2024 ended with a positive performance for Athens hotels
Specifically, according to data from the Athens, Attica, and Argosaronic Hotel Association:
The average occupancy rate in 2024 was 78%, up 2.3% compared to 2023,
The average room rate (ADR) was 149.26 euros last year (+8.9% compared to 2023) and
The revenue per available room (Rev Par) reached 116.48 euros (+11.4% compared to 2023).
As for the last two months of the year, November-December 2024, the average occupancy rate was 73.8% in November (Marathon month) and 61.5% in December. The average room rate (ADR) increased by 7.9% in November and by 14.6% in December, while there was a corresponding increase in revenue per available room (Rev Par) by 13.7% and by 24.7%.
Comparison with Athens’ competitors
In relation to the performance of Athens’ competitor cities, on a year-on-year basis, Athens’ hotels had a fairly good performance and efficiency:
The average occupancy in the European Benchmark cities ranged between 69.2% (note: this concerns Istanbul, which recorded a decrease compared to 2023 by 7.3%) and 81% (London).
However, the occupancy of Madrid (+13.7%), Rome (+10.5%), and Barcelona (+9.7%) also increased.
In terms of average room rate (ADR), comparing the average price of Athens in the 12 months of 2024 against the corresponding period of 2023, we observe an increase for Athens by 8.9%, for Madrid by 14%, for Barcelona by 7.7%, for Rome by 2%, while Istanbul decreased by 6%.
Correspondingly, in the revenue per available room (Rev Par) in the 12 months there was an increase of 11.4% in Athens, an increase of 19% for Madrid, of 7% for Barcelona, ??of 3.1% for Rome while in Istanbul it moved at similar levels (+0.4%).
Estimates
The fluctuations recorded in particular in the average occupancy of hotels (from 52.9% to 92.6%) throughout 2024 are interesting, notes the ESAAA, underlining:
“We observe an improvement in the off-season months, from 1.5% (March) to 14.2% (February), which indicates the city’s momentum throughout the year and confirms its slow but steady evolution into a city break destination – a goal of decades for Athens.
On the contrary, a negative sign appeared during the traditional peak months (May – June) as well as during the summer months up to and including September 2024, of the order of (-)1.2% to (-2.7%) compared to 2023, which is attributed to the stay of visitors during this period in other accommodations – other than hotels, such as e.g. in short-term rental tourist accommodations and in rented rooms/apartments”.
Short-term rentals
At this point, the Athens, Attica, and Argosaronic Hotel Association emphasizes that the new law on short-term rentals, the environmental classification of hotels, and the strengthening of the tourist infrastructure framework, include several provisions aimed at offering higher-quality hospitality. This also applies to short-term rental properties, as certain basic specifications are established, both functional and for the safety of visitors-tenants (e.g. civil liability).
Although the entry into force of the provisions for short-term rental properties from October 1, 2025, allows these accommodations to operate “as is” for another season, the Association states, the foundations are certainly being laid for their compliance with a series of minimum specifications, as well as for checks on the implementation of these specifications by the state.
At the same time, the Association also welcomes the system for classifying hotels based on their environmental performance (ed. optional also for non-main tourist accommodations), which constitutes an innovative synergy between the Hellenic Chamber of Hotels and Technical Chambers. “We are optimistic that through these, as well as other provisions contained in the Law, a good new – and sustainable – the beginning is being launched for the tourist infrastructure in Athens, worthy of its historical – cultural identity, its tourist potential, but also its popularity”, underlines the ΕΧΑΑ, adding:
“On the other hand, we must point out that stricter measures are required – and we will insist on demanding – for short-term rentals, which have grown disproportionately and uncontrollably in recent years in Attica, reaching 137,499 beds, fully understanding the necessity of these measures for our city and its residents. The limitation of the days of tourist exploitation of such properties, their reduction in number per municipal district and per VAT number active in short-term rentals lease, as well as a series of additional regulations are deemed necessary, as they are based on studies and data that highlight the magnitude of the issue”.
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