May 30, 2023

Athens News

News in English from Greece

Prices for holidays in Greece "bite"

Despite the fact that Greece is trying its best to attract as many tourists as possible this season, holidays in our country will cost more in the 2023 season.

Increased demand from foreigners for holidays in Greece, combined with inflation and a limited supply of accommodation, is driving up prices along with the modernization of much of the hotel stock, which is now targeted at travelers with higher incomes. It is characteristic that in some cases in popular directions, with especially limited accommodation potential, prices are increased up to 70% -80%. The trend is a continuation of the growth recorded in 2022 and is stronger for self-booking and individual holidays than for organized (buying a travel package).

Agreements signed by Greek hoteliers with foreign travel agencies last autumn provide for an 11-13% increase in accommodation in tourist properties. However, a large percentage of room capacity remains vacant as hoteliers know from customer behavior in recent years that they can achieve significantly lower rates with bookings made closer to the actual holiday time. Moreover, even after agreements with Greek hoteliers, foreign tour operators, foreseeing that they can raise their prices even more due to strong demand, charged an extra charge.

According to the UK consumer association “Which?”, a “package holiday” in Greece, which includes a week’s stay, aboutafraid of British travelers this year at 30% more expensivethan in 2022

Meanwhile, holiday price comparison site shows that price increases in Greece go hand in hand with the top six popular destinations, namely Italy, Spain, Turkey, Portugal and Cyprus.

According to recent research by US travel agencies, a three-star hotel in Greece currently averages about $85 per night, a four-star hotel about $140, and a luxury hotel stay averages $325 per night.

However, prices can be up to 50% higher in July and August. This increase confirms the trend recorded in recent years and became more evident in 2022: last year, the turnover of Greek seasonal hotels, that is, those that open only during the summer season, increased by 9.8% to 6.768 billion. the highest category, 4 and 5 stars, saw sales up 13.1% to 6.65 billion, while the lowest categories, 1 to 3 stars, recorded a 22.3% decline in sales, according to the Institute for Research and Forecasting’s annual survey. Tourism (ITEP) of the Hellenic Chamber of Hotels (ΥΕΕ).

Market experts believe that as the main summer season approaches, prices will jump even higher, as occupancy this season, based on existing bookings, is already at historically high levels.

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