A study by the Athens University of Economics and Business finds that homes used exclusively for short-term rentals make up just 0.4% of the country’s total housing stock – a negligible share unlikely to impact the market. Meanwhile, over 2.28 million properties – or 34.5% of Greece’s housing stock – are not used as primary residences.

As the government and society look for someone to blame for skyrocketing rents and the housing crisis, a new report throws fuel on the fire: Airbnb is not the problem. According to the findings of the Athens University of Economics and Business (AUEB), homes listed exclusively for short-term rental (STR) represent only 0.4% of the total housing supply in Greece – far too small a share to significantly affect the market.

In contrast, over 2.28 million properties – roughly one in three homes – are not used as main residences. These “unoccupied” homes include a wide variety: vacation homes, properties for sale or rent, buildings under construction, or abandoned/inactive dwellings. That means they’re not all immediately available, but their large number points to a deeper structural failure to utilize existing housing stock.

STR Restrictions in Central Athens

This research comes as the government enforces a temporary freeze on issuing new property registration numbers (AMA) for Airbnb-style rentals in central Athens neighborhoods such as Plaka, Kolonaki, Koukaki, Syntagma, Omonia, Monastiraki, Exarchia, Ilisia, Neapoli, Mets, Neos Kosmos, Agios Artemios, Pagrati, Votanikos, Metaxourgeio, Gazi, Petralona, and Rouf. This freeze can be extended until December 31, 2026, via joint ministerial decisions. The freeze may also expand to other areas depending on the severity of the issue. A cutoff rule will be introduced based on a ratio between short-term and long-term rentals. If short-term listings outnumber long-term ones in a given area, no new Airbnb licenses will be issued. This ratio will be calculated at the postal code level, not for entire municipalities – making the restrictions highly targeted and data-driven.

Reframing the Narrative: Not an Airbnb Crisis

The AUEB study directly challenges the dominant narrative that Airbnb is at fault for Greece’s housing shortage. For instance:

• In central Athens, only 1.1% of homes are listed on short-term rental platforms.
• Meanwhile, over 25% of homes are vacant.
• Moreover, 98% of Airbnb hosts are private individuals renting just one or two properties.
• Their average net income is around €628 per month—far from the “real estate sharks” said to own entire buildings.

Supply Shortages Even Where Airbnb Is Absent

Market data also confirms a sharp drop in rental housing supply—even in areas with little or no Airbnb activity.

Examples:

• In Peristeri, apartments under 80 m² decreased by 38.5% in one year, while rents rose 7.7%.
• In Nea Ionia, small housing supply dropped by 29.3%, with rents up 6.5%.
• In Zografou, a popular student area, availability declined by nearly 20%, while prices rose 7.4%.

This trend is happening nationwide, but it hits hardest in neighborhoods once considered affordable.

Now, renters are faced with a choice between: Paying excessive rent for the same apartment, or Relocating to poorer neighborhoods with fewer services and worse transport links.

All this is occurring while, according to the same data, 98% of Airbnb property owners in Greece manage only one or two listings, earning an average of less than €650 per month.