Investors Poured €2.05bn into New Hotels in Greece Last Year

More than 2.05 billion euros went into the construction of new hotels in Greece last year, and mainly of 4- and 5-star units, found the latest study released by INSETE, the Greek Tourism Confederation’s (SETE) research body.

Overall in 2023, more than 2.8 billion euros were channeled into the development or renovation of hotels in Greece, up by 39 percent over a year earlier, found the study titled: “Contribution of Tourism to the Greek Economy in 2023”. Of that sum, 761 million euros was invested in hotel upgrades and renovations with the bulk – 242 million euros on 5-star units and 258 million euros on 4-star facilities.

Over the last three years, a total of 12 billion euros have been invested in Greece’s tourism sector, with the majority of funds from 2021 to 2023 going into the construction or overhaul of 5-star hotels. In the three-year period under review, 6.7 billion euros went into the hotel sector with 2.4 billion euros of the total concerning the luxury segment.

In addition to investments in hotels, 2.26 billion euros – a 39 percent rise compared to 2022 – were channeled into other hospitality segments such as rooms for rent and villas.

According to INSETE, the Greek tourism sector boosted the country’s economy by 28.5 billion euros in 2023, accounting for 13 percent of GDP and recording the highest-ever performance.