Athenians are feeling the strain of the influx of tourists into the Greek capital. Many locals report that they are struggling to find accommodation and feel priced out of the rental market due to high prices.

Filmmaker Kostantinos Kardakaris said he had to leave his apartment because the owner decided to renovate the property in order to get a higher price when selling it or renting it on Airbnb.

Although Kostantinos was lucky enough to find a roof over his head after being evicted from his apartment in the city center, the young professional still felt like a victim of the Athens rental market.

“If it takes me a while to be independent, to be able to trust myself and get my life together, and then everything has to change and I have to start all over again because I have to find a new apartment in a matter of weeks, then I can say that I am a victim of Airbnb and gentrification,” he said.

The Greek government welcomed the return of tourists after COVID-19 subsided, but many residents are now frustrated by the influx. While this rush boosted the Greek economy, it triggered a significant housing crisis.

Many families and students have been displaced from their hometowns as real estate companies convert their homes into co-working spaces and Airbnbs for visitors.

The number of short-term holiday rentals in Athens has increased by ten percent compared to last year, triggering similar movements to those in other European cities such as “no more tourism” and “tourist ban”.

“Airbnbs have increased dramatically, reaching almost a million units. Costs have also increased dramatically. We are seeing that neighborhoods, especially in Athens, have become a place to accommodate only tourists, which is causing families to leave the city and the areas to be abandoned by the local population,” says Katerina Kikilia, professor of tourism management at the University of West Attica.

The real estate market has grown rapidly in recent years as the country emerged from a decade-long financial crisis and the pandemic.

In the last five years alone, prices nationwide have risen by over 45 percent, and by 15 percent this year alone.

While this problem has many facets—from short-term rentals to high demand and high living costs—some real estate consultants believe there may be a solution.

“This problem needs to be addressed in two ways. One way is to regulate the status of short-term rentals and perhaps set a cap like in other European cities. The other way is to try to bring properties onto the market for long-term rentals. When we bring properties onto the market, it means we are increasing supply. Increasing supply while demand remains the same will bring prices down,” said Giannis Xylas, CEO of Geoaxis.

Tourist rush and high prices lead to rental market crisis in Athens

In July, sales of alternative-fuel passenger cars in China exceeded those of gasoline-powered cars for the first time.

According to the latest data from the China Passenger Car Association, retail sales of NEVs rose 36.9 percent year-on-year to over 870,000 units, exceeding market expectations and hitting a record high.

In July, new energy electric vehicles accounted for more than half of the total monthly retail sales across the country. Chinese brand BYD and US company Tesla emerged as the most popular new energy electric vehicles among Chinese consumers.

Meanwhile, demand for gasoline cars has been steadily declining since the beginning of the year.

In July, 1.72 million cars were sold in the national passenger car market, down 2.8 percent year-on-year and 2.6 percent month-on-month. Among them, 840,000 conventional fuel cars were sold in July, down 26 percent year-on-year and 7 percent month-on-month.

China’s automobile exports maintained their strong momentum in July.

According to the China Passenger Car Association, nearly 553,000 vehicles were exported in July, up 26 percent year-on-year, and the export value reached nearly 10 billion U.S. dollars, up 14 percent year-on-year.

In the first seven months of the year, total exports amounted to 3.48 million vehicles, up 25.5 percent year-on-year. The total export value for the first seven months was $65.1 billion, up 18 percent year-on-year.

China’s sales of electric vehicles exceeded those of gasoline-powered cars for the first time in July