Section 01
City identity
- What draws Airbnb guests
- Santorini's allure for Airbnb guests lies in its breathtaking caldera views, unique black and red sand beaches, and iconic blue-domed churches. The traditional Cycladic architecture and vibrant local gastronomy further enhance its appeal.
- Why this city, not the next one
- Visitors often choose Santorini over Mykonos for its romantic atmosphere and dramatic landscapes. While Mykonos offers a bustling nightlife, Santorini captivates with its serene sunsets and exclusive wine tours.
- Primary tourism type
- Primarily a beach destination with strong cultural tourism elements due to its ancient ruins and traditional festivals.
- How tourism has shifted
- Tourism arrivals in Santorini have steadily increased over the past five years, with peaks during the summer months driven by European and North American travelers. However, 2020 saw a dip due to the pandemic, with recovery beginning in 2021.
Section 02
Who visits — and what they want
The visitor profile is diverse, with a strong presence of European, American, and Asian tourists. Couples and honeymooners dominate, but there are increasing numbers of families and solo travelers during the off-peak seasons.
- Typical stay length
- Couples and honeymooners typically stay for 4-7 nights, while families might prefer shorter stays of 3-5 nights.
- Top source nationalities
- United StatesUnited KingdomGermanyItalyAustralia
- Most-valued amenities
- Caldera viewPrivate poolBreakfast includedAir conditioningProximity to beach
Section 03
What drives bookings
Highest-converting attractions
- Oia Sunset
Boosts occupancy in nearby neighborhoods such as Oia and Imerovigli, often leading to fully booked properties during peak season.
- Red Beach
Properties in Akrotiri see increased interest due to proximity to this unique and Instagrammable location.
- Ancient Thera
Enhances stays in Kamari and Perissa with a cultural twist, appealing to history buffs.
- Fira
The island's capital, Fira, attracts guests interested in nightlife and shopping, increasing demand for centrally located flats.
High-traffic neighborhoods
Annual events that move occupancy
- Ifestia Festival· September
This festival around September sees a spike in occupancy and ADR due to firework displays and cultural events.
- Megaro Gyzi Festival· August
Creates increased demand for accommodation in Fira, as visitors flock to enjoy classical music performances.
- Santorini Jazz Festival· July
Boosts bookings in Kamari with music enthusiasts seeking cultural immersion.
- Sporting events, trade fairs, conferences
- Cruise ship arrivals from April to October significantly increase day-passenger traffic, affecting Fira and Oia occupancy and prices during docked days.
Section 04
Month-by-month seasonality
January
lowCold weather and limited ferry schedules make January a quiet month.
February
lowContinues to see low demand due to cool temperatures, with some properties undergoing maintenance.
March
mediumWarmer weather begins to attract early tourists; a slight increase in occupancy.
April
highEaster celebrations and improving weather raise occupancy and rates significantly.
May
peakPleasant weather and pre-summer travelers begin to crowd the island, with high ADR.
June
peakContinued peak demand as summer holiday tourists flock to Santorini.
July
peakOccupancy and prices remain high due to summer vacations and international tourists.
August
peakHighest demand month, driven by European summer vacationers and festivals.
September
highPost-summer travel maintains high occupancy, aided by festivals like Ifestia.
October
mediumDecline in tourists as the weather cools, but still lively due to cruise visitors.
November
lowOff-peak season begins, with many businesses reducing hours or closing.
December
lowQuiet month with little tourist activity, primarily locals visiting for the holidays.
- Best months for occupancy
- May through September
- Best months for pricing
- June through August
- Weakest months
- January, February, November, December
- Shoulder seasons
- April and October offer decent occupancy with less competition.
- Weather impact
- Summer months are hot but attract tourists; winter months see reduced activity due to cooler temperatures.
- School holiday impact
- European school holidays in July and August significantly increase family bookings.
Section 05
Short-term rental regulations
Strict regulations govern short-term rentals in Santorini, impacting new entries to the market. Compliance with tax laws and housing regulations is mandatory.
- Licensing & registration
- Hosts must register with the Greek tax authority and obtain an EOT (Greek Tourist Organisation) number for legality.
- Primary residence rules
- No explicit primary residence rule, but properties must comply with non-residential classification for STR use.
- Zoning / building rules
- Properties must conform to local zoning laws which can vary between historic preservation areas like Oia and newer tourist-friendly areas like Kamari.
- Tax obligations
- Hosts are subject to a 13% VAT and a 3% lodging tax. Accurate filing is crucial to avoid penalties.
