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Survey: Greek hotels have been moving towards the luxury side

Among the foreign real estate investments some individuals make are hotel-related investments. Some Greek American investors may desire to make such investments in Greece. There are many things it can be important for such an individual to give due regard when investing in Greek hotels.

One are the legal issues related to the particular hotel investment they are thinking of making, including issues related to Greek real estate and tax laws. Properly addressing such issues as they come up could help with preventing unexpected complications from arising in connection to transactions or other matters involving this type of property. So, what sort of legal guidance a Greek American has when dealing with such issues could be quite impactful.

Another thing it can be important for a Greek American to properly factor in when looking to invest in Greek hotels are the current trends in the hotel industry in Greece. A recent Institute of the Greek Tourism Confederation (SETE) survey indicates that one such trend Greece has been experiencing over the past two and a half decades are luxury hotels making up a bigger a bigger share of the country’s hotel market.

The survey found that, between 1990 and 2016, the presence of five-star hotels in Greece, as a rate of all hotel rooms in the country, grew considerably. Meanwhile, the presence of one-star hotels in the nation shrunk over this same period.

It will be interesting to see if this trend towards luxury hotels continues in upcoming years in Greece.

Source: ekathimerini, “Shift toward five-star hotel units in Greece,” Stathis Kousounis, Feb. 10, 2017

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Hahalis & Kounoupis, P.C. - Greek Law Group
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