Greece recorded the steepest seasonal fall in short-term rental prices among the 38 European countries surveyed during the winter months, underscoring how heavily this market depends on tourism and the summer season.
According to new research by AirDNA, the average daily rate (ADR) for accommodation listed on Airbnb and Vrbo in Greece plunged by 43.3% between December 2025 and February 2026, compared with the period from March to November 2025.
This was the largest decline among the countries surveyed. Montenegro recorded a seasonal fall of 35.1% and Albania one of 33.8%, while across Europe the corresponding price drop was limited to 10.3%.
The figures highlight the diverging trajectories of Europe’s short-term rental market. While winter brings significant price falls in Mediterranean destinations such as Greece, countries that attract visitors for winter holidays have seen the opposite trend, with increases approaching 89%.
In Andorra, for example, the average daily rate in winter was 88.6% higher than between March and November, while in Finland the increase reached 52.3%.
Overall, however, only 11 of the 38 European countries surveyed recorded higher prices in winter than during the rest of the year.
The picture in Crete
Seasonal variation is even greater in Crete, one of Greece’s most popular tourist destinations.
According to AirDNA, the average daily rate for short-term rental accommodation on the island was 47.2% lower during the three months of last winter than between March and November 2025.
Crete is among the European markets with the steepest seasonal price declines, alongside Albufeira in Portugal, where the corresponding fall reached 53.9%.
The figures show how strongly seasonality affects prices: coastal destinations that attract high demand in summer charge considerably less during the winter months.
Ioannina ranks second
Ioannina, meanwhile, stands out as one of Europe’s most affordable destinations whose appeal is focused on winter.
The city ranks second among 145 European winter destinations, with an average daily rate of €71.51 between December 2025 and February 2026. Serbia’s Zlatibor came first, at €54.10 per night, followed in third place by La Bourboule in France, at €76.70.
AirDNA distinguishes destinations that are genuinely winter-focused from areas where low prices are simply the result of limited demand. A destination is classified as a winter destination if demand, occupancy and the average daily rate in the December-to-February quarter exceed their respective levels between March and November.
In Ioannina, the average rate rose by 1.6% compared with the previous winter, with 570 available properties included in the analysis.
For the coming winter — from this December to February 2027 — bookings made by 14 October were at an average rate of €97.14 per night in Ioannina.
The most and least expensive markets
Across Europe, the average daily rate for short-term rental accommodation stood at €119.26 last winter (December 2025 to February 2026), a marginal decrease of 1.1% from the previous winter.
Andorra was the most expensive country, at €262.99 per night, followed by Switzerland at €214.34, Iceland at €200.76, Finland at €186.86 and Austria at €181.18.
At the other end of the scale, the lowest rates were recorded in North Macedonia, at €37.90, Albania at €39.68, Kosovo at €42.33, Moldova at €44.21 and Bosnia and Herzegovina at €50.75.
Among individual destinations, Courchevel in France was the most expensive, with an average rate of €838.28 per night, while Skopje recorded the lowest rate, at €35.16.
What bookings reveal about this winter
Early indications point to higher prices in the European market this winter. As of 14 October 2026, the average daily rate for overnight stays already booked across the continent for December 2026 to February 2027 stood at €152.78, up 21.4% from the corresponding booking figures on 14 October 2025 for winter 2025-26.
At the same time, overnight stays already booked were up 0.8%, equivalent to 31.5% of total demand for the previous winter.
That figure, however, is not a forecast of the final price increase over the entire winter season. AirDNA notes that early bookings are concentrated mainly around holiday periods and ski weeks, meaning initial price increases are usually higher than those ultimately recorded for the season as a whole.