- Compliance challenges
- Compliance with seasonal tax changes and navigating the Greek bureaucracy can be challenging without local representation.
- Recent legal changes
- Recent push for stricter enforcement of registration and tax compliance due to increased STR activity.
- Future regulatory risks
- Potential introduction of caps on STR licenses in heavily touristed areas like Oia to manage over-tourism.
Section 06
Neighborhood breakdown
10 neighborhoods relevant to short-term rental in Santorini. Each entry sketches the typical guest, property type, rates and 12–36 month outlook.
Oia
- Who stays
- Ideal for couples and honeymooners, drawn to its romantic sunsets and luxury accommodations.
- Best property type
- Sea-view villa with private pool
- Typical ADR
- €250 – €600
- Typical occupancy
- 80–95% during peak season
- Advantages
- Renowned for stunning sunsets; high ADRs during peak season make it highly profitable.
- Disadvantages
- Extremely crowded in high season, and premium prices can deter some guests.
- Investor appeal
- Oia commands the highest ADRs on the island, making it an attractive option for investors focused on luxury markets.
- Guest appeal
- Unrivaled sunset views and luxury accommodations make it a top-choice for special occasions.
12–36 month outlook
May face future caps on rental licenses to control tourism congestion.
Fira
- Who stays
- Attracts guests interested in nightlife and city vibes, including younger travelers and those without children.
- Best property type
- Centrally located apartment
- Typical ADR
- €100 – €300
- Typical occupancy
- 70–90% year-round
- Advantages
- Central location offers easy access to nightlife, shops, and dining; strong off-season appeal.
- Disadvantages
- Busy and can suffer from noise, particularly during summer cruise ship dockings.
- Investor appeal
- Stable occupancy rates due to diverse tourist attractions and transport links.
- Guest appeal
- Vibrant nightlife and comprehensive shopping experiences.
12–36 month outlook
Growing as a year-round destination due to increasing cultural events.
Kamari
- Who stays
- Families and older couples, drawn by beach access and relaxed atmosphere.
- Best property type
- Seaside studio
- Typical ADR
- €80 – €200
- Typical occupancy
- 65–85% during summer
- Advantages
- Black sand beach and proximity to the airport make it convenient for short stays.
- Disadvantages
- Lacks the traditional Cycladic charm, can be quieter in the off-season.
- Investor appeal
- Affordable property prices compared to Oia and Fira, making it a budget investment friendly area.
- Guest appeal
- Family-friendly beaches and easy airport access.
12–36 month outlook
Potential improvement with plans for more family-oriented facilities.
Imerovigli
- Who stays
- Couples seeking a quieter alternative to Oia with excellent caldera views.
- Best property type
- Luxury suite with a view
- Typical ADR
- €150 – €400
- Typical occupancy
- 75–90%
- Advantages
- Quieter than Oia but offers similar views; considered a more exclusive experience.
- Disadvantages
- Limited dining options, requiring guests to travel for more variety.
- Investor appeal
- High ADRs with lower initial investment compared to Oia, offering potential high returns.
- Guest appeal
- Privacy and proximity to top wedding venues.
12–36 month outlook
Could see increased demand as travelers seek quieter alternatives to crowded Oia.
Perissa
- Who stays
- Budget travelers and backpackers looking for affordable lodgings close to nightlife and beaches.
- Best property type
- Affordable studio apartment
- Typical ADR
- €60 – €150
- Typical occupancy
- 60–80%
- Advantages
- Affordable accommodation and vibrant beach scene ideal for young travelers.
- Disadvantages
- Limited luxury options and can get noisy during peak seasons.
- Investor appeal
- Lower entry costs and growth potential due to its evolving backpacker trend.
- Guest appeal
- Long, lively black sand beach offers a classic island feel.
12–36 month outlook
Expected growth in the budget travel sector as more facilities are developed.
Akrotiri
- Who stays
- History enthusiasts and families drawn to the archaeological sites and tranquil beaches.
- Best property type
- Villas with privacy
- Typical ADR
- €100 – €250
- Typical occupancy
- 65–85% in summer
- Advantages
- Proximity to the Red Beach and archaeological site drives cultural tourism interest.
- Disadvantages
- Quieter than northern areas, which might not appeal to all travelers.
- Investor appeal
- Growing interest in cultural tourism and archaeological explorations increase appeal.
- Guest appeal
- Unique contrasts of history and beach relaxation.
12–36 month outlook
Potential to develop into a high-end cultural hub with more boutique accommodations.
