In Greece, the second most visited country by Turks after Georgia, family-run hotels are losing the battle against rising costs after the Ukraine war.
According to a report published by E-Real Estates and headlined by the Greek press, 204 family-run 3 and 4 star hotels across the country are up for sale, compared to 111 in the same period in 2022. Themistoklis Bakas, President of E-Real Estates, stated that the fact that so many hotels are up for sale at a time when the tourism season is opening is due to the successive crises, loans, evolving regulations, increased energy expenditures, inflation and increased costs of goods in the supply chain, and that these factors have led to a decrease in the income of business owners and an increase in their expenses.
"Both foreign funds and local investors have acquired sizable hotel properties in Greece and bought family-owned businesses struggling with financial obligations," the E-Real Estates report said, noting that small business owners are struggling to keep up with rising costs and other economic stressors.
In Greece, investors are most interested in Athens and the surrounding areas of Kifse, Plaka, Votanikos and Psiri. According to the report, hotel prices in Crete and the Peloponnese (Peloponnese Peninsula) start at around €500,000 (13 million Turkish Liras), while family-owned businesses on the famous Aegean islands of Paros, Santorini, Mykonos, Naxos and Rhodes start at €620,000 (16 million Turkish Liras). In the country's leading tourist centers such as Evia and Halkidiki, the starting price is 650 thousand Euros (16.8 million Turkish Liras).
