According to research, they contribute to the country’s GDP up to more than 8 billion euros a year at a rate of up to 3.90%
Rentals on short-term rental platforms make up 21.5% of the total overnight stays of visitors in Greece, with a large contribution to GDP as well, according to the results of a survey on the contribution of short-term rentals to the Greek economy, carried out in collaboration with the Athens University of Economics and presented today by the professor of OPA, Giorgos Doukidis, at the 24th Prodexpo Conference.
In more detail, Mr. Doukidis emphasized, short-term leases are emerging as particularly important in the tourism sector. According to the research, rentals on short-term rental platforms make up 21.5% of the total overnight stays of visitors, in Greece, with a large contribution to the GDP as well. In fact, in 2022 it contributed to a percentage of 1.65% which corresponds to 3.44 billion euros, supporting 54,000 jobs. The above figures constitute the direct effect on the economy, with the indirect effect on GDP ranging between 7.58-8.12 billion euros, i.e. about 3.64-3.90% of GDP. At the same time, they now play an important role in tourism services, marking in 2022 for eight consecutive months overnight stays (monthly) of more than 1 million.
Furthermore, the research highlights the “democratic” social impact of the sharing economy model, which determines short-term rentals, as it involves socially, economically and demographically sensitive groups, the majority of whom are private individuals and who are looking for an additional source of income. Today, as it turns out, hosts are older people who mainly live in semi-urban and peri-urban areas. For them it becomes an important source of supplementary income. Accordingly, users of short-term rentals are people from a wide working and age spectrum, becoming more and more the choice of Greek tourists as well.
Short-term rentals are also widely dispersed geographically. According to the research, only 16%-20% of overnight stays are in Attica, which indicates the popularity and accessibility of the model in the province as well. At the same time, they come to serve a percentage of the rapid increase in tourism in Greece, which exceeds the available hotel accommodation.
The research concludes that the development of short-term rentals is of decisive importance for shaping the future of Greek tourism, responding to a series of challenges, among which the need to reduce the cost of vacations but above all the need for additional income for Greek households. In conclusion, the research highlights the critical role that short-term rentals play in the tourism industry of Greece and in the wider economy. Their resilience, adaptability and positive impact across demographic groups and regions make them a rising force in the sharing economy.
The research was prepared by OPA professor Giorgos Doukidis and Dr. Lefteri Kiose in collaboration with OPA’s ELTRUN.
