Europe -  Athens

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Athens is the commercial and financial centre of Greece, located in Attica on the southernmost part of the mainland. Renowned for its historical and cultural significance, the city is a major destination for leisure tourism. However, its role as a governmental and institutional hub also supports strong corporate demand for hotels. In 2023, Athens ranked 11th among Europe’s top congress tourism destinations, according to ICCA data.

The city experiences a seasonal demand pattern, with peak activity during spring and autumn, driven largely by business and conference travel. Summer typically sees a dip in visitation as tourists head to Greece’s islands, while winter is the low season. Nonetheless, recent years have seen a gradual extension of the tourism season, with the city attracting visitors well beyond traditional peak months.

Athens International Airport marked a record-breaking year in 2024, handling nearly 32 million passengers, a 17% increase on 2023 numbers. According to Eurostat, Athens International ranked 8th among EU airports in terms of commercial flight activity.

Between 2014 and 2019, Athens recorded compound annual RevPAR growth of 7.0%, primarily fuelled by strong average rate gains. Following the pandemic, the market rebounded strongly. By 2023, hotel occupancy levels had nearly returned to pre-pandemic levels, with further growth in 2024. The average rate at hotels enjoyed a strong increase as soon as demand started to recover. In 2024, RevPAR rose by nearly 20%, bringing performance to an impressive 40% above 2019 levels in real terms – one of the strongest rebounds in Europe. We note that between 2019 and 2024, Athens’ hotel inventory grew by just over 5%, with the majority of this expansion coming from the opening of four- and five-star properties.

Athens’ hotel pipeline includes eight projects expected to add approximately 1,300 rooms to the market, increasing total supply by 5%. Upcoming openings include the 215-room Adia Aluma Athens Curio Collection by Hilton (June 2025), the 123-room Mandarin Oriental Athens (May 2027), the 198-rooms ibis Styles Athens Combo (March 2026) and the 130-room Bob W Stadiou (November 2025). Nine of these developments are currently under construction, with seven expected to be delivered within the next two years.

Athens has witnessed a notable uptick in hotel investment activity in recent years, driven by opportunities to convert underutilised or vacant properties into hospitality assets. Notable hotel deals in 2024 included the Grand Hyatt Athens (548 rooms), acquired by Blackstone in October for €235 million (€429,000 per key), and the Titania Hotel (385 rooms), acquired by H Hotels for an undisclosed amount.

Athens continues to lead all cities in our HVI analysis for the third consecutive year in terms of annual hotel value growth. In 2024, values per key rose by 11.8% year-on-year – the highest among the cities in our index – and now stand 19% above 2019 levels in nominal terms. The market remains highly attractive owing to low brand penetration, an aging hotel stock ripe for repositioning, and comparatively lower asset prices relative to other major European cities.

Change In Value For Market: (€Euro)

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: More than -10%

For more information, please contact:

Sophie Perret, MRICS, MBA
Managing Director
[email protected]
  • +44 0 2078787722 (w)
  • +44 0 7725781037 (m)
Tabitha Watkins
Analyst
[email protected]
  • +44 0 2078787724 (w)
  • +44 0 7562956921 (m)
Margherita Rivetti
Consulting & Valuation Analyst
[email protected]
  • +44 0 278787754 (w)
  • +44 0 7955271797 (m)