Vacation Rentals - Greece

Greece

Highlights

Greece is expected to see a rise in revenue for the Vacation Rentals market, with a projected revenue of US$275.10m by 2024.
The market is expected to grow annually at a rate of 3.70% from 2024 to 2029, resulting in a projected market volume of US$329.90m by 2029.
Furthermore, the number of users in this market is expected to rise to 3.17m users by 2029.
In 2024, the user penetration rate is predicted to be 29.0% and is expected to increase to 31.4% by 2029.
The average revenue per user (ARPU) is expected to be US$91.96.
Additionally, online sales are projected to contribute 83% of the total revenue in the Vacation Rentals market by 2029.
It is noteworthy that United States is expected to generate the most revenue in this market globally, with a projected revenue of US$20bn in 2024.
Greece's Vacation Rentals market is experiencing a rise in popularity due to its stunning coastline, unique architecture, and rich history.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vacation Rentals market in Greece has been experiencing a significant growth in recent years, attracting both domestic and international travelers looking for unique and authentic accommodation options.

Customer preferences: Travelers in Greece have shown a growing interest in vacation rentals due to their flexibility, affordability, and the opportunity to experience local culture and lifestyle. Many visitors prefer the privacy and comfort of a vacation rental compared to traditional hotels, especially when traveling with family or friends.

Trends in the market: One of the prominent trends in the Vacation Rentals market in Greece is the increasing popularity of properties in coastal areas and islands. Tourists are seeking beachfront villas and apartments, driving the demand for such accommodations during the peak holiday seasons. Additionally, there is a rising trend of eco-friendly and sustainable vacation rentals, aligning with the growing global awareness of responsible tourism practices.

Local special circumstances: Greece's unique geographical landscape and rich cultural heritage make it a desirable destination for travelers seeking diverse experiences. The country's Mediterranean climate, crystal-clear waters, and historical sites attract a wide range of tourists throughout the year. As a result, vacation rental properties in popular destinations like Santorini, Mykonos, and Crete are in high demand, offering guests a chance to immerse themselves in the local lifestyle.

Underlying macroeconomic factors: The growth of the Vacation Rentals market in Greece can also be attributed to macroeconomic factors such as the increasing number of international arrivals, government initiatives to promote tourism, and the rise of online booking platforms. The country's efforts to enhance infrastructure, improve connectivity, and simplify visa procedures have further boosted the tourism sector, leading to a higher demand for vacation rental properties across Greece.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of vacation rentals.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.