To tourism in Greece now. The home-sharing phenomenon that has shaken up the rental market worldwide is having a positive impact on the Greek economy. The online home-sharing platform Airbnb said rentals last year generated nearly a billion and a half dollars in Greece, which is still recovering from a crippling economic crisis. CGTN's Filio Kontrafouri reports from Athens.

Right near the Acropolis, the once forgotten neighborhood of Koukaki is a prime example of how home-sharing has taken Athens by storm. Entire buildings have been turned into short-term rental apartments.

Most of those bought or renovated in the area are used in the home-sharing market while Airbnb lists Koukaki as one of its most sought-after neighborhoods.

Starting in 2014 with just two apartments, Nikos Boidanis and his work partner today manage 20 short-term rental apartments, almost all in Koukaki.

They've hired six employees and given work to dozens of others, from cleaners to plumbers. He says Airbnb has created an economic ripple effect here across a number of sectors.

NIKOS BOIDANIS LAMDA POLIS COMPANY "Home-sharing encourages homeowners to invest in their houses. Renovated houses will attract more tenants. Tenants, especially tourists, will go to nearby supermarkets, bakeries, grocery stores, or restaurants to spend money. All in all, it will be a virtuous cycle for the economy."

Nikos Boidanis gives us a tour of his Koukaki neighborhood and points to shops that once were closed because of the economic crisis. They now sell everything from handcrafted objects to souvenirs. And more businesses are springing up. That means more revenue and jobs.

LEFTERIS POTAMIANOS, PRESIDENT REAL ESTATE ASSOCIATION OF ATHENS-ATTICA "Real estate became more of an investment. Not in the traditional sense of renting by the month, but getting more money, sometimes double or triple of a monthly rent with short-term rentals through tourism. As a result, home prices have been pushed upwards. Because more and more buyers, even today, are asking to buy such homes, smaller or bigger, to place them in the home-sharing market."

One study showed short-term rentals increased in Greece by 25 percent by the end of 2018. And competition is likely to bring more changes to the home-sharing market at least in Athens.

NIKOS BOIDANIS LAMDA POLIS COMPANY "Home-sharing grew rapidly last year. Initially, we didn't know what it was, then we all wanted to do it, and now we are entering the maturity phase. It is known in Greece that it adds to the economy. Now it also gives taxes to the state, so it's something that's here to stay. It will balance out alongside the rest of the tourism activities, and it must be done in a serious way. Otherwise, only the companies that provide the home-sharing business in a systematic way will survive."

According to Lefteris Potamianos, home-sharing platforms like Airbnb breathed new life into the struggling real estate market in Athens. Most of the home buyers, he says, remain foreign investors.

LEFTERIS POTAMIANOS, PRESIDENT REAL ESTATE ASSOCIATION OF ATHENS-ATTICA "From the nine-year recession we had, when real estate had lost its value by 50 to 60 percent across Greece, in the last two years, it regained about 15 to 20 percent of its value. The Greek real estate market is relatively cheap, compared to the European and worldwide standard."

Tourism is Greece's biggest industry, contributing about 20 percent to the country's GDP. Some 30 million visited Greece in 2018 and, according to the Bank of Greece, close to two million of them stayed in an Airbnb rental. And that is a figure that cannot go un-noticed in a country struggling to recover from one of its worst recessions. Filio Kontrafouri, CGTN, Athens."