An increase in the average cost of residents traveling abroad in Hellas by about 9% based on currently available data and a significant recovery travel arrivalin some cases even above record levels in 2019, underpin estimates of increased travel receipts this year compared to 2019 and even by about 20%.

In particular, its institutional bodies Greek tourism but also government officials believe that inbound tourism revenue could reach 20 billion euros this year, compared to 18.2 billion in 2019. Already data on arrivals from abroad to the main tourist destinations of 14 regional airports in June show an increase of 4.6. % compared to the corresponding month of 2019, while in July according to sources “K” growth is estimated to be close to 11%.

If the estimates are confirmed, then tourism revenues will exceed 18.2 billion euros in 2019.

With booking figures especially encouraging for September as well, and August also booming, estimates for the new record-breaking collection are picking up this year. But while average travel spending by overseas residents is rising and 4- and 5-star hotels and short-term rentals are booming, cheaper accommodation seems to be on the sidelines. Proponents explain that a structural shift in the quality of inbound tourism towards the upper echelons was already taking place before the pandemic, creating conditions that would allow higher-income hoteliers to raise prices significantly. Moreover, because of this, they face significantly increased costs. inflation. At the same time, however, middle- and low-income travelers, including Greeks, are looking for more competitive deals, which so far exist mainly in less developed destinations.

This trend, while frowned upon by many Greeks, has the potential to extend the economic benefits of tourism to other parts of the country, as the South Aegean and Crete still account for the lion’s share of the billions flowing into the country. Of course, a necessary condition for this is the improvement of infrastructure throughout the country, so that even those who pay especially high prices for accommodation are satisfied – and pass on their positive experience to new travelers, and also return again in the following years themselves – and new emerging destinations, such as the Peloponnese, northwestern Greece, and also in the north of the country to be able to serve the growing number of visitors.

In this environment, the investment interest, Greek and foreign, in hotel real estate and businesses continues to flourish. Just a few days ago, the Spanish investment fund Azora bought the Sheraton Rhodes Resort hotel in Lamps, Rhodes for 43.8 million euros, and 10 days ago three powerful investment schemes, one under Bain Capital, one under the US Apollo fund, as well as a consortium of investment SMERemediumCap (Smerc) and the T. Laskaridis group, who are said to be working with the Israeli group Brown Hotels, has submitted binding offers to acquire a package of non-performing loans from 75 Greek hotels in a related tender conducted by Intrum.