Greece has secured a spot among the top five most expensive European countries for short-term rentals in summer 2025, according to fresh data from global analytics firm AirDNA. While its breathtaking landscapes and rich culture continue to attract millions, that popularity now comes at a premium.
The average nightly rate for a short-term rental in Greece has reached €220, just shy of Spain’s €223. Leading the chart is Monaco at €404 per night, followed by Iceland (€255) and the United Kingdom (€246). Despite high prices, demand remains strong. Bookings made in May for stays in May and beyond show a 9% year-on-year increase in Greece, placing it eighth in Europe in terms of demand growth.
Across the continent, demand rose 13% from 2024, while supply increased 9% and occupancy improved by 3%. Denmark leads with a 34% surge in demand, followed by the Czech Republic (+16%) and Norway (+12%). Greece also saw a 5% rise in rental supply in May. However, since demand increased at a similar pace, the country experienced a minor dip in occupancy. Only France and Finland posted higher occupancy rates for the same period.
Traveler behavior is also evolving. The average booking window has shortened by two days compared to 2023, with last-minute bookings within 30 days becoming more common, while early bookings (91+ days) have slightly declined.
Though Greece ranks among the top five countries most reliant on American travelers—alongside Iceland, Ireland, Portugal, and Italy—it does not appear on the list of U.S. travelers’ top destinations. That list remains dominated by Italy, France, Spain, the UK, and Portugal.
On the ground, prices on Greece’s most iconic islands have surged far beyond the national average. Mykonos now leads as the most expensive, with average nightly rates hitting €750, reinforcing its status as a playground for the wealthy. Antiparos follows at €493, favored by elite travelers and boutique resort developers. Paros averages €380 per night, Spetses €371, and the iconic Santorini €362.
By contrast, islands presenting a more affordable price point, including Skiathos and Zakynthos, are observing elevated occupancy rates. This phenomenon implies a preference among cost-sensitive travelers for value-driven experiences over those primarily defined by luxury.
These surging rates are raising questions about long-term affordability and accessibility, especially for families and middle-income travelers.
At the same time, Greek hotels — particularly small and family-owned businesses — face mounting financial pressures. Rising operating costs, increased competition from large investors, and loan repayment challenges are driving a surge in hotel foreclosures. Between January and mid-April 2025, 99 hotels have already been scheduled for auction, following 293 foreclosures in 2024. With 135 hotels already set to go under the hammer, this year is expected to reach similarly high levels.
This marks the fourth consecutive year of elevated listings and distress sales in Greece’s tourism sector. While tourism demand is strong, the imbalance between high rental prices, investor dominance, and the struggles of local hotel owners highlights a growing divide — one that could reshape the industry’s character if left unchecked.
As Greece continues to navigate these complexities, the challenge lies in preserving the nation’s wide appeal while maintaining a viable path for smaller players in the hospitality sector.
