Greece on the Luxury Tourism Map – Investment Surge and Record Arrivals

Greece once again confirms its position on the global tourism map, as 2024 marks one of the most successful years in the history of its hospitality industry. With tourism acting as a driving force for the Greek economy, arrivals have reached record levels, with luxury tourism experiencing unprecedented growth. According to the latest study by real estate company Cushman & Wakefield Proprius, international arrivals in Greece increased by 9.8% compared to the previous year, reaching 36 million visitors. This means that the country not only surpassed its pre-pandemic record of 31.3 million arrivals in 2019 but exceeded it by 15.6%. Meanwhile, tourism revenues rose to €21.7 billion, significantly boosting the national economy and keeping unemployment rates at historic lows. Data from January to October showed a 10.5% increase in revenue, with average spending per visitor reaching €573. The surge in tourism was both quantitative and qualitative, as Greece evolves into one of Europe’s top luxury destinations. Five-star hotels in Athens and Thessaloniki reported significant increases in performance, with RevPAR (revenue per available room) rising by 15% and 10%, respectively. Average daily room rates in Athens reached €300, while in Thessaloniki they climbed to €175, with occupancy rates ranging from 60% to 70%. Seasonal luxury resorts in Crete, Corfu, and Rhodes achieved over 80% occupancy, with room rates exceeding €250. However, this success is accompanied by challenges, such as overtourism in popular destinations, infrastructure strain, and labor shortages in the hospitality sector. Economic prospects for 2025 remain positive, with GDP expected to grow by 2.3%, unemployment projected at 9.4%, and inflation maintained at 2.6%. Forecasts indicate tourism revenues surpassing €22 billion in 2025. Greece continues to invest in sustainability, seeking ways to balance increasing demand with the protection of its natural and cultural resources. Major investments in infrastructure, adoption of sustainable tourism practices, and enhancement of service quality will be key factors in maintaining Greece’s status as a top global destination. The country is also witnessing significant investment in the hotel sector, including Blackstone’s €500 million investment in Southern European hotels, Mitsis Group’s acquisition of the Messonghi Beach Hotel in Corfu, and Premia Properties’ €112.5 million deal for two Sunwing resorts in Rhodes and Crete. Other notable projects include Four Seasons’ new resort in Argolida and Mövenpick Resort’s upcoming opening in Syvota.