Source: GBR Consulting
  • The international Airport of Athens recorded a significant increase of 10% in international arrivals during Q1 2023 compared to Q1 2019, with domestic traffic at similar levels. Comparing the same quarters for
    the International Airport of Thessaloniki, international arrivals registered a small increase of 2%, while domestic arrivals declined. 
  • The increase of demand at the Athens airport is not reflected in the occupancy levels of the Athens hotel sector as declines were recorded comparing Q1 2023/2019. However, as room rates were growing with double digit rates, RevPAR shows a positive start of 2023. In Thessaloniki similar trends are noted. 
  • During the first two months of 2023 the Bank of Greece recorded an increase of 4% in inbound travellers compared the same period in 2019, while travel receipts increased by 9%.
  • GBR’s revenue index for the Greek hotel sector, which includes city hotels and a limited number of resort hotels during Q1, recorded for Q1 2023/2019 an increase 9.3%, but a decline of 4.9% in room nights. International arrivals at airports located at the main tourist islands sextupled in March 2023 compared to
    same month in 2019, albeit at low levels still at nearly 90,000. 

Outlook

In an environment of a significant slow-down of the global economy, geopolitical tensions, inflated energy & food prices and rising interest rates - leading to soaring costs for businesses and households - the Greek tourism sector showed a strong performance in 2022 mainly on the back of pandemic related pent-up demand and accumulated savings, the strong labour market and temporary policy measures worldwide to contain energy costs. The Greek luxury hotel sector registered significant growth in 2022 compared 2019, supported by the return of the Americans. Travel receipts of international business travel to Greece increased by 6.1% in 2022 compared to 2019.

GBR Consulting is the leading hospitality and tourism consultancy in Greece. Its experience includes market and financial feasibility studies as well as valuations and development plans for Hotels, Resorts, Spas, Marinas, Casinos & Gaming, Conference Centers & Arenas, Theme Parks, Golf Courses etc. GBR Consulting is affiliated to CBRE Atria, the Greek arm of CB Richard Ellis, providing together a specialized service for Tourism Properties Transactions. GBR Consulting possesses a database with financial data for over 1,000 hotel establishments in Greece and has a datashare agreement with STR Global, the word's largest databank of hotel operational data.

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