Significant increase in turnover and prices in Greek hotels | Large survey by ITEP | TABLES

HOTELS survey

-Annual Survey for the Hotel Industry 2023: The hotel industry is dynamic but also faces challenges.
Significant growth in turnover of Greek hotels, rising prices, increasing employment but with a large number of vacancies and plenitude, according to the Annual Survey for the Hotel Industry in 2023, conducted by ITEP (Research Institute for Tourism) on behalf of the Greek Hotel Industry Association.

The survey was presented today during a press conference and as highlighted by the President of the Greek Hotel Association Mr. Alexandros Vasilikos, “…{the Annual Survey} has now become an institution and constitutes a reliable national indicator for the hotel market and the course of tourism in our country”.

The most important conclusions of the Survey, which reflects all the key figures that make up the economic reality for the Greek hotel today, are:

  • There is a stable picture in the months of operation of seasonal hotels – an average of 5.7 months in 2023, with 5.6 months in 2022 – while there is also similarity between the categories.
  • There is an increase in average hotel occupancy in the months of May (53% in 2023 from 47% in 2022) and October (49% in 2023 from 44% in 2022) which reflects the prospect of a longer tourist season.
  • The same conclusion is supported by the fact that in May and October, the average price of a double room increased by about 11% between 2023 and 2022.

  • However, two parameters must be taken into account. Firstly, on an annual basis, half of the rooms of the Greek hotel stock were rented at a price below EUR 130 and secondly, during the months of May and October, the increased occupancy rate mainly concerns hotels of the larger categories, while it remains low for one (May 28%, October 20%) and two-star hotels (May 39%, October 31%).
  • Hotel turnover in 2023 increased by 23% compared to 2022 and reached €10.5 billion. This increase is significantly differentiated between hotels of continuous ( +9.4%) and seasonal (+27.4%) operation.

  • Employment increased by 12.6% compared to the previous year and exceeded 208,000 jobs.
  • The increase in turnover and employment is also linked to investments by hoteliers, which totalled 761 million in 2023, 13% of which related to sustainability actions.
  • The problems for hotels, as recorded in the Survey, remain staffing, energy costs and overall operating costs, reduced occupancy outside peak months and competition from short-term rental accommodation.

Commenting on the findings of the survey, the President of the Hellenic Chamber of Hotels, Mr. Alexandros Vasilikos, said:

“Greek tourism is doing well and has stable momentum. Our Annual Survey highlights this, through the key figures of the sector, which confirm that tourism continues to be the protagonist of the national economy and the Greek hotel sector continues its great contribution to the country. Proof of this is the 2.5 billion invested in the last five years by hotels to upgrade them so that we can now talk about an increase in turnover and employment. So we are on the right track, which is not to say that there are no major challenges, from staffing and energy costs to unfair competition. So we continue to make every effort to address them. With informed positions and responsible scientific work. Tourism is not the place for celebrations or for grumbling. It is a field of cooperation and collective action.



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