Greece’s Hotel Revenues Rise 26% in 2021–2024, Marking Strong Post-Pandemic Growth

• 22 September, 25

Greece’s hotel market has fully rebounded from the pandemic years, recording a 26 percent rise in revenues between 2021 and 2024, according to a new study by analytics firm ICAP CRIF.

The data indicated that the sector’s strong rebound came in 2022, when total revenues surpassed 2019 levels. In 2024, four-star hotels generated the largest share of revenues, accounting for about 44 percent of the total. They were followed by five-star hotels at 40 percent and three-star hotels at 16 percent.

Hotel revenues also performed positively during the six-year period 2013–2019, increasing at an average annual rate of 8 percent.

“Inbound tourism is particularly important, as the main guests of Greece’s hotels are foreign visitors, who primarily come for holidays during the summer months,” said Stamatina Pantelaiou, Director of Financial & Sector Studies at ICAP CRIF.

Rising trend in overnight stays

After the drop in overnight stays in 2020, numbers began to recover in 2021 and reached 117 million in 2024, marking a 3.9 percent increase. International travelers remained the main source of visitors to Greece in 2024, accounting for 85 percent of all overnight stays. The North Aegean recorded the highest share at 27.8 percent, followed by Crete with 24.8 percent.

Seventy percent of all overnight stays were concentrated between June and September, while Greece’s average annual occupancy dropped to 50.6 percent in 2024 from 54.7 percent in 2023.

Inbound tourism recovery strengthens

According to the survey, the strong performance of hotels stems from the recovery of inbound tourism that began in 2021. In the first quarter of 2025, arrivals rose by 5.4 percent compared to the same period in 2024. Last year, international arrivals hit a record 36 million, up 9.8 percent from 2023.

Greece’s traditional markets, Germany and the United Kingdom, recorded 5.4 million and 4.5 million arrivals respectively, accounting together for 27.6 percent of the total. In all, European countries accounted for about 61 percent of arrivals in 2024.

Tourism revenues have also been on an upward trend since 2021, reaching 21.7 billion euros in 2024 — a 5.5 percent increase over 2023. Revenues remained stable in the first quarter of 2025.

Investment and growth in hotel supply

According to data from the Hellenic Chamber of Hotels (HCH), 10,104 hotel units were registered nationwide in 2024, up from 9,732 in 2010 — an increase of 3.8 percent. The steady addition of new hotels underscores Greece’s growing appeal as an investment destination, drawing leading hospitality brands.

Cre: news.gtp.gr