Average hotel prices in Europe have risen above inflation this year, whilst airfares soar to a five-year high. With consumers becoming increasingly price-driven amid intense inflation, 80% of travellers have reportedly altered their plans for the summer.
In light of this, the financial experts at Moneyzine were keen to unveil the European cities where Airbnb accommodations offer superior value compared to hotels, in a bid to alleviate financial stress for summer vacationers.
To do this, the team scraped Airbnb.com and Trivago to retrieve the average cost per night for both Airbnbs and hotels across 35 European cities, and determined the European destinations where opting for an Airbnb is the more economical option.
Best value for money: Airbnb vs hotel
|Rank||City||Country||Average cost of a hotel ($ per night)||Average cost of an Airbnb ($ per night)||Price reduction|
*Average rates are on a per-night basis for one adult
For the complete data of the 35 cities analysed, please click here.
Moneyzine can reveal that Istanbul, the former Turkish capital, is the European city where Airbnbs provide the best value-for-money compared to hotels. With an average nightly rate of $45.37, Airbnbs are 61.77% cheaper than hotels (av. $118.69), while boasting the second lowest prices of all cities analysed. Declared to be one of the world’s cheapest destinations, the exotic Mediterranean city is ideal for travellers on a budget.
In second place is Athens, with a staggering 49.53% price drop from a standard hotel room fare to an Airbnb. Price-conscious travellers would be better off booking an Airbnb ($69.67 per night) as it costs only half of the average hotel rate ($138.05 per night) in the historic Greek capital.
Coming a close third is Lisbon, with an Airbnb averaging around $107.51 per night compared to a standard hotel room priced at $210.30. Ranked 7th out of 100 cities in a recent study on the most popular summer destinations of 2023, travellers are assured that Airbnbs are more cost-effective in the Portuguese capital, with nightly rates being 48.88% lower than hotels.
Berlin and Paris follow in fourth and fifth place, respectively, with a significant difference in prices between Airbnbs and hotels. Opting for an Airbnb would save travellers on average a noteworthy $109.66 in the German capital and $111.38 in the City of Love.
On the other hand, Oslo in Norway and Tirana in Albania stand out as cities where a single hotel room for a one-night stay is around $8 cheaper, on average, than an Airbnb.
To prevent high costs from dampening summer travel plans, Jonathan Merry, CEO of Moneyzine, provided four money-saving tips for enthusiastic globetrotters:
- Plan ahead for meals
Food and drink expenses are often the biggest budget-busters when travelling. Curb your food spending by choosing accommodations with kitchen facilities or a refrigerator, and opt to eat out for lunch instead of dinner, as well as seek restaurants that offer happy hour deals!
- Maximise your travel credit card benefits
Sign up for travel rewards programmes and consider credit cards to earn points and miles which can be redeemed for flights, accommodation, and other travel-related expenses. Opt for credit cards that come with generous welcome bonuses and take advantage of various perks including free travel insurance, and discounts on attraction tickets.
- Look for vouchers and free activities
Trim travel costs by planning your activities around vouchers and discount deals or do a simple Google search to find free or low-cost events and activities at your destination. From the Louvre in Paris to the Vatican Museums in Rome, many offer free or discounted admission on certain days of the week, so make sure to plan and research in advance.
- Pack strategically
Keep your luggage lightweight to avoid check-in fees and opt for a carry-on only. Instead of folding, roll your clothes and wear your bulkiest garments to the airport. Don’t forget to check the airline’s luggage weight and dimension policies to avoid unexpected delays and fees!