“Capitalise the Growth of Vacation Rentals in Greece”

During the event, Ms. Veronica Rivas, Director of Development at Homes & Villas by Marriott Bonvoy, presented how through the Homes & Villas by Marriott Bonvoy platform, property owners can access the 182 million members of the Marriott Bonvoy travel program who are looking for premium and luxury accommodations, as well as access the U.S. market, as over 76% of platform reservations in the Greek market come from U.S. travellers.

Mr. Jason Anastasinis, Managing Director of TravelStaytion, spoke about how the TravelStaytion platform, with over 90.000 luxury vacation rental properties, creates the largest collection of quality accommodations and becomes the number one provider that meets specific quality standards both through travelstaytion.com and through popular booking channels.

The speakers highlighted the successful collaboration between Homes & Villas by Marriott Bonvoy and TravelStaytion, as now more than 5.000 properties are channelled to the Marriott platform after verification and categorization by TravelStaytion. Through this collaboration, both individual owners of quality properties and property management companies can quickly and effectively channel their properties to Homes & Villas by Marriott Bonvoy through TravelStaytion and benefit from all the advantages of this home management partnership.

Mr. James Kinnersly, Sales Director of AirDNA, gave a speech where he presented statistical data on the growth of the Greek market and its comparison to other Mediterranean countries. Some of the highlights that Mr. Kinnersly focused on were:

• Greece recovered faster than all other Southern countries in terms of available properties to book, with an increase of 13.3% compared to 2022 and 9.5% compared to 2019.

• Crete has more than 25.000 properties available, Athens has more than 10.000 properties, and Corfu has approximately 10.000 properties, making these three destinations have the largest inventory of properties for short-term rental.

• The occupancy rate of short-term rental properties during the first quarter of 2023 increased compared to the corresponding period in 2022 and 2019.

• The highest increase in demand is observed in rental properties in order in Rhodes, Corfu, Zakynthos, the islands of the Aegean, and Crete.

• The average daily rate (ADR) per property for April 2023 amounts to €95 for Athens, €188 for Corfu, €214 for Rhodes and Crete, and €371 for Santorini. Additionally, this year there is a 7% increase in the average daily income.

Following the presentations, a moderated panel discussion was led by Mr. Jason Anastasinis, Managing Director of TravelStaytion, and featured esteemed speakers, including Mrs. Katerina Mitsotaki, Associate Director of BARNES Greece; Mr. Iasson Tsakonas, CEO of OLIAROS SA; Mr. Stathis Karopoulos, Director of STAMA Greece; and Mr. Vasilis Vasileiadis, Co-founder of Bill & John Developments. 

During the discussion, the recent developments in the Greek real estate market were analysed, along with the impact of the vacation rental accommodation market on the overall real estate sector and the investment landscape. Some of the key remarks made included those of Mrs. Katerina Mitsotaki, who noted that the sales market for real estate in Greece has gained new momentum and has attracted new groups of buyers, such as Europeans who are choosing to relocate their permanent residence to Greece, thereby contributing to further market growth. Additionally, Mrs. Katerina Mitsotaki highlighted the significant returns on investments made in Greece in recent years, whether in small and medium-sized properties in urban areas like Pangrati or in large properties in popular tourist destinations. She analysed that due to demand conditions and legislative initiatives, the returns are expected to remain substantial, positioning Greece as a reference point for real estate.

Mr. Iasson Tsakonas emphasised that property buyers and temporary tenants can become part of the local community and contribute to the local society, as observed in Antiparos. He also underscored the importance of dialogue among stakeholders and entities to ensure specific development strategies for each region. Furthermore, Mr. Iasson Tsakonas extensively discussed the needs of property owners and how vacation rental affects the construction requirements of development properties, such as design and material choices, as well as the management needs of properties from both commercial and operational perspectives. Mr. Stathis Karopoulos focused on the initiatives taken in Greece to regulate the vacation rental accommodation market, highlighting some of these initiatives, such as the Property Registry Number (PRN), which have also been implemented as best practices in the common European policy.

The event provided a constructive platform for the development of the vacation rental accommodation sector in Greece, fostering collaboration among key players in the tourism and real estate industries. Through the presentations and discussions, attendees gained insights into the current state of the Greek property market and the prospects and opportunities offered by the vacation rental accommodation sector.