Since Airbnb’s launch in 2008, the for‑profit housing‑sharing economy has been linked to overtourism and worsening housing affordability worldwide. Against this backdrop, the paper at hand examines spatial links between tourism accommodation and housing affordability in Greece’s two largest cities, Athens and Thessaloniki, using detailed neighborhood‑level data on Airbnb listings, conventional hotels, and average residential rents and sale prices. Specifically, the paper first maps the short‑term rental market and the residential rental market separately, then examines their interlinkages through spatial analysis, and finally employs spatial and non‑spatial regressions to disentangle these relationships. Its findings highlight that the spatial patterns of these two markets differ profoundly between the two cities under study, yet consistently show a positive association between high densities of short-term rentals and higher residential rents. Going beyond the level of granularity of most prior studies, the findings document how this relationship varies in nature and intensity across parts of each city, while also emphasizing the role of nightly Airbnb prices. Finally, the analysis confirms a strong link between residential rents and sale prices which—alongside expected building and neighbourhood effects and established price‑to‑rent ratios—brings attention to the growing influence of buy‑to‑rent investment and housing policies. Overall, the paper nuances common conclusions of the relevant literature around short‑term rentals and residential uses, contributes to the sparse literature on these dynamics in Greece, and enriches debates on speculative real estate investment.