Greece hotel prices decline in August for first time in five years

Hotel accommodation prices in Greece experienced a decline in August, marking the first such decrease in five years. This shift breaks a long-term upward trend driven by post-pandemic demand and eurozone inflation.

Data from the Institute of Tourism Research and Forecasting indicates that while average prices for the overall market fell slightly to 189 euros from 190 euros the previous year, occupancy rates remained stable at approximately 86.2%. The decline was most pronounced in five-star hotels, where average prices for a double room dropped by about 5.3% to 341 euros.

Market analysts suggest the price reduction, particularly in seasonal luxury accommodations, is linked to a high volume of late bookings. In contrast, year-round hotels saw an average price increase of approximately 9.8%, rising to 123 euros. Four-star hotels also recorded a modest increase of 3.6%, while three-star establishments saw a slight decrease.