Firostefani
- Who stays
- Often chosen by couples and small groups who appreciate proximity to Fira but quieter surroundings.
- Best property type
- Boutique hotel
- Typical ADR
- €120 – €300
- Typical occupancy
- 70–85%
- Advantages
- Conveniently located near Fira offering great caldera views without the hectic environment.
- Disadvantages
- Limited nightlife options as compared to central Fira.
- Investor appeal
- Good mix of tranquility and accessibility increases investor interest in premium segments.
- Guest appeal
- Ideal balance of access to amenities and peaceful retreat.
12–36 month outlook
Remains stable with a steady flow of tourists seeking a middle-ground between Fira and Imerovigli.
Megalochori
- Who stays
- Tourists looking for an authentic Santorini village experience while staying close to central attractions.
- Best property type
- Traditional Cycladic house
- Typical ADR
- €90 – €220
- Typical occupancy
- 65–80%
- Advantages
- Offers an authentic experience with traditional architecture and quaint taverns.
- Disadvantages
- Far from main beach areas and might lack visual appeal for some tourists.
- Investor appeal
- Growing interest in traditional stays boosts appeal for unique property investments.
- Guest appeal
- Charmed by cultural richness and authenticity of village life.
12–36 month outlook
Expected to rise in popularity as tourists seek culturally rich experiences.
Pyrgos
- Who stays
- Suites travelers in search of traditional charm and history without high tourist influx.
- Best property type
- Charming townhouse
- Typical ADR
- €70 – €180
- Typical occupancy
- 60–75%
- Advantages
- Strategically elevated allowing panoramic views and less tourist congestion.
- Disadvantages
- Further from caldera views which some see as a downside.
- Investor appeal
- Increasing demand from tourists seeking tranquility away from busy areas.
- Guest appeal
- Picturesque medieval setting offers rich cultural immersion.
12–36 month outlook
Has potential to develop a niche market for historic and serene retreats.
Emporio
- Who stays
- Explorers and families interested in history and authentic experiences with less tourist traffic.
- Best property type
- Restored Cycladic home
- Typical ADR
- €50 – €120
- Typical occupancy
- 50–65%
- Advantages
- Less crowded, offers unique local culture and traditions.
- Disadvantages
- Limited tourist infrastructure compared to more popular neighborhoods.
- Investor appeal
- Emerging area for unique experiential stays, appealing to younger markets.
- Guest appeal
- Old-world charm and serenity crucial for those avoiding commercial spots.
12–36 month outlook
Growth in the cultural tourism sector could see increased interest here.
Section 07
Market performance
City-wide ADR
€120 – €350
Occupancy
65–85% annually, with peaks during the summer months
Typical annual revenue
A well-run mid-market 1BHK can generate €25,000 – €40,000 annually depending on location and seasonality.
- Revenue across neighborhoods
- Oia and Imerovigli achieve the highest revenue due to their luxury appeal and unique views, while Perissa and Kamari offer steady revenues but at lower ADRs.
- Revenue across property types
- Luxury villas and sea-view suites outperform studios and 1BHKs in annual yield due to high ADRs and extended stays by high-income travelers.
- Most profitable categories
- Rovostays data indicates luxury suites with caldera views and private pools yield the highest profits in Oia and Imerovigli.
- Oversupplied categories
- Mid-range 1BHKs in Fira are becoming oversupplied, pushing prices down and affecting returns for new entries.
Section 08
Competition
- Overall intensity
- Santorini is highly competitive with over 2,000 short-term rental listings, making differentiation essential.
- Active listings
- Approximately 2,500 active listings across the island.
- Luxury segment
- Extremely active in areas like Oia and Imerovigli, with high ADRs but also high service expectations.
- Budget segment
- Concentrated around Kamari and Perissa, less competitive but also limited in achieving higher ADRs.
Underserved niches
- Eco-friendly accommodations
- Pet-friendly properties
- Experience-driven stays that focus on local culture
Section 09
Local operating costs
- Cleaning
- Cleaning services vary seasonally but typically range from €30 to €70 per turnover, depending on property size and guest expectations.
- Laundry
- Laundry services are generally priced at €10 to €18 per load, with higher rates for larger items like duvets.
- Utilities
- Average monthly utilities can range from €50 to €150, dependent on air conditioning and pool usage during high season.
- Internet
- Quality high-speed internet costs approximately €30 to €50 per month, crucial for maintaining competitive service ratings.
- Property management
- Property management fees range from 15% to 25% of revenue, with full-service agencies like Rovostays taking care of compliance and operations.
