Strong summer demand boosts occupancy rate in Europe

Europe: Heatwaves and inflation haven’t been able to deter travelers across Europe this summer as customers return to short-term rentals in droves, according to provider of short-term rental data and analyticsAirDNA.

In July, Europe reached 48.9 million overnight stays, 7.9% more than in July 2019.

Occupancy hit a July record high of 66.6% as supply remained 4% below 2019 levels, despite some growth from last year.

Strong demand and inflated occupancy rates allowed hosts to charge 2.7% more on average than last July, although the rate of growth is slowing compared to previous months, especially as customers return to smaller properties in cities that generally charge less.

Top 50 Markets Europe represented 12.9% of total supply in July, although the number of available listings remains 29.5% below 2019 levels. This inflated occupancy rate of 17.2% compared to the year last, with the strongest growth in Lisbon, Budapest and Portwhere international travelers are making a comeback.

Bright prospects with the return of international guests

International travel is rebounding after two years of border restrictions, and overseas customers are driving up occupancy rates at popular tourist destinations across Europe.

Large cities felt the impact most strongly: in Dublin, the second quarter of 2022 saw more than 800% more international traveler bookings than the previous year, while domestic bookings fell by more than 60%. The same effect was observed in Florence [international +540 per cent, domestic -8 per cent] and Rome [international +488 per cent, domestic -30 per cent].

Nights booked in Europe for the rest of the year increased by +35.9% compared to the same period last year and by 2.2% compared to 2019.

Meanwhile, for August, Germany is on course to lead the charts in terms of rebooking compared to 2019, with 24.8% more nights booked, followed by Belgium. [+19.3 per cent]Greece [+18.7 per cent] and Austria [+17 per cent].

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