To say that Greece is a tourist destination that generously offers everything and to everyone would not seem like an exaggeration at all, as the country not only offers a wide range of options to the most demanding tourists all year round, with the main package of services based on the "sun, light, and sea" motto, but also provides excellent options for the winter season in areas such as alternative, religious, culinary, climbing, thermal, and medical tourism.
The list of available options should also include the so-called "silver economy," which is addressed to the elderly and retirees from third countries who want to start a new, tranquil and carefree chapter in their lives and are looking forward to a kind of everyday life that they certainly did not experience during their professional lives.
In the land of the endless blue, however, tourism, above all, means investment opportunities. Profitable investments worth billions of euros are made every year by domestic and foreign entrepreneurs who know how to spot opportunities in the hospitality industry, as well as in the construction sector, the cruise market, coastal shipping, yachting, marinas and port infrastructure, and make the most of them.
However, in Greece, tourism also involves business dealings with significant turnover and substantial profit in sectors such as aviation, hospitality, catering, and import and export, particularly food.
Greece is therefore rightfully regarded as a travel destination that can meet all kinds of demands and tastes, catering for regular, traditional tourists as well as the pickiest of travelers and those who think and live differently, enjoying novelty and seeking adventure.
At the same time, the country attracts the attention and interest of entrepreneurs, agents, brokers, and traders, as well as investors and international funds that are constantly looking for new, promising deals.
Simply put, Greece is definitely a particularly attractive, all-inclusive tourist destination.
Plato Tsoulos
TRANSPORTATION SPONSOR FOR
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Action and tools to enhance quality growth of Greek tourism
Greece's tourism sector faces multiple and intricate challenges, including the ramifications of the climate crisis, the volatile and competitive global landscape, and evolving travel behaviors that necessitate a fresh approach and policy adjustments
Olga Kefalogianni Minister of Tourism
Tourism has always been a vital component of Greece's economy, bolstering public revenue, employment, regional development, and social cohesion. Beyond its direct economic contribution, it offers additional growth prospects for many economic activities indirectly associated with tourism, including manufacturing, trade, and agricultural output.
In 2023, Greek tourism achieved unprecedented success. Greece ranked among the top ten most sought-after global destinations, while the direct economic impact of incoming tourism grew beyond the 20-billion-euro mark for the first time.
The momentum recorded in the current year, above and beyond 2023 levels, provides us with the motivation to continue operating at an even higher level of efficiency. However, we acknowledge that success entails intricate challenges, including the ramifications of the climate crisis, the volatile and competitive global landscape, and evolving travel behaviors, necessitating a fresh approach and policy adjustments.
We are currently at a critical juncture where it is essential to ensure that tourism will continue to benefit the national economy and local communities in the future.
Therefore, the government and the Ministry of Tourism are working together on the basis of a policy that responds to current challenges.
We have already made a new beginning for Greek tourism by initiating a new cycle of development with a vision and central objective to achieve the sustainability of the tourist product and our destinations.
Such a cycle of growth prioritizes the adherence to measure and balance, respect for the natural and cultural environment,
Through our policies and action, we aspire to enhance the qualitative development of Greek tourism, anticipating long-term advantages for the nation and as broad a segment of the community.
the well-being of local communities, resilience, and the preservation of the individuality of our destinations.
To accomplish our objectives, we make strategic readjustments to the institutional framework as needed, and employ the available financial instruments.
To achieve our goals, we intervene targeted and where necessary in the institutional framework, and utilize the available financial tools.
Through our latest legislative initiative, Act 5121/2024, we have implemented measures to streamline licensing processes and enhance the nation's tourism infrastructure, including intricate tourist accommodation, marinas, as well as health and wellness tourism facilities.
We launched new tourism products and eliminated barriers to entrepreneurship to establish a more favorable investment environment, while, of course, prioritizing environmental conservation.
Additionally, we put into effect laws aimed at bolstering Greek tourism's human resources and greatly enhancing tourism education and training, all with the goal of raising the caliber of our services.
