Demand grew at a faster pace than supply, resulting in a 3.6% year-over-year (YoY) increase in occupancy rates, which reached 61%. Revenue per available rental (RevPAR) rose by 9.8% compared to the same period last year, reaching €99, while the average daily rate (ADR) increased by 6%, reaching €163.
The annual growth rate of available listings slowed to 5.3%, following three consecutive years of double-digit expansion. In the first half of 2025, the number of listings grew by 6.7%, a notable decline from the 12.5% growth recorded in the second half of 2024.
This slowdown is primarily attributed to regulatory measures introduced by local authorities in response to growing concerns over overtourism and housing affordability. For example, in cities such as Turin, Lyon, Avignon, and Marseille, restrictions on the number of rental days have led to a decline in available listings. In other high-traffic tourist areas, new permit suspensions, stricter registration and licensing requirements, and higher taxes are also being implemented.
However, this slower growth in listings has resulted in a reduced supply to meet rising demand, leading to higher occupancy rates across markets and an upward pressure on prices.
August remains the peak month, but the geography of popular destinations is shifting
While August continues to be the peak month for accommodation demand, travel trends indicate a notable shift in traveler preferences. Demand is rising significantly in lesser-known destinations in Eastern Europe. A prime example is Kosovo and Moldova, which had fewer than 5,000 overnight stays in August last year but are now experiencing nearly double the demand. Other Eastern European markets — including Poland, Bosnia and Herzegovina, and North Macedonia — are also seeing bookings rise by more than 30% year-over-year.**
Beyond Eastern Europe, Northern European countries are attracting more visitors as cooler, more affordable, and less crowded alternatives to the popular and recently overheated destinations of Southern Europe. Estonia, Lithuania, and Norway have all recorded August booking increases of 20–30%. In contrast, Southern European markets such as Italy and Spain are seeing more modest annual growth of 10% or less, while Greece is experiencing a 12% year-over-year increase.
