With Greece remaining at the top of the world’s tourism brands and the country setting a new record for tourism in 2023, the prices of five-star hotels in Athens and Thessaloniki recorded new increases in the second half of last year.
In particular, according to a survey by international real estate consultancy Cushman & Wakefield, the revenue per available room (RevPAR) ratio in the luxury hotels of the two cities increased significantly by more than 25% in the second half of 2023, compared to the same period in 2022.
Average daily rates (ADR) in Athens and Thessaloniki reached EUR 260 and EUR 150, respectively, while occupancy rates ranged between 60% and 70%.
According to the survey, for the seasonal, five-star hotels in Corfu, Crete and Rhodes, preliminary results showed that the average occupancy in the summer period slightly exceeded 75%, while the ADR was around 250 euros, i.e. about 8% higher than in 2022.
As stated, Greece continues to emerge as a top choice for luxury accommodation and high-end hospitality experiences, with future prospects for the hospitality industry appearing promising, with new opportunities for expansion and growth on the horizon.
The CW Proprius study data shows that the vast majority of approved tourism projects are in the 5-star hotel category, with a total of 23 investments, followed by the 4 and 3-star hotel categories with 6 projects each.