Simultaneously, in addition to implementing changes in the institutional framework, we are actively pursuing infrastructure projects that will enhance our tourism product. We aim to create added value for Greek tourism and distribute
tourist flows over a longer period of the year and a larger part of the territory through these projects. We are diligently striving to leverage the resources of the Recovery and Resilience Facility (RRF). The initiatives, formulated in accordance with the principles of the Green and Blue economy, pertain to programs aimed at advancing particular types of tourism, including mountain and winter tourism, maritime tourism, health and wellness tourism, diving tourism, and agritourism.
These projects, which have been launched and are currently in the implementation phase, include the upgrading of ski centers and mountain refuges, the upgrading of infrastructure in marinas, as well as the upgrading of existing and the development of new thermal tourism facilities.
At the same time, many of these projects anticipate the development of digital promotional tools, which will enhance the tourist experience in our country.
Furthermore, we intend to develop a digital map to enhance agritourism, together with culinary and wine tourism, through an additional project.
We are now utilizing resources to enhance the promotion of the tourism product through new digital communication tools and platforms. These will enhance the linkage between tourism and the nation's significant cultural heritage while emphasizing the distinctive experiences available to modern travelers.
Tourism is, of course, a dynamic, ever-evolving sector, and accordingly, we continuously adjust our policy. Through our policies and action, we aspire to enhance the qualitative development of Greek tourism, anticipating long-term advantages for the nation and a broad segment of the community.
GREEK TOURISM WELCOMES FRESH WAVES OF INVESTMENT
As a result of an increased flow of investment in Greece's tourism sector, a series of major projects are currently underway in Attica, Thessaloniki, and other classic, summer destinations
By Vaso Vegiri vvegiri@naftemporiki.gr
The flow of investment in Greece’s tourism sector is by no means slowing down, as investor interest is proving to increase dramatically for at least the coming three-year period. In addition to official accommodation units, several residential complexes are being developed in tourist areas for short-term lease or sale, resulting in a plethora of hotel and broader tourism investment in Attica, Thessaloniki, and other classic and non-classic summer destinations.
Just a few months ago, in March 2024, "N" registered as many as 87 hotel investment projects nationwide, with the financial data announced for 21 of these projects exceeding 5.0 billion euros. At the same time, building permits have been issued for numerous new five-star hotel complexes in regions spanning from the Cyclades and Crete to the Ionian Islands and Northern Greece in the past quarter alone. According to the latest data, hotel development projects valued at over 1.0 billion euros are scheduled to commence in Crete by 2027.
In more detail, in recent months permits have been issued for new five-star hotels in the Pefkoi Lindos and Neohori areas of Rhodes (including hotel renovation and expansion), on Kos, on Zakynthos, on Kythnos (in the areas of Flamouria and Agia Irini), on Schinoussa, on the islet of Diaporos in Sithonia, Halkidiki (two new establishments), on Thassos, in Chanioti, Halkidiki (including additional projects in the five-star Domes Nowruz Kassandra), in Imerovigli (Santorini), in the Agriada area in Eastern Mani of Laconia, in Kastraki of Kalambaka in Meteora, in Sfakia and Livadia Kissamos, Chania, in Heraklion (currently expansion of a five-star hotel of the Mitsis
Group). On the island of Milos, plans are underway to develop a new five-star hotel in the Pera Vouno area, and to expand the existing five-star hotel Domes White Coast. The Pearl Island opened for business cently on Chios, being the island’s first five-star luxury hotel. Additionally, plans are underway to build several four-star new hotels in Artemonas (Sifnos), Aliki (Paros), Mykonos (at the Korfos location of the Ornos settlement), Ano Koufonissi, and Pefkohori Kassandras, along with some three-star hotels in the Kamari Episkopi Gonia (Santorini) and in the Agios Pavlos area of Amorgos.
Crete
Alongside 'official' lodging facilities, a number of apartment complexes, intended for shortterm rental or sale, are being constructed.
Crete, regarded as the "flagship" of Greek tourism, is to welcome Rosewood Hotels & Resorts, an international luxury hotel <https://en.wikipedia.org/wiki/ Luxury_hotel> and resort <https://en.wikipedia.org/ wiki/Resort> company operating 31 hotels in 16 countries, in 2025.
