Highlighting the development opportunities of Crete
The rapidly growing vacation rental market in Crete was at the center of attention at the Short Stay Conference Crete 2024, which took place in Chania on November 2 at the Mikis Theodorakis Theater.
Property owners, villa managers, and alternative accommodation operators from across the island took part in the leading conference for the short-term rental industry in Crete.
Attendees had the opportunity to follow expert-led presentations by international professionals and explore innovative platforms and tools designed to optimize property management and maximize hospitality investment returns.
The conference featured top global players such as PriceLabs, Octorate, Beyond, and KeyData, alongside strong local players including ThinkVilla, etouri, CreteVillas4u, and Tourmie.
Discussions focused on tech solutions for hosts, modern revenue management strategies, new regulatory developments affecting short-term rentals in Crete, and the challenges faced by hospitality professionals in today’s market.
The market in Crete
The outlook for Crete’s tourism and investment potential in the short-term rental sector appears particularly promising, as highlighted by the remarks of representatives from the world’s leading platforms – Airbnb, Booking.com, and Vrbo – at the Short Stay Conference Crete 2024.
According to Mr. Tasos Efthymiou, Area Manager for Greece & Cyprus at Booking.com, overnight stays in Crete between April and September increased by 12%, despite available listings rising by just 3%, indicating a significant surge in demand.
Even more impressive are the figures for summer 2025: bookings for accommodation in Crete through Booking.com are already up by 31% compared to the same period last year.
These trends confirm that Crete is emerging as a top short-term rental destination in Greece, offering substantial growth potential for property owners, investors, and managers.
According to the latest data from Beyond, a leading revenue management company for the short-term rental market, more than 29,000 properties operated in Crete during the summer of 2024—a 21% increase compared to the previous year.
Despite this sharp rise in supply, occupancy rates also showed a positive shift, increasing by 2%, highlighting the continued and growing demand for short-term rental accommodation in Crete.
The vacation rental market in Crete continues to demonstrate its strength. According to recent data from KeyData, average occupancy for the summer season of 2024 exceeded 45%, maintaining stable performance compared to 2023. This is particularly noteworthy given the significant increase in available listings on platforms such as Airbnb, Booking.com, and Vrbo.
August, the peak month for tourism in Crete, reached an occupancy rate of 54%, further confirming the strong and sustained demand for short-term rental accommodations.
This stability, amid an increasingly competitive landscape, indicates that Crete remains a preferred destination for travelers seeking alternative forms of accommodation.
Travel trends in vacation rentals market
From FOMO to JOMO: The shift in travel trends and the rise of off-season tourism
In the years following the pandemic, the dominant trend in global tourism was FOMO (Fear of Missing Out)—the intense desire of travelers to make up for lost time, travel as much as possible, and experience new things without delay. However, as James Cassidy, Senior Director at Vrbo, noted, traveler behavior is rapidly evolving, leading to a new, emerging trend: JOMO (Joy of Missing Out).
This trend reflects a new need for tranquility, quality experiences, and avoidance of mass tourism, with many travelers now consciously choosing to travel during off-peak periods. With increased tourism pressure on popular destinations, especially during the summer peak, visitors are seeking more authentic experiences, opting for the “shoulder seasons”—spring or fall—to avoid crowds and enjoy local culture in peace.
This shift from FOMO to JOMO directly impacts the vacation rental market, opening up new opportunities for extending the tourist season, optimizing occupancy rates, and diversifying marketing strategies for industry professionals.
The rise of long-term stays in Crete – A new trend for extended stays outside peak season
One of the most noticeable changes in modern travel behavior is the rise of long-term stays, particularly during the “shoulder seasons”—the months before and after the peak tourist period. Seeking more peaceful experiences and better value for money, travelers are opting to stay longer, taking advantage of monthly discounts offered by many accommodations.
According to Anastasios Denedios, Market Manager at Airbnb, in the third quarter of 2023, stays longer than 28 nights accounted for 18% of total bookings on the platform. Moreover, long-term stays increased by nearly 20% compared to the same period in 2022, confirming the strengthening of this new travel trend.
