Greece invests in luxury tourism

Vassilis Karamouzis, General Manager of the Corporate and Investment Banking Department of the National Bank of Greece, speaking at the 8th Delphi Economic Forum, which takes place April 26-29, 2023, noted that the right combination of success for the development of CAPEX & OPEX indicators is three components: quality product, the right design, and a “good banker” to help fund the investment.

Chloe Lascaridi, Chairman of the Board of Directors of Lampsa Hellenic Hotels, said that Greece is on the rise right now. In particular, Athens has risen significantly in the world ranking of tourist destinations.

“The trend is the lengthening of the tourist season. This is facilitated by the development of art, haute cuisine and consumer demand,” she added, noting that further development would be facilitated by an increase in the number of direct flights in the region during the winter months, the improvement of a number of services and infrastructure, and the transformation of Athens and other large metropolitan areas (such as Thessaloniki) into final destinations, rather than a temporary stopover (transshipment point). In addition, the creation of a modern conference center will make a catalytic contribution to the development of tourism in Athens.

Yannis Paraskis, General Manager of Athens International Airport Eleftherios Venizelos, noted that so far this year has been going very well in terms of arrivals, despite difficult geopolitical developments. He emphasized that first preferred destinations are Athens and Thessaloniki. In particular, the number of bookings in Athens is 50% higher compared to the previous year and 3.5% higher than in 2019. “The reports are particularly encouraging as the average length of visitor stay has increased from 2 days to 3.5 days while the coastline and the Argosaronic Islands, located near Athens, are now being recognized,” he said.

The specialist added that the infrastructure needs to be improved (the water supply network of the islands, airports, etc.), as there is now an increased demand for a comfortable stay among visitors. Mr. Paraskis explained that infrastructures related to the ancient civilization are still under the greatest pressure, as 55% of Athenian tourists visit the Acropolis.

Constanta Sboku Konstantinopoulou, President of Phaea Resorts, added that Greece is no longer a cheap tourist destination and is currently investing in the luxury hotel market, where there is more profit and efficiency. She even stated that the luxury market is more resilient to crises. Particular attention was paid to shortage of staff and the need to raise salaries for tourism workers.

Stamatis Hatzilazarou, owner and board member of H Hotels Collection, added that the problem of shortage of staff has been observed since the pre-pandemic era, and that the pandemic has simply exacerbated it.

The development of tourism schools will help train personnel and attract workers to the industry.

However, problems such as housing for workers, especially on the islands in the summer, and often unprofessionalism need to be addressed with the right mix of policies. “Just raising wages in the industry is not enough,” he concluded.

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