Greece Study: Rising Demand for Luxury Tourism is Back

Demand for high-end tourism in Greece including accommodation at luxury resorts and villas is gaining ground despite the ongoing Covid-19 pandemic, found a study released by research firm GBR Consulting.

More specifically, based on projected strong occupancy rates for September and October, the study found that luxury tourism will most likely be the first to recover in the aftermath of Covid.

Analysts point out that Greece has managed despite the restrictions impacting travel to attract higher-income travelers who are willing to spend more. 

These tourists are choosing to stay in 5-star hotels and resorts or book luxury villas through short-term rental platforms like Airbnb, particularly at popular destinations.

According to the report, VIP tourism worldwide is on an upward trend accounting for 6.5 percent of the total market and gaining momentum after the outbreak of Covid-19.

Study analysts note that Greece has the capacity to tap into the promising market. Indicatively, a high-income traveler spends four times more on average compared to tourists visiting Greece on leisure.

Luxury travelers to Greece are mostly interested in villas with private pools on Mykonos, Santorini and Paros, where occupancy is almost 80 percent into October. Meanwhile, occupancy levels of luxury accommodation on Skiathos and Skopelos are almost at 100 percent, the report found. Other favorite destinations include Zakynthos, Lefkada, Rhodes, Chania (Crete), Halkidiki and Messinia.

At the same time, American and Swiss tourists have opted to stay in luxury resorts in August and September, many of whom are also interested in purchasing holiday homes.

Market experts attribute the high demand for luxury hospitality to an increasing need for privacy and isolation due to the pandemic as well as to savings accumulated during lockdowns. So much so, that they are expecting 5-star resorts to reach or even exceed 2019 pre-crisis levels.