Crete, as a top destination for alternative accommodations and vacation rental villas, appears to be benefiting from this shift in travel preferences. Nearly 48% of properties on the island offer discounts for long-term stays, making Crete an ideal choice for digital nomads, couples, retirees, and families seeking quality time at a more relaxed pace and at a more affordable cost.
The growth of long stays is not just a passing trend, but a strategic opportunity for property owners and managers who want to maximize occupancy outside of the peak season, smooth out their income, and target a broader audience of travelers.
These trends were confirmed by all data, which recorded a 15% increase in occupancy rates for May and June in Crete.
Travelers are seeking the best value for money, and the shoulder seasons offer much better deals. After all, the good weather in Crete is an ally.
Moreover, family travel to the island increased by 25% this year compared to the previous year, accounting for approximately 15% of Crete’s visitors. The majority of tourists who made bookings through Airbnb are from the United States and European countries such as the UK, Germany, France, Italy, and Greece. The Netherlands and the United States saw the highest increase in arrivals to Crete.
Regulatory framework, taxation, and European guidelines for short-term rentals
One of the most critical and timely issues discussed during the Crete ShortStay Conference in Chania was the regulatory framework being developed for short-term rentals at both the European and national levels. In many countries worldwide, including Greece, governments are examining or already implementing restrictive measures that affect the operation of short-term rentals, in an effort to regulate the market and address social and economic pressures.
Viktorija Molnar, Acting Secretary-General of the European Holiday Home Association (EHHA), presented the latest developments from the European Union, with a particular focus on the legislative package VAT in the Digital Age (ViDA). According to this new directive, short-term rental platforms such as Airbnb and Booking.com will be required to apply VAT to all bookings, even those made by private individuals who were previously not subject to similar taxation.
In parallel, it was announced that the EU is moving forward with the creation of a unified European Property Register, which will gather information on short-term rental listings across all member states, enhancing transparency, oversight, and compliance with tax regulations.
These developments create new dynamics for property owners, professional managers, and investors operating in the short-term rental market in Crete and across Greece, as adaptation to the new European standards will be required, both in terms of taxation and the technical management of listings.
Τhe solution to the housing problem does not lie in the restriction of STRs
Additionally, a number of speakers, including Theoharis Mihailidis, Secretary of the Short-Term Accommodation Managers Association (Stama Greece), and Stavros Beretis, manager and owner of Oreo Travel, rejected the accusations that short-term rentals are the primary cause of the housing problem.
In analyzing this real issue, they all concluded that its root causes lie in the rise of real estate prices and the simultaneous presence of hundreds of thousands of vacant apartments in cities, rather than in the growth of short-term rentals, which provide additional income for property owners, strengthen local economies, and create new jobs.
The Vice President of POMIDA, Nina Fountoulaki, argued that the government should fully adopt the Federation’s proposal, which includes tax breaks for transitioning from short-term to long-term rentals, and should not set a requirement for operating in short-term rentals for at least 3 years.
On the other hand, the CEO and Founding Partner of Elxis, Giorgos Gavriilidis, elaborated on the strong demand from abroad for the purchase of new homes, particularly those in the mid-price range, highlighting that Crete is becoming an attractive destination for people looking to acquire properties as vacation homes.
Sessions for useful tools and efficient solutions
The conference also included workshops and interactive sessions, with a focus on sharing experiences and fostering collaborations. The discussions centered around the strategies industry professionals can adopt to meet modern demands and maximize revenue and customer satisfaction.
The Grand Sponsor of the Crete ShortStay Conference was Vrbo, while the sponsors of the conference included etouri, ThinkVilla, CreteVillas4u, Hotelyzer, hosthub, webhotelier | primalres, Radefy, Avantio, KeyData, Beyond, PriceLabs, Octorate, tourmie, TravelStaytion, PrimeHost, Crete Chef Services, 12Gods.
tourmie, as the Digital Attendee Experience Partner, provided the specialized digital guide for the conference. The supporters of the Crete ShortStay Conference were Airbnb, Booking.com, Vrbo, the European Holiday Home Association (EHHA), Stama, and POMIDA.
