The Greek hotel industry experienced significant growth in 2023 on the back of strong tourism numbers, with turnover rising 23% year-over-year. Higher room rates also contributed to the increase.
Banner year for Greek tourism
According to the Bank of Greece, Greece welcomed a record 32.7 million international visitors in 2023, up 4.4% from 2019 levels.
Total tourism revenue hit €20.45 billion last year, up 12.7% from 2019.
The average expenditure per visitor climbed to approximately €623.
Hotel revenues climb amid higher occupancy and room rates
Meanwhile, the turnover of Greek hotels reached €10.5 billion last year, a 23% jump from 2022.
According to the Hellenic Chamber of Hotels, revenues varied notably between hotels with seasonal versus year-round operations, up 27.4% and 9.4% respectively.
One- to three-star hotels saw an 18.8% revenue increase. Meanwhile, four- and five-star hotels posted larger growth at 23.6%.
Occupancy levels peak in summer months
Top-tier hotels recorded the highest occupancies from June to September, on par with August 2022 and up from August 2019.
Room rates also trended higher, with the average price for a double room rising 9% in August 2023 over 2022.
Prices climbed about 11% year-over-year in May and October.
Tourism drives economic rebound
On the back of rising turnover, Greek hotel staffing increased by 12.6% last year to 208,445 employees.
The growth of Greece’s vital tourism industry has powered the economy’s strong recovery from the pandemic.
International praise for the country's high-end hotels and stellar hospitality has catalyzed further expansion beyond pre-COVID levels.
Smoother travel ahead for EU visitors
The continued growth of Greek tourism bodes well for travelers visiting under the European Travel Information and Authorization System (ETIAS), set to launch in mid-2025.
ETIAS will allow European Union (EU) visitors waiver-free entry to Greece and 29 other European countries.
Higher hotel capacity and revenues should enable businesses to accommodate the expected increase in EU tourists post-ETIAS.
Potential immigration policy shifts
Surging tourism may also impact Greece’s immigration policies long-term if the trend spurs investment in new residences and businesses.
The prospects of an ongoing boom could lead to easing restrictions to attract more foreign workers, digital nomads, and families.
However, Greece is expected to remain selective, focusing on high-net-worth individuals and investors capable of buying property or funding startups.
Bright outlook for booming Greek tourism
With higher visitor numbers and spending, 2023 was a banner year for Greek tourism. Hotels reaped the rewards through climbed occupancies and room rates.
As the industry continues to grow in the years ahead, it will provide a significant boost to the national economy.