Boston, MA -- (SBWire) -- 08/09/2013 --The future is looking good for the Greek tourism market, despite ongoing domestic economic restrictions which are making investors wary of any large scale immediate expansions. Growth in inbound and outbound arrivals by 2017 will lead to increased expenditure on transport and travel related items, and as such we expect to see an overall increase in the country's tourism industry value.
Minimal increases in the number of hotels and other accommodation establishments in Greece are expected during the forecast period to 2017, however other investment opportunities could be presented in the form of the of the government disposal of hotel assets as part of its economic reform programme. Therefore we believe Greece offers good investment potential to large tourist industries, in particular global hotel groups, who are well placed to maximise the growth opportunities offered by the Greek market.
After fluctuations between 2010 and 2013, we expect inbound arrivals to stabilise in 2013 and show positive growth from 2014 onwards, with the overall annual arrivals figure increasing from an estimated 16.4mn in 2012 to a forecasted 20.1mn in 2017. This is however dependent on a lasting improvement in the economic situation of marker source markets within the Eurozone. At the present time, BMI is forecasting flat growth for the eurozone in 2013, rising to 1.2% in 2014. Limited economic growth in two major source markets, the UK and Germany, is also expected to constrain inbound tourism over the short term. Europe is expected to remain the key market for Greece, and in the long term it should seek to expand further into burgeoning markets in the Asia Pacific region to decrease its reliance on the Eurozone.
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BMI also expects to see growth overall in terms of outbound travel from Greece, however these gains re unlikely to materialise until 2016, with travel being held back by Greece's ongoing economic woes. By 2017 outbound travel should start to show signs of recovery, with an outbound annual traveller figure of just under 4mn.
- According to local reports, the National Bank of Greece is in the process of selling its 85.35% stake in Astir Palace Vouliagmenis. Astir's prime assets are the Luxury Collection Arion Resort and Spa (123 rooms and 58 bungalows), as well as the Westin Athens (162 room). Both of these hotels are currently managed by Starwood Hotels & Resorts
- Top global hotel brands continue to invest in the Greek market, with Starwood Hotels & Resorts opening the W Athens Astir Palace Beach, a luxury property in Athens in 2016. Other chains are also expanding into the market with Spanish hotel chain Barcelo Hotels & Resorts entering into a management contract to operate the five-star Hydra Beach resort near Ermioni in early 2013.
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New Market Report: Greece Tourism Report Q3 2013
Recently published research from Business Monitor International, "Greece Tourism Report Q3 2013", is now available at Fast Market Research