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Stronger Airbnb Activity in Budapest

D&T
October 28, 2019

Similarly to 2017, Airbnb activity in Budapest increased by 25% year-on-year last year with overnight stays exceeding 1.8 million. Overnight stays recorded by the end of last year surged by 70% compared to 2016, according to a report released by Colliers International and Hotelschool The Hague.

The Airbnb services in Budapest comprise more than 10,000 apartments, including a capacity of 45,000 beds. Airbnb’s market share of overnight stays reached 20.0% in 2018, which is among the highest compared to other major European cities, the report says.

Downtown Budapest is still the most popular area – at 7,200 Airbnb apartments – with nearly 70% of occupiers staying in districts V, VI and VII, where rental rates are similar to the price level of three- and four-star hotels. Consequently, the impact of Airbnb is less significant in the upscale segment than in the budget/mid-scale hotel segment.

In 2018, home rentals with one room remained the most popular choice, comprising 50.7% of all booked nights. Interestingly, demand for private rooms are far less popular in Budapest than in major Western European cities. Around 29% of listings are offered by a host that offers 3-10 accommodations while in the 10+ category it is 17%, which suggests that the Budapest Airbnb market is still driven by professional operators.

“The development pipeline in the hotel segment is quite strong, however, we expect the Airbnb market will continue to grow further despite tougher regulations on Airbnb,” the report concludes.

D&T

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