The new Rosewood Blue Palace in Elounda will
be renovated and expanded, and will be renamed to Palace Resort & Spa of PHAEA Resorts (ex Sbokos Hotel Group).
An investment in Elounda’s luxury resort, Elounda Hills, is anticipated to reach its full development phase by 2032, valued at an enormous 800 million euros. This project will feature a luxury hotel, a complex of 257 luxury villas and residences, and the largest private marina in Greece. Blue Frontier is also budgeting 238 million euros for the development of a holiday tourist complex in Geropotamos Rethymno, which will also feature a marina.
Leptos Group is going ahead with an investment valued at 202 million euros in Chania for the development of Costa Nopia, a resort that will include 830 residences, two hotels, a marina, a golf course, a shopping mall, a helipad and a seaplane base. The Metaxa Hospitality Group plans to invest 126 million euros in Lasithi to develop Cape Tholos, a complex that will include a hotel and 136 residences.
In Sitia, part of the Lasithi regional unit, an invest-
ment of 30 million euros by Iktinos regards the development of the Sitia Bay Resort, sporting a five-star hotel, holiday homes, a marina and a golf course. In addition, Curio Collection by Hilton’s Imperial Flair Chania Old Town hotel is expected to open its doors to guests within 2026.
The group MK Hotel Collection inaugurated the ELIOS HILL Sun-Kissed Happiness, a new hotel in Hersonisos, Heraklion, in June 2024, after investing 42.5 million euros in its development. Another new five-star establishment that opened for business in the early days of this summer is the new five-star Intercontinental Resort Crete, located in Agios Nikola-
os, through a collaboration between Intercontinental Hotels Group (IHG) and Hines and Henderson Park.
Peloponnese
The Peloponnese also continues to draw in a multitude of large and complex tourism investments. TEMES is aiming to meet high demand by expanding Costa Navarino in Messinia with new private residences for sale, the latest of which is the Valley Greens neighborhood. Third-party investments in the destination's residential community already exceed 400 million euros. Notably, this year's annual Readers' Choice Awards included all four Costa Navarino hotels among Greece's best.
In the meantime, at least four major projects are planned for development in the regional unit of Argolida, as detailed below:
In March 2024, "N" registered as many as 87 hotel investment projects nationwide, with 21 of these totaling more than 5.0 bln euros.
Hydra’s Art Residencies in Ermioni, by the company Plepi Land Development, an investment plan valued at 119 million euros for the development of a hotel complex, two zones with 229 villas and spaces
Costa Navarino in Messinia is expanding to include new private residences.
for art, recreation, etc.
A new five-star complex, the Six Senses, on the site of the former Costa Perla tourist accommodation facility, is to be developed by a group of domestic and foreign investors, including the London-based investment company CBE Capital, the Taconic Capital fund, and the Goutou family. The complex is anticipated to open for business in 2026.
In the area of Petrothalassa, an inclusive tourist investment valued at over 200 million euros is being planned by the Sheikh of Abu Dabi, Tahnoon bin Zayed Al Nahyan, and aimed at developing a luxury hotel and furnished residences with a total capacity of 388 beds, as well as a tourist port facility for yachts.
The Kilada Hills is an investment valued at over 400 million euros. In the first phase of the development, regards the construction of an 18-hole golf course, a golf clubhouse, a beach club, and 90 villas. The second phase regards the development of a fivestar hotel and a complex of residences.
Attica - Thessaloniki
Attica is leading the investment in the tourism sector, and the city of Thessaloniki is also seeing an increase in hotel investment activity. The conversion of the former Hilton Athens hotel by Ionian Hotel Enterprises, whose majority shareholder is TEMES, and its repositioning as multiple-use destination THE ILISIAN, is among the major tourism and real estate investment projects currently in progress in Attica.
Through a joint venture, the companies TEMES and Lamda are planning several developments in the seaside Elliniko area, which will include the Mandarin Oriental hotel and 17 branded luxury residences
“With funds amounting to 22 million euros from RRF, the Ministry of Tourism has organized campaigns to promote the 85 recognized thermal springs of Greece.
with sea views. The joint venture will also develop a second ultra-luxury hotel in the coastal area of Elliniko, with the investment for both hotels totaling over 300 million euros.
