All of the top 20 countries saw year-over-year increases in summer demand, with the strongest growth in Norway (+71.2%), Hungary (+65.8%), and Greece (+61.8%).
The summer of 2022 saw a full recovery from the pandemic in Europe, with 3.5% more nights stayed in a short-term rental in June, July, and August than in 2019. Demand even surpassed 2019 levels in August, the strongest month for Europe, with revenue this summer up 22% from 2019.
According to AirDNA data, Average rates in August were only 1.2% higher than last year, as growth slows and bookings move back towards urban apartments and smaller properties which typically charge less – though prices remain 16.5% higher than 2019.
Occupancy has been pushed up again by low supply increases, reaching 76.5% in August – 4.3% higher than last year – buoyed by high demand and low supply: available listings remain 10.8% below the same period in 2019.
All of the top 20 countries saw year-over-year increases in summer demand, with the strongest growth in Norway (+71.2%), Hungary (+65.8%), and Greece (+61.8%). Greece even beat pre-pandemic levels, with Germany (+24.8%), Greece (+24.1%), and France (+21.9%) seeing the highest growth from 2019. However, only nine of the top 20 countries saw growth from 2019.
August stays were booked on average 72.9 days in advance, which is 6% closer to arrival than in 2019, but 11% longer than last year, as guests take advantage of relieved travel restrictions to book further in advance.
Bookings for the rest of the year are pacing 6.6% higher than at the same point in 2019. There is also strong booking activity compared to last year (+36.6%), with the strongest growth in Italy—six of the top 10 growth destinations are Italian. Munich is seeing the strongest gains over last year (+164%), as Oktoberfest is back after two cancelled editions. Meanwhile, popular European destinations such as Porto, Lisbon, and Athens are seeing over 120% more bookings than at the same point last year.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