- Maintenance
- Routine maintenance averages €100 per month, with higher costs during peak usage periods.
- Insurance
- Comprehensive STR insurance policies generally cost between €200 and €400 annually.
Section 10
What local guests expect
- Parking
- Secure parking is highly valued by guests, especially those staying in less walkable areas or traveling by rental car.
- Air conditioning
- Air conditioning is essential, given the island's hot summer climate, affecting guest satisfaction and reviews.
- Heating
- Not typically required due to mild winters, but a few cold nights in off-season make it advisable.
- Public transport access
- Many guests expect easy access to public transport routes or central areas; however, reliance on taxis and rentals remains high.
- Workspace
- Not a major priority, but increasing numbers of digital nomads and business travelers suggest incorporating small dedicated workspaces.
- Balcony
- A balcony with a view is a strong selling point, often justifying a higher ADR.
- Pool
- Private pools are a major draw, particularly in luxury listings where they contribute significantly to a property's allure.
- Family amenities
- Basic family amenities like cribs and high chairs are appreciated, though Santorini is not predominantly a family destination.
- Luxury expectations
- Guests booking luxury accommodations expect in-room dining options, concierge services, and spa facilities.
Section 11
Transport & connectivity
- Airport impact
- Santorini (Thira) National Airport is just 6 km from Fira, significantly influencing stays in nearby Kamari and Fira due to easy access.
- Rail
- No rail services operate on the island, so arrangements focus on buses, taxis, and rental vehicles.
- Public transit quality
- Public buses serve major routes but are less frequent off-season; reliance on private taxis and rentals is high.
- Walkability
- High walkability in areas like Oia and Fira, encouraging foot traffic to local attractions and dining.
- Car dependency
- Visitors often rent cars or ATVs for flexibility, impacting neighborhoods further from main attractions like Akrotiri.
- Future infrastructure
- Upcoming development plans for the expansion of the airport and improvements in roadways, expected to enhance access and promote steadier flows of tourists.
Section 12
Investment angle
- Best neighborhoods for investors
- OiaFiraImerovigli
- Fastest-growing
- KamariAkrotiri
- Luxury opportunities
- Oia and Imerovigli present strong opportunities with high-end villas and bespoke upscale accommodations in demand.
- Budget opportunities
- Emporio and Perissa present affordable entry points with potential for improved yield through unique experiences and eco-initiatives.
- Key risks
- Potential regulatory limitations could affect new supply, particularly under possible future license caps in popular areas.
Section 13
Local risks
- Noise & community
- Noise complaints are common in Fira due to nightlife; community opposition to STR is rising in residential zones.
- Tourist taxes
- Future increases in tourist taxes may affect short-term rental profitability.
- Housing shortage debate
- Local debate on STR impact is intense, with some arguing that they exacerbate housing shortages for residents.
- Regulatory uncertainty
- We may see tightening regulations in the future, especially in managing carry-capacity and tourism impact.
- Crime considerations
- Generally low crime rates but petty theft and tourist scams occasionally increase during peak seasons.
- Environmental risks
- Occasional earthquakes and volcanic tremors are part of the island's natural environment; contingency plans are advised.
- Seasonality risks
- The off-season impact is significant, with many properties seeing drastically reduced occupancy post-October.
Section 14
Future outlook
- Tourism forecast
- Recovery from the pandemic is robust, with predicted growth set to surpass 2019's figures by 2024, assuming continued interest from Asia and North America.
Infrastructure projects in the pipeline
- Airport Expansion· ETA 2025
Expected to improve the influx and distribution of tourists during peak months.
- Port Modernization· ETA 2024
Will streamline cruise ship arrivals and could increase daily visitors, impacting day occupancy.
- Major developments
- Potential increase in eco-friendly and sustainable tourism practices, driven by both regulatory encouragements and consumer trends.
- Upcoming regulations
- Potential new laws limiting the number of short-term rental licenses granted annually to control saturation.
- Economic factors
- Rising interest in experiential travel and sustainable tourism is expected to re-shape demand patterns.
Section 15
Santorini as a beach destination
Beach Quality and Access
Santorini’s beaches are not typical of the Greek islands, with unique sands ranging from black to red, influenced by volcanic activity. Properties close to beaches like Kamari and Perissa tend to see smoother bookings during the summer months, as easy access is a major draw. However, the area's rugged topography can make direct beach front properties less plentiful, which contributes to the premium pricing seen in those that do exist.
