After a slight decline in August, the prices of hotels in Athens resumed their increase in September, reaching nearly 40% higher than the levels seen in 2019, which was a record year for Greek tourism before the pandemic.
The high occupancy rates can be attributed to Athens emerging as an independent international destination and the hosting of numerous international conferences. Additionally, inflation has also played a role in driving up the average room rates to record highs.
According to the Hotel Association of Athens, Attica, and Argosaronicos (EXAAA), the average rate per night in September was €171.35, compared to €143.94 in September 2022 and €123.67 in September 2019. This represents an increase of 19% and 38.6% compared to the same periods in 2022 and 2019, respectively.
The revenue per available room (RevPar) also saw growth, reaching €160.48 in September, compared to €133.89 in September 2022 and €117.13 in September 2019. This marks an increase of 19.9% and 37% compared to the same periods in 2022 and 2019, respectively.
In terms of occupancy, September recorded an average rate of 93.7%, slightly higher than September 2022 (+0.7%), but slightly lower than September 2019 (-1.1%). It's worth noting that the number of available rooms in Athens has significantly increased since 2019 due to investments made in previous years entering the market.
Furthermore, when considering the overall tourism picture in the center of Athens, there has been a significant increase in the number of available short-term rental accommodations and their occupancy rates. From January to September, the average occupancy rate of Athens hotels was 78%, showing a decrease of 2.4% compared to 2019, but an increase of 14% compared to the same period in 2022.
EXAAA commented that the successful performance in September was largely due to the hosting of a significant number of international conferences in Athens.
