Greek Resorts See Significant Revenue Growth Through September 2024

Hotel and resort revenue in Greece experienced significant growth from January to September 2024, surpassing figures from the previous year.

According to a recent analysis by GBR Consulting, resorts showed the strongest performance during the first nine months, with an 11 percent year-on-year increase. Revenues for city hotels in Athens and Thessaloniki followed with a 10 percent rise, while other city hotels in Greece’s urban centers saw a more modest increase of 2.8 percent.

Occupancy trends

GBR Consulting’s report highlighted that resorts, along with hotels in Athens and Thessaloniki, achieved notable occupancy gains in September. Resorts recorded the highest annual increase at 2.7 percent, while hotels in the two major urban centers rose by 1.1 percent. Conversely, city hotels outside these cities reported a decline in occupancy, down 1.2 percent.

The data showed that city hotels led in occupancy rates from January to May, but resorts outpaced them from June through September. Interestingly, revenue growth for both city hotels and resorts surpassed their respective occupancy rates.

Record-breaking tourism sector

GBR Consulting noted that these positive trends support projections for another record-setting year for Greek tourism. Their monthly hotel performance survey, which samples hotels generating a combined net annual revenue of 1.6 billion euros, underscores this optimism.

Rise in arrivals

International arrivals at Greek airports increased by 9 percent year-to-date as of September 2024 compared to the same period in 2023, according to the Hellenic Civil Aviation Authority (HCAA). Road arrivals also saw an impressive 14 percent boost, reported by  INSETE, the research institute of the Greek Tourism Confederation (SETE).

Decrease in summer tourism revenue – Challenges

Despite overall growth, GBR Consulting pointed out a decline in international tourism receipts during July and August 2024, which dropped by 5 percent and 3 percent, respectively, from the same months in the previous year.

The analytics firm suggested that the decrease could be due to tourists avoiding peak summer months because of high temperatures and costs, opting instead for travel in earlier or later months when possible. Additionally, budget-conscious travelers might have chosen alternative, less expensive destinations or shortened their stays, contributing to lower receipts. The summer wildfires were also mentioned as a potential deterrent for last-minute travel plans.