In Thessaloniki, the construction of a new five-star hotel of the Electra Hotels & Resorts chain is already underway at the junction of Tsimiski St., Ethnikis Amyni St. and Dagli St. on a property owned by the Church of Greece, under an investment plan valued at 30 million euros.
In addition, the development of a number of luxury hotels is planned as part of a series of projects, such as the redevelopment of the Thessaloniki International Fair (TIF) site and the redevelopment of the iconic, historical industrial FIX property by Dimand at the city’s western entrance.
Israel's Fattal Group has invested in the city center with the four-star hotel NYX Thessaloniki, a project worth 22 million euros
Stunning vistas of the boundless azure waters
A major development project is currently underway on the former Thessaloniki Camping site and in Agia Triada Beach, by Matenisa Trading Co. Ltd., privately-owned by Dimitris Melissanidis, which was selected by state bodies as the eligible investor, for a final price of 19.5 million euros. The property in question is of a total area of some 161,500 sq.m., and is defined as a site of "mixed use," divided into zones for the development of a "Holiday-Tourism Village" and "Tourism-Recreational" facilities.
Investment projects currently underway in the sector of thermal tourism are valued at over 30 mln euros.
Investments of 30 million euros in thermal tourism
Thermal tourism in Greece has emerged as an alluring sector for investment, with numerous such projects currently running across the country with an overall budget of more than 30 million euros, according to data disclosed at an event of the Hellenic-German Chamber of Commerce and Industry during the latest Thessaloniki International Fair (TIF).
At the same time, with funds amounting to 22 million euros from the Recovery and Resilience Fund (RRF), the Ministry of Tourism has organized campaigns to promote the 85 recognized thermal springs of Greece, in addition to facilitating projects for the construction and renovation of thermal infrastructure throughout Greece. According to Markos Danas, general secretary of the Hellenic Association of Municipalities with Thermal Springs and vice president of the European Route of Historic Thermal Towns, spa tourism in Greece will resume its strong upward trajectory in 2026, "provided, of course, that the current investment activity will not abate but will advance as it should."
There are already 34 businesses active in this industry in Greece, and with the investments encouraged, that number will rise to 40. More precisely, an investment valued at 4.0 million euros is already in progress for the establishment of a spa town on the island of Kythnos, while a 1.05-million-euro investment is underway in Galini, Kammena Vourla. Another investment, valued at 1.67 million euros, is also in progress in the Koniavitis thermal spring and campsite, also in Kammena Vourla. For this last project, according to Mr. Danas, the investor intends to commit a total of 200 million euros in the long run.
In addition, funds amounting to 4.5 million euros from the EU-co-funded Interreg VI-A Greece-Italy Programme 2021-2027 are being used for the renovation of the thermal facilities in Amarando Konitsa, Kavasila Konitsa, Preveza and Arta, while 3.1 million euros will be allocated for the upgrade of the spa town in Kavala and 1.2 million euros for the development of a spa town in the South Aegean region.
Conrad and Waldorf Astoria apartments will be available at the redeveloped The Ilisian, formerly Hilton Athens.
In addition to hotel upgrades, several new establishments are being developed in Crete, the 'flagship' of Greek tourism.
CHALLENGES TO TOURISM'S BETTER PERFORMANCE
Despite this year's strong start to the tourism season, there are still concerns about the overall performance of Greek tourism, while the sector’s attention is now focused on the 2025 season and the challenges the country's “heavy industry” is likely to face
By Fanis Zois fzois@naftemporiki.gr
Tourism professionals are anticipating the 2025 season and the potential challenges the industry may encounter, given that this year's results were somewhat misleading, with arrivals increasing and revenues declining, primarily due to lower tourist incomes.
Even though the increase in arrivals is encouraging, tourists’ limited purchasing power compels them to cut back on spending. As a result, hotels and restaurants are concerned that the year may end negatively due to rising operating costs. The prices that will apply in the upcoming year present another challenge for the tourism industry in Greece.