Surf and Watersport Seasons
While Santorini isn’t a major surf spot, it does attract watersport enthusiasts during the May to October window. Conditions are ideal for activities such as kayaking and snorkeling, with businesses in Kamari and Perissa offering these attractions. Properties catering to sporty travelers by partnering with local tours can see enhanced appeal.
Waterfront Premium Pricing
Waterfront properties in Santorini, especially those with direct views over the caldera, attract a significant premium. During the peak months, these accommodations can fetch double the rates of non-waterfront properties. Investors often target these areas for higher ROI despite initial high acquisition costs.
Cruise Tourism Impact
From April to October, cruise ships frequent the island, significantly increasing foot traffic, particularly in Fira and Oia. While most tourists disembark for day visits, the increased presence can drive occupancy rates for strategically positioned properties and aid in boosting ADR.
Environmental and Weather Risks
Due to its location, Santorini is susceptible to natural events like earthquakes, although major incidents are rare. High winds and heatwaves are more common and travel disruptions can occur during these periods. Properties should be equipped to handle increased power loads or provide alternative cooling to maintain guest satisfaction during extreme heat.
Section 16
Santorini-specific insights
The questions a local consultant would answer. Everything below is city-specific — none of it would apply to a neighbouring market.
What type of property in Santorini has the highest ADR?
Luxury villas with caldera views in Oia command the highest ADR due to high demand from affluent travelers and honeymooners.
How does cruise tourism impact Airbnb rentals in Santorini?
Cruise tourists often book short stays or day visits, leading to peaks in Fira and Oia listings during docked days, raising ADR and occupancy levels.
What licensing is required for Airbnb hosting in Santorini?
Hosts need to register their properties with the Greek tax authority and obtain an EOT number for legal operation.
Which Santorini neighborhoods are best for luxury investment?
Oia and Imerovigli are prime locations due to their exclusive views and higher ADRs from upscale clientele.
What is the impact of the Ifestia Festival on Airbnb bookings?
The Ifestia Festival in September causes a spike in booking and ADR as tourists flock to see the fireworks and cultural events, especially in Fira.
What future infrastructure changes could affect STRs in Santorini?
Planned airport expansion by 2025 and port modernizations could increase tourist flow, positively affecting rental demand.
What are the seasonality risks for Airbnb hosts in Santorini?
Off-season months from November to March witness a drop in tourist activity, leading to lower occupancy and ADR.
How do summer temperatures impact Airbnb bookings?
The intense summer heat boosts demand for properties with air conditioning and pools, affecting guest comfort and overall satisfaction.
Are there any specific eco-accommodation opportunities in Santorini?
Emerging interest in sustainable tourism provides opportunities for eco-friendly accommodations, especially in less commercialized neighborhoods like Emporio.
How significant is the impact of weddings on Airbnb bookings in Santorini?
Weddings in popular venues, especially around Imerovigli, contribute significantly to year-round occupancy spikes, attracting overseas bridal parties and guests.
What are typical cleaning costs for an Airbnb in Santorini?
Cleaning costs range from €30 to €70 depending on property size and service levels expected by high-paying guests.
Which areas in Santorini are seeing the fastest growth in STR demand?
Kamari and Akrotiri are experiencing rapid growth due to enhancements in beach amenities and cultural site popularity.
Which months see the highest occupancy rates in Santorini?
June to August have the highest occupancy rates due to summer vacations and numerous cultural festivals.
Is there a risk of over-regulation affecting Airbnb in Santorini?
Yes, with ongoing discussions to manage over-tourism, there might be caps on STR permits to control the number of active rentals, particularly in hotspots like Oia.
How does proximity to archaeological sites affect Airbnb performance?
Properties near sites like Ancient Thera and Akrotiri have increased appeal for cultural tourists, often maintaining steadier occupancy throughout the year.
What amenities are most appreciated by Airbnb guests in Santorini?
Caldera views, private pools, and air conditioning are highly valued amenities that can significantly increase ADR.
What demographic primarily rents Airbnb properties in Santorini?
The majority of visitors are couples and honeymooners from Europe and North America seeking unique experiences.
How important is a caldera view for Airbnb properties in Santorini?
Properties with caldera views can command significantly higher prices and remain consistently popular despite their premium.
What recent regulatory changes affect Airbnb hosts in Santorini?
New regulations have been aimed at stricter licensing and tax compliance, with potential future limits to manage property saturation.
Have digital nomads affected the Airbnb market in Santorini?
While not the primary market, there is a growing presence of digital nomads, leading some hosts to improve workspaces and extend stay durations.
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