## 3 Case Study  
The property lease model introduced by Airbnb has not only become commonplace, but it has also been imitated by individuals and organizations involved in the real-estate market. The Greek STR market in particular, experiences an increased mobility of international capital, as it draws the attention of foreign investors and the establishment of numerous Real Estate Investment Companies [37]. The ongoing economic crisis and the burst of the housing bubble in 2007-08 [11], from which the Greek real estate market has not fully recovered, is one of the main reasons behind this increased mobility, as property values remain at low levels compared to other EU countries [38]. Equally important, is the factor of the Golden Visa program in Greece, which allows investors from outside the EU to acquire EU residency and citizenship and be able to invest inside the Schengen Zone. The program has been particularly lucrative for Russian, Chinese, Israeli, Turkish and Arab investors; besides the residency and citizenship privileges that come with the visa, investors seek for an income in hard currency, as is the euro. At the same time, Greece as a whole and Athens as an urban destination receive every year soaring numbers of visitors which, after 2013, are constantly increasing. For the real estate market of Athens, investing in the areas in close vicinity to the Acropolis is advised, due to its status as a prominent cultural attraction and the dynamism of STRs [39]. Additionally, a currently under construction expanding subway network valorizes a line of areas across Athens, opening up new STR markets; a very interesting example is that of the neighborhood of Exarcheia, which, attracts a curious blend of alternative visitors, and at the same time is among the next stations of the newly-planned metro line, exhibiting exceptional dynamics in its housing market.  
According to a survey by the Greek Tourism Confederation [40], an estimated 170.542 STRs had been available in Greece, on Airbnb and HomeAway [41] platforms, in between June 2018 to May 2019, producing a total revenue of $1.15 billion. It is worth noting that 50% of STR properties are already in the hands of large corporations, which withhold from 10% to 30% of their turnover, depending on the services they offer. The aforementioned facts indicate that it is an expandable market, operating in very high volumes. At the same time, according to the 2019 aggregate data released by the Spitogatos real estate website [42], rental prices have seen very large increases in the majority of Greek cities, with the largest changes being observed in Piraeus (25.2%) and the central and western suburbs of Athens (20%). Nevertheless, recent surveys conducted by AirDNA [43] indicate that STRs are showing signs of fatigue, with homeowners who have their properties listed to relevant platforms witnessing falls in occupancy and revenue. According to a recent journalistic investigation [44], average occupancy in Athens in May 2019 reached 65.9%, compared to 67.7% in same month of the previous year; a 2.66% decrease. At the same time, active listings jumped by 26% year-on-year (from 8156 to 10,281), forcing owners to drop their average daily rate by 7% (from $74 to 669).  
More formally, accommodation performance in the hospitality industry is measured by the revenue per available room (RevPAR) metric [45], which is the product of a hotel's average daily room rate times its occupancy rate. RevPAR is a useful tool for analyzing trends and fluctuations in room tenancy in any given hotel unit. In a broader sense, RevPAR potentially suggests some interesting implications both for ordinary hotels and STRs alike. For example, a decline in RevPAR has been witnessed between April 2018 & 2019 in Athens, when it fell from 50% to 45.5%, an indication that access to accommodation is becoming increasingly difficult.