For the time being, the early signs for the 2025 season - while still too early for safe estimates - are also causing some concerns, especially as the €22.5bn tourism revenue target for 2024 is likely to prove unattainable.
Based on fresh data from this year's tourism season in Greece and around Europe, the industry believes that the string of visitor records is unlikely to continue in 2025. These data include the climate crisis and the "anti-tourism" movement, which tarnishes the industry's reputation by drawing a direct connection between the growing number of visitors and the deteriorating living standards experienced by local communities. The traveling public's income has been under pressure due to rising prices and inflation over the past two years.
Even though a greater number of tourists visited Greece this year, figures show that spending shrank compared to 2023.
Officials in the tourism market anticipate that 2025 will not be a straightforward year, nor will it bear any resemblance to 2022, 2023, or the first half of 2024, due to a variety of factors. These, in addition to those already known (pressure on European incomes, geopolitical instability, the return to normality after the pandemic for all markets, including the most distant ones, which were especially busy this summer), are related to the poor management of destinations in the post-pandemic period, with responsibility resting also on State bodies, and the issue of safeguarding the tourist product and the quality/price ratio on the part of the private sector.
A determining factor for 2025 will also be the selling prices of tourist packages, with the initial reports suggesting increases of up to 10 percent. However, this will depend on demand.
The Bank of Greece's official data for the first seven months of 2024, which includes the second month of summer, July, as well as the subsequent overall course of the destinations, the increased air and road arrivals in the heart of the season, and the satisfactory bookings for the autumn, show that this year's positive performance in terms of arrivals was more or less expected.
Based on official data from the country's airports and border stations collected by the Institute of the Association of Greek Tourism Enterprises (INSETE), for the period January - July 2024, international air and road arrivals totaled 20.7 million (14.4 million international air arrivals and 6.3 million road arrivals), having recorded an overall increase of almost 10 percent compared to 18.82 million arrivals in the seven months of 2023.
In terms of spending, among the major inbound tourism markets that spent less this year in Greek destinations during the peak of the summer were Germans, French, Italians, as well as US tourists. This resulted in a negative impact on tourism revenues, halting the upward trend for the first time since the pandemic.
Even though the official data announced by the Bank of Greece showed an increase in the seven-month period by 577.5 million euros, or 5.6 percent, compared to the corresponding seven-month period of 2023, reaching 10.95 billion euros, the drop recorded in the month of July, by 4.2 percent to 4.03 billion euros, is certainly causing concerns. An additional parameter is the fact that the decline concerns major foreign markets, excluding the UK, which continued its upward trend.
Both at the seven-month level and for the month of July, the average spending per trip shows a decline. Specifically, from January to July 2024, the average spending per trip decreased by 5.7 percent to 584
euros, compared to 619 euros during the same period in 2023 and 632 euros during the corresponding period in 2022. In July alone, there was a significant decrease of 9.1 percent, dropping to 608 euros from 669 euros in July 2023 and 671 euros in July 2022.
The decline from Germany, our nation's top market historically, dealt a serious blow to the heart of summer travel, with spending falling by nearly 10 percent in July to 540 million euros, while revenue was marginally up over the course of the seven-month period, to 1.76 billion euros. French tourists saw the largest and most striking decline, with their receipts falling to 675 million euros this year from 784 million
euros in the seven months of 2023. France's decline was 34.2 percent in July to 230 million euros and 13.8 percent in the seven-month period. Travel agencies attribute the decline to shorter stays and fewer overnights, two metrics that have been declining in the past few years in most international markets, including Greece and other Mediterranean tourist markets, due to the financial crisis and the limited incomes of European households.
Tourists’ average expenditure per trip dropped both during the seven-month period and the month of July this year, according to Bank of Greece data.
Both the German and French markets, which, incidentally, hosted major sporting events this summer like the Olympics Games and the Euro (which also impacted travel), have confirmed this, with arrivals showing a rise. The increase was in fact double-digit for Germans (+13.2 percent), reaching 2.6 million in the seven months and 838,000 in July (+12.3 percent), while arrivals from France were up by 5.2 percent in the seven-month period (+4.3 percent in July). The Italian market stood out as it experienced a remarkable surge in travel receipts over the seven-month period, rising by 20.7 percent to exceed 605 million euros, but experienced a slight decline of
Overflowing tourists negatively impacted the quality of daily life for locals in many destinations this year.
