GBR Consulting Reports Greek Hospitality Industry Performance 4th Quarter 2017 (PDF Download)
Greek Tourism Exceeded Expectations in Terms of International Arrivals In 2017
International arrivals at the airport of Athens increased by 4.6% y-o-y during H1 2017. Subsequently, occupancy levels and room rates increased at Athenian hotels, resulting in an improvement of RevPAR of 10.1% y-o-y during H1 2017.
The Greek Tourism Confederation is optimistic for 2017 forecasting at least 26 million international tourists, representing an increase of 5% and significantly higher receipts, targeting at 14.4 billion, an increase of 12.9% y-o-y. We assume that this increase is based on expected changes in the market mix.
International arrivals at Greek airports showed a robust Q3 with an increase of 9.3% y-o-y. September was particularly strong with an increase of 13.2% y-o-y. However, arrivals on the islands of Kos and Lesbos dropped by 13% and 57% respectively up to Q3 2016, while Rhodes increased their arrivals with 9.3%.
The continuous growth of international tourist arrivals at the Athens airport from May 2013 has come to an end in April 2016, when a drop of 1.2% yoy was recorded. As a result, occupancy levels dropped from February 2016, but due to mild increases in room rates, RevPAR improved with 1.2% in Q2 2016.