Record rise in prices for accommodation in Athens hotels due to high demand

ATHENS, November 17th. After a temporary decline in August, in September 2022, a sharp increase in accommodation prices was again observed in the capital hotels of Greece. According to the Association of Hotels of Athens, Attica and Argosaronikos (EXAAA), the average room price in September reached 171.35 euros.

This is 19% more than in September 2021 and as much as 38.6% higher than in September 2019, the last pre-pandemic period. Thus, prices in Athens hotels have set a historical maximum.

The main reasons for such rapid growth, experts say, are high demand against the background of the increased tourist attractiveness of Athens, as well as the holding of numerous international conferences and business events in the city.

In addition, the general cost inflation in the hospitality industry is affected against the background of rising prices for energy resources and food.

Another important indicator - the hotel's revenue per available room (RevPAR) - also showed an increase of 19.9% in September compared to the same period in 2021 and 37% compared to September 2019.

At the same time, the average occupancy rate of Athens hotels was 93.7% in September. This is only slightly higher than the figure for the same month in 2021 and even slightly below the level of September 2019. The reason is that the number of hotel rooms in the city has increased significantly in recent years.

In general, for the first 9 months of 2022, the average occupancy of Athens hotels was 78%. This is 2.4% less than in the same period of 2019, but 14% more compared to January-September 2021.

Experts predict continued high demand and prices in Athens hotels in the coming months. The city will continue to attract tourists and participants of business events with its history, culture and infrastructure.