Effects of the COVID-19 pandemic on the Airbnb market in Budapest Cover Image

A COVID-19-járvány hatása a budapesti Airbnb-piacra
Effects of the COVID-19 pandemic on the Airbnb market in Budapest

Author(s): Lajos Boros, Tamás Kovalcsik
Subject(s): Social Sciences, Economy, Geography, Regional studies
Published by: Központi Statisztikai Hivatal
Keywords: COVID-19; Airbnb; Budapest; tourism; P2P accommodation; sharing economy

Summary/Abstract: Several researches highlighted the outstanding importance of security and trust in tourism. Natural disasters, pandemics, political turmoil,all have their influence on trust and security intourism. As the experiences of the last decades show, pandemics have significant and immediate negative effects on travel decisions. The COVID-19 pandemic and the related travel restrictions influenced both global and national tourism flows in 2020, e.g., through the occupancy rates of hotels and P2P accommodations. However only a handful of studies dealt with the spatial aspects of these effects. This paper aims to analyse the impact of COVID-19 on the Airbnb market in Budapest using data from AirDNA, the spatial and temporal characteristics of the decline in Airbnb offers and bookings. The significance of the study comes from the widely debated social and rental market effects of Airbnb. As our results show, similarly to the previous years, Airbnb occupancy had a certain seasonality in 2020. Both the number of guests and the overall revenue decreased compared to2019. Consequently, many hosts decided to leave the platform, thus the number of available Airbnb listings decreased significantly. The long-term effects of this decrease are uncertain – and the same applies for future effects of P2P accommodations on the rental market of Budapest.

  • Issue Year: 62/2021
  • Issue No: 03
  • Page Range: 380-402
  • Page Count: 23
  • Language: Hungarian