Will the short-term rental market also pass to the professionals? It seems that after the swelling of recent years the bubble of short-term rentals is going to burst, especially in the areas of Athens and Salonica. Do thousands of natural persons, who have seen the short-term rental as an additional source of income, as well as the investors, have the capital to weather the storm?
Strong competition and excess supply of real property at online platforms such as Airbnb and Booking have already put pressure on incomes from a short-term rental. In May of 2019, the incomes from the short -term rentals were even 30% lower than in May of 2018, while in the third quarter the incomes’ decrease reached 15 %, with the short-term rental property managers estimating that total decrease in 2019 amounted to about 25% -35%.
The market experts argue that many real estate properties registered on short-term rental online platforms will be soon available for a long-term rental.