pool and Cycladic architecture, which is rented for 250 euros/night.
In Sounio, a villa with a pool and four bedrooms is currently being rented for 205 euros/night. Another beach house also in Sounio, with a private garden, four bedrooms and three bathrooms, is currently being rented for 160 euros/night. In Legraina, a seaside residence is rented for 180 euros/night. In the area of Kato Souni, one will even find glamping accommodation, i.e. accommodation in a luxury tent, for an amount of 60 euros/night!
In terms of contract rental rates, the greater southern suburbs area has some of the highest rates in the Basin. For example in Glyfada, the average asking rental price for a modern property is 17.5 euros/sq.m., having increased by 14% year-on-year.
In practice, to rent an apartment of 100 sq.m. around 1,750 euros are required on average. In the entire area, the average rental price reaches 13.6 euros/sq.m. having recorded an increase of 9% compared to last year.
In Varkiza, the average price reaches 12 euros/sq.m. and in Saronida 10 euros/sq.m., while in Paleo Faliro the average asking rent is 11.1 euros/sq.m.
