Greece Tourism Report Q3 2016

Date: June 15, 2016
Pages: 30
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: G7633B30CF1EN

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Includes 3 FREE quarterly updates

BMI View: Greece is home to one of the largest tourism markets in Europe and attracts millions of visitors annually to its range of island beach resorts, popular city breaks and extensive historical and cultural attractions. The government is highly supportive of the tourism industry and is investing in a range of measures to arrest the decline in arrivals seen in the wake of the ongoing migrant crisis and Greece's economic troubles. These measures look set to be successful, particularly in light of the fall in travel to competing destinations such as Turkey and Egypt, and we are forecasting steady growth in international arrivals to Greece over the next few years. While the maturity of the market means that opportunities in the hotel sector are relatively few, there is some development in the luxury segment, and as visitor numbers increase - boosting tourism expenditure and industry value - we expect to see continued investor interest in this popular market.

Key Updates And Forecasts
  • While a number of airlines are expanding flight routes to Greece, including British Airways, which is launching new flights to Kalamata and Chania in summer 2016, Greece has come under criticism from leading budget airline Ryanair, which has announced it will cut summer season flights to Greece two months earlier than usual due to disputes relating to tourism taxes.
  • The tourism ministry reports that there have been 160 applications for the development of new four- and five-star hotels so far in 2016 and more may be added over the next few years - though we note the introduction of increased VAT on hotel stays (from 6.5% to 13%) may affect bookings.
  • We are maintaining our forecasts for steady annual growth in arrivals to Greece between 2016 and 2020, with the inbound tourism market expected to grow from 18.2mn in 2016 to 19.9mn by the end of the forecast period. This will have a positive effect on tourism-related expenditure - a key component of national revenue in the country.
BMI Industry View
  Table: Key Forecasts (Greece 2013-2020)
Industry Forecast
  Table: Inbound Tourism (Greece 2013-2020)
  Table: Tourism Receipts (Greece 2013-2020)
  Table: Hotel Accommodation (Greece 2013-2020)
  Table: Tourist Departures And Consumption (Greece 2013-2020)
Industry Risk/Reward Ratings
Industry Risk/Reward Index
  Table: Western Europe - Risk/Reward Index
Security Risk
Market Overview
Competitive Landscape
Domestic Hotel Groups
  Table: Domestic Hotel Groups
International Hotel Groups
  Table: International Hotel Groups
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Weighting Of Indicators
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