Athens hotel rates have soared

The average price per night increased in September by almost 40% compared to 2019

Athens hotel rates have soared

After a temporary dip in August, price increases at Athens hotels resumed in September, setting the average cost of accommodation for their guests in the first month of the fall almost 40% higher than the levels of 2019, the last year before the pandemic and a record year for Greek tourism.

High occupancies attributed mainly to the emergence of the capital as an independent international destination but also to a significant number of international conferences taking place there, as well as inflation, have driven average room rates to record-high levels.

According to the latest data by the Hotel Association of Athens, Attica and Argosaronicos (EXAAA), the average rate per night in September reached 171.35 euros against €143.94 in September 2022 and €123.67 in September 2019. That is, an increase of 19% and 38.6% compared to September 2022 and 2019 respectively.

The performance for the revenue per available room (RevPar), an index that evaluates revenue in relation to occupancy, in September was €160.48, compared to €133.89 in September 2022 and €117.13 in September 2019. That is an increase of 19.9% and 37% compared to September 2022 and September 2019 respectively.

September closed for the capital’s hotels with an average occupancy rate of 93.7%, marginally higher than September 2022 levels (+0.7%) and marginally lower than September 2019 (-1.1%). It should be noted that the number of available rooms in Athens has increased significantly since 2019 as investments launched in previous years are entering the market.

At the same time, the picture of tourism in the center of Athens becomes more complete if one takes into account the very large increase in both the number of available short-term rental accommodation and their occupancy. In January-September, the average occupancy of Athens hotels was 78%, marking a decrease of 2.4% compared to 2019 and an increase of 14% compared to the corresponding period of 2022.

“The good performance in September was largely thanks to an important number of international conferences held in Athens,” commented EXAAA.

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