1.5 percent to 276 million euros in July.
The British market, Greece’s second largest incoming tourism market following Germany, proved to be resilient for Greek tourism this year, tending to reach German receipts in the seven-month period: Travel receipts from the United Kingdom in January-July recorded an increase of just over 11 percent to 1.73 billion euros, with a marginal increase in July to 720 million euros (+1.2 percent), while arrivals also recorded an increase, reaching 2.27 million in the seven months of 2024 (+8.1 percent).
The US, one of the surplus value markets for Greek tourism owing to higher expenditure, recorded a drop in receipts in the seven months by 3 percent, to 760 million euros. Despite a 7 percent increase in travel traffic, with 788,000 Americans visiting our country, a double-digit decline in revenues (-11.7 percent to 219 million euros) occurred in July.
Additional concerns
At a time when the sector is in turmoil due to the recent government announcement of an imminent increase in the climate crisis resilience fee and the imposition of a levy on cruises, the fact that the drop in July came from Greece's big markets causes additional concern. The German Travel Association DRV, whose members account for the majority of sales in the travel agent and tour operator market, responded to the government's announcements. DRV, in fact, sent a letter on the issue to Greece’s Minister of Tourism, Olga Kefalogianni, pointing out that the announced increases will apply in a very short time and without prior early warning, stressing that the German market is very sensitive to price fluctuations.
The upcoming increases will be a "huge, additional burden for tour operators in Germany", who in most cases "will have to shoulder the extra costs for existing bookings". DRV expresses fears that the excessive hikes in tourist package prices in Greece could act as a deterrent for the German traveling public.
Notably, the direct impact (including inbound tourism, cruises, airline and ferry company revenues, domestic tourism and investments in the sector) on the Greek economy in 2023 - at current prices - was 28.5 billion euros, based on Bank of Greece data and their relevant processing by the Institute of the Association of Greek Tourism Enterprises (INSETE). This amount represents 13 percent of the country's GDP, and when considering its indirect contribution through multipliers, it accounts for approximately 30 percent of the Greek GDP.
Autumn
Meanwhile, the Greek Islands are recording a satisfactory pace in bookings for the autumn months,
billion euros in tourism revenues is the budgeted target set for the 2024 season
increase was recorded in tourism revenues in the seven months of 2024, compared to the same period a year earlier
in line with this year's trend of European travelers seeking more escapes, whether shorter or longer in duration, at both ends of the summer season. This is primarily a result of the clearly lower prices compared to the high season of July - August, as well as the lower temperatures following a hot and rainless summer. However, this autumn, the country's continental destinations are also gaining significant traction, having drawn a larger number of Greek visitors this summer due to the lower prices.
Domestic tourism operators state that they will evaluate the results of this year's tourist season at the end of the year. However, forecasts already point to a good, smooth first two months of the autumn, with business likely to move slightly higher compared to the corresponding period last year, which enjoyed record performance.
Based on airline data, this year's September business appears subdued compared to the corresponding month of 2023, which was also the best historically for Greek tourism, while reservations for October are already moving higher, with a favorable outlook for the first ten days of November in top destinations, such as Rhodes and Crete.
In addition to the island destinations, better days in the autumn months are also expected in the country’s continental destinations, which are still recovering from last year's losses, such as Magnesia, which was affected by floods last year and is now hoping for a better performance in the two months of September and October.
Top in the list of provincial regions as a tourist destination is the South Aegean, having recorded an increase since the beginning of the season in terms of arrivals by 8 percent compared to a year earlier, even though the regional unit includes the country’s two premium destinations of Mykonos and Santorini, which have been under tourist pressure lately. In the region of South Aegean, the island of Rhodes scores continuous firsts at all levels. Arrivals to the island in the high season of July - August posted a double-digit increase of over 12 percent, with tourism operators speaking about the best historical performance of the past decade. In addition, there is a surge in demand for the autumn months, with leading tour operators offering packages, and the cruise industry, which has seen 54 cruise ship arrivals in September alone. In the case of Crete, Heraklion is expected to set a new cruise record this year, with approximately 300 cruise ship arrivals and 500,000 passengers.
