Athens isn't becoming less attractive for Airbnb. It's becoming harder to enter the market.

For years, the conversation around Athens has focused on one question: "Are there too many Airbnbs?"

The latest market data suggests we're asking the wrong question. What's changing isn't demand. It's supply.

Over the past week, new figures showed that the number of active short-term rental properties in central Athens fell by 5.1% compared with August last year—around 850 fewer apartments. The decline is largely linked to the ongoing freeze on new short-term rental registrations in central Athens, which the Greek government has now extended through the end of 2027. At the same time, AirDNA reports that the wider Athens market now has 31% fewer active listings year over year, while occupancy is up nearly 10% and annual revenue has increased significantly.

This tells an interesting story. The market isn't disappearing. It's maturing. For property owners, that changes where the competitive advantage comes from. It is no longer enough to simply list an apartment online.

The winners are increasingly those who: • Design spaces people remember • Invest in professional photography • Price dynamically instead of emotionally • Build outstanding guest reviews • Stay flexible between short- and mid-term demand

We're also seeing another important trend.

The European Commission has proposed a common framework that would allow cities to introduce evidence-based restrictions on short-term rentals where housing pressures are severe. If approved, regulation across Europe could become more structured and predictable rather than relying on different rules in every city.

For professional operators, that's not necessarily bad news. Mature markets reward professionalism.

At Alba Residences, we've always believed that the future isn't about choosing between short-term and mid-term rentals. It's about creating apartments that can attract the right guest at the right time—whether that's a tourist, an Erasmus student, a maritime professional in Piraeus, or an executive relocating to Athens.

The question is no longer: "Can I list my apartment?" It's: "Can I operate it better than the competition?"