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Airbnb Sees Soaring Demand for Vacation Rentals in Europe
CEO World Magazine reported that there has been a notable surge in demand for Airbnb accommodations in some of the world’s most popular tourist destinations. In May, there were over 37 million overnight stays, reflecting a 32.8 percent increase from 2019 and a 22.6 percent increase from the previous year.
In May, there was a fivefold rise in demand in Greece, surpassing the growth in available lodging. This success in Greece has had a domino effect on other European countries. France is experiencing a threefold increase in demand compared to supply. Norway, Poland, Sweden, and Austria also are witnessing exceptionally high booking rates throughout August.
Greece has seen a 21 percent year-over-year increase in pre-bookings from January to August. Italy, France, Croatia and Spain also have observed significant increases in pre-bookings compared to the previous year with growth percentages ranging from 13 percent to 19 percent.
Airbnb in Greece Experiences the Highest Growth of Visitors
Greece has experienced the highest growth in the percentage of international visitors among all countries, rising from 84.5 percent in 2019 to 90 percent in the previous year. Other countries heavily rely on European tourists. At the beginning of the tourist season, Airbnb bookings accounted for the aforementioned percentages.
As August traditionally marks the peak month for vacationers, it is expected that these figures will continue to rise. Apart from Greece, countries, such as Portugal, Croatia, Hungary and Austria rely on over 90 percent of their visitors from outside the country. However, domestic tourism plays a crucial role in some of the 20 European countries analyzed. Residents of Finland, Germany, France and the United Kingdom account for at least half of all vacations taken in their respective countries. French and British citizens occupy the majority of overnight stays in France and the United Kingdom.
Due to the increased demand, Airbnb room rates have risen with daily revenue experiencing a 45.9 percent increase from the previous year and a staggering 96 percent increase from the previous year. The average daily price has also risen by 19.1 percent compared to 2022. Supply has returned to pre-outbreak levels, as more property owners are making their accommodations available for short-term rentals to meet the growing demand.