Finally, this autumn, Europe's largest travel organization, the German TUI, sees "unprecedented" demand for autumn holidays and includes Crete, Rhodes, and Kos among its top European destinations
rise is likely to apply for tourist packages in 2025
direct contribution by the tourism industry to the country's GDP in 2023
was the drop recorded in tourism revenues in July 2024, compared to the same month a year earlier
BACKTOBACK
RECORDS FOR GREEK AIR TRAVEL
IATA: The global urge to travel is constantly expanding.
Airlines, airports, and the tourism sector have begun to focus on 2025, with early signs suggesting that the upcoming year will be favorable for tourism
By Fanis Zois fzois@naftemporiki.gr
Greece consistently sets records in air transport and is poised to continue doing so, but maybe at a slower pace. Greek airports, particularly the Athens International Airport "Eleftherios Venizelos," mark the year 2024 with record passenger numbers.
Complacency among airlines is not an option due to geopolitical uncertainty and significant challenges with the competitiveness of the Greek tourism sector, particularly regarding the infrastructure of island destinations.
Airlines, airports, and the tourism sector in general have already turned their attention to 2025, with the early signs suggesting that the upcoming year will be favorable for tourism.
The International Air Transport Association (IATA) reports that the global inclination for travel is intensifying, as indicated by its latest forecast of air traffic through August 2024. This forecast reveals a 7.9 percent annual growth in Revenue Passenger Kilometers (RPKs) and an 8.6 percent rise in August globally.
In August, RPKs rose by 7.7 percent across European countries, following a 6.9 percent rise in July. Among European countries, RPK rose 7.7 percent in August and 6.9 percent in July.
Willie Walsh, the director general of IATA, has issued a warning that continued strong demand growth may indicate an imminent infrastructure capacity problem, thereby restricting connectivity and options for passengers and enterprises.
The management of Athens International Airport (AIA) has announced that it anticipates a gradual return to single-digit growth rates in the second half of 2024, following a 16 percent increase in total passenger traffic in the first half, reaching 14.01 million
Papadopoulou
of
Marketing
passengers compared to 2023 levels.
It has already announced a 10.5 percent rise in passenger traffic for August compared to the same month a year earlier, and a 9.7 percent increase for September compared to September 2023.
Nevertheless, overseas traffic continues to record double-digit rates, approximately 12.3 percent, after surging to 20-22 percent at the beginning of the year. However, AIA anticipates substantial income from the expansion of transatlantic connections in 2025.
New AIA collaborations
American Airlines recently announced that it will add a new route to Greece in 2025, with seasonal flights between Athens (ATH) and Charlotte, North Carolina (CLT), starting June 6, 2025.
In addition, in 2024 AIA announced new partnerships with Juneao Air, Air Arabia, Norse, Lot, Asiana, and Smartwings, in addition to the domestic airlines AEGEAN and SKY Express, which are also growing their network.
According to the Communications and Marketing Director of AIA, Ioanna Papadopoulou, projections for 2025 are optimistic, with pre-bookings progressing favorably. She also announced the upcoming unveiling of additional incentives for airlines, aiming to transition their seasonal itineraries to year-round operations and introduce new flights during periods of low demand, thereby enhancing passenger flow in the winter months. The AIA's management prioritizes expansion into new markets in Asia and the Far East, as well as enhancing connectivity with the US market.
Aegean Airlines
For its part, Aegean Airlines aims to boost capacity at both ends of the season, with the last quarter increasing capacity by 5 percent, a rate expected to apply also in the first months of 2025 as part of the airline’s season extension plan.
"Aegean is one of the few airlines that surpassed its 2019 performance," stated the company's deputy CEO, Michalis Kouveliotis, during a company presentation to analysts, emphasizing that "the airline is persistently striving to broaden operations by introducing new flights to additional destinations and alleviating seasonality, either by enhancing frequencies on current routes or by adding new ones."
