Andreas Andreadis, CEO of the Sani/Ikos Group, appeared particularly optimistic about Greece’s position on the global tourism investment map during his speech at the Mergers & Acquisitions Summit held at the Athens Concert Hall.
In a wide-ranging discussion with Ilias Bello, Senior Business Editor of Kathimerini, Mr. Andreadis analyzed the comparative potential and challenges of the Greek market in relation to other Mediterranean countries such as Spain, Italy, and Portugal. He emphasized that Greece has developed a new narrative over the past six years that is boosting investor interest thanks to the stabilization of its legislative framework. “The critical question is how long the country will be able to maintain this environment,” he noted.
At the same time, he highlighted the available real estate near the sea and the relatively low labor costs as competitive advantages, while pointing out the high VAT and employer contributions as key disadvantages. Referring to the status of “non-dom” investors, he described it as “a package that deserves special attention,” as it attracts people involved in M&A and funds who see Athens as a city with good infrastructure and quality of life — even if it still lags behind emerging cities such as Madrid.
Referring to the issue of overtourism, Andreas Andreadis said that the problem can be solved “by controlling short-term rentals and improving infrastructure” and not by “reducing peak hotel investments”!
Responding to a question from Ilias Bellos about the possibility of mergers, Mr. Andreadis pointed out that the hospitality sector in Greece remains fragmented. “Consolidation is a matter of time,” he noted, “when Greek entrepreneurs realize the true value of their businesses.”
He placed particular emphasis on the need to complete local spatial plans, which he described as critical for sustainable tourism development. As he pointed out, the general spatial plan merely provides a general framework and cannot accurately predict the needs of each region. “The key is local spatial plans, which, however, are often drawn up under the guidance of mayors, without the relevant technical training or vision of how their municipality should develop in the long term,” he stressed. He even encouraged close cooperation with specialized consulting firms so that local plans are properly aligned with the general guidelines of national planning. On this point, he stressed that the expert advisors who draw up spatial plans must be coordinated by the state and bodies with knowledge and vision, and not just by local authorities…
Despite the positive picture, he did not fail to express his concern about possible complacency on the part of the State and society. “Tourism is not a given. It is wrong to assume that it will continue to grow automatically,” he stressed, warning of the dangers of overtourism and the lack of strategy. On the contrary, he highlighted the contribution of tourism not only to public revenue but also to the strengthening of the local economy, technology, shipping, health, and infrastructure.
“The more uncertain the world becomes, the greater the need for experiences. Tourism is not the enemy of industry – it is a catalyst for growth in the economy, infrastructure and innovation, he concluded.
“The more uncertain the world becomes, the greater the need for experiences. Tourism is not the enemy of industry – it is a catalyst for growth in the economy, infrastructure and innovation,” he concluded.
