With significantly higher prices but markedly lower demand, Greece’s short-term rental market recorded its performance in October, with island destinations posting the biggest declines in occupancy, while Athens managed to hold its ground.
According to AirDNA’s latest monthly report on the European short-term rental market, the average daily rate (ADR) in Greece rose by 13.3% last October compared with the same month in 2025, reaching €128.16, against an 8.8% increase in Europe.
Over the same period, nights booked at Greek accommodation fell by 10.1% year on year, while occupancy declined by 3.3 percentage points to 49.1%.
Despite the downturn in demand, revenue per available night (RevPAR) rose by 6.3% to €62.97, as higher prices offset the impact of lower occupancy.
The sharp divergence in Mykonos
The decline in demand was particularly pronounced in the country’s island destinations, with AirDNA’s data pointing to the tourism season ending earlier this year.
For example, occupancy fell by 9.1 percentage points in Mykonos , by 8.9 points in Milos and by 7.7 points in Zakynthos. In Mykonos, the average daily rate rose by 33.2%, despite a 37.7% fall in nights booked.
According to AirDNA, the sharp rise in prices in Mykonos was partly due to a shift in the mix of bookings towards the end of the tourist season. As more affordable accommodation options become limited, higher-priced properties account for a greater share of the average daily rate.
Athens proves resilient
The picture was different in Athens, where occupancy held at 72.1%, in line with the level recorded a year earlier. This was despite a 6.5% decline in available accommodation, which was accompanied by a corresponding fall in demand.
Overall, the Greek capital showed greater stability than island destinations, maintaining a high occupancy rate during the autumn.
What like-for-like prices show
Beyond the overall change in prices, AirDNA’s report also tracks rate movements at the same properties, highlighting the distinction between actual price increases and changes attributable to the composition of supply.
In Greece, the Repeat Rent Index (RRI), which tracks price movements at the same properties, rose by 8.2% — 5.1 percentage points less than the increase in the overall average daily rate (ADR).
The gap suggests that some of the rise in the average rate was driven by a change in the mix of accommodation on the market, rather than solely by price increases at the same properties.
A similar pattern was recorded in Croatia, where the average daily rate rose by 13.3%, compared with a 6.4% increase in the RRI. Two Croatian destinations, Split and Medulin, feature among the ten biggest price gainers across Europe’s 50 largest short-term rental markets, posting increases of 18.4% and 14.5%, respectively, despite occupancy declines of 2.7 and 4.9 percentage points.
The picture across Europe
Across Europe, nights booked in October fell by 1.7% to 38.5 million, while available accommodation increased marginally by 0.8% to 3.79 million units.
Average occupancy stood at 54.3%, down 0.8 percentage points, while the average daily rate reached €131.18. Revenue per available night, meanwhile, rose by 7.2% to €71.24.
AirDNA notes that the European market has now gone 12 consecutive months without an increase in nights booked.
The picture, however, varies across individual markets. In Spain, nights booked fell by 5.6%, a decline linked to a 5.9% contraction in available supply as accommodation continued to be removed from the market amid restrictions on short-term rentals.
By contrast, demand in the United Kingdom rose by 2.6%, marking a sixth consecutive month of growth, while nights booked in Poland increased by 11.4%.
Supply growth in the European market is also slowing. New listings fell by 8.4% in the three months to October compared with the same period in 2025.