In the fourth quarter and especially from October, Aegean began flights to Abu
DEVELOPMENT OF PASSENGER TRAFFIC AT AIA
Dhabi (United Arab Emirates), also adding direct flights to Dubai. At the same time, the airline is building up its Thessaloniki network, Aegean's second-largest base, with flights to Amsterdam added to its network of direct destinations by the end of October. While demand in Europe's primary markets remains robust, the persistent turmoil in the Middle East adversely impacts the markets of Israel, Egypt, and Lebanon.
In the first half of 2024, the Group took delivery of three (3) new Airbus A320neo family aircraft, having taken delivery of a total of 31 aircraft since the end of 2019. It expects delivery of two more aircraft by the end of the year, and another five by 2027.
In addition, Aegean is opening up new growth opportunities following its investment in Spain's low-cost airline Volotea. Alongside their equity relationship, Aegean and Volotea signed a Memorandum of Cooperation to explore new opportunities for cooperation in distribution and other commercial sectors, with the aim of more effectively tapping into the synergies between the two companies.
Specifically, this commercial cooperation
“Aegean Airlines aims to increase capacity at both ends of the season, having already boosted capacity by 5 pct in the past quarter, a rate expected to apply also in the first months of 2025 as part of the airline's season extension plan.
will initially focus on the availability of one airline's products from the other's website, as well as on the further exploitation of the international network from/to the regional airports of Greece, such as Heraklion, Rhodes, and Chania, to/from key European markets such as France, Italy and Spain, in order to offer more options to passengers through a more efficient use of the two airlines resources and investment.
Sky Express
Last but not least, SKY Express, headquartered in Heraklion International Airport, keeps growing its network of alliances with other airlines, with its most recent one being that with Italy’s national air carrier, ITA Airways.
The new cooperation strengthens the prospects of connecting the country with international and intercontinental destinations. Overall, SKY Express’ portfolio of strategic interline agreements includes 18 of the world's largest air carriers, boosting Greece's interconnection prospects with more than 160 countries.
At the same time, the airline keeps taking delivery of new aircraft to grow its fleet. It recently took delivery of two aircraft, a brand new A320neo and a new ATR 72600. The airline plans to receive another aircraft in 2025, and it anticipates adding two more to its fleet, bringing its total to 30 aircraft.
SKY Express is also adding connections to Yerevan three times a week, Istanbul (from mid-November, with daily flights), Tbilisi, Tirana, Amsterdam, and, from December, Vienna and Prague.
Ioanna
Director
Communication and
at Athens International Airport: New incentives for airlines will be announced shortly.
Willie Walsh IATA director general: Persistent robust demand growth may indicate that we are nearing an infrastructure capacity crunch.
Yianos Kontopoulos,
CEO of ATHEXGROUP,
states that Greece’s return among developed stock markets is one of the country’s main strategic goals.
ATHENS STOCK EXCHANGE GETS AID FROM TOURISM RECORDS
The tourism industry's excellent performance influences the sector's listed companies, with the shares of the five main firms raising expectations for even higher returns
By Gerasimos Chionis gchionis@naftemporiki.gr
The Athens Stock Exchange (ATHEX) appears to be fertile ground for the surprisingly high resilience of the tourism sector's performance, which could act as a catalyst for upgrading the valuations of specific listed companies, particularly those whose annual income is primarily derived from tourism.
It is not an exaggeration to believe that a new re-rating is imminent, which could further improve the guidance of specific companies, given the data thus far, which predict another record year for the industry (+5.6% receipts, +11.1% tourist arrivals in the seven months). Whatever this may mean, the market is awaiting results for the traditionally strong third quarter.
Athens International Airport’s IPO
Athens International Airport (AIA) is a typical example, having raised 738 million euros just a few months ago (February 2024) in the third largest Greek initial public offering (IPO) in the past 25 years. In the first
nine months, AIA passenger traffic climbed by 13.3% over the previous year, reaching 24.5 million.
The management's basic prediction for all of 2024 is 29.9 million passengers, a 6.3% increase over last year's figures. Also, given that the company's net profitability increased by 15.2% in the first half (+16.6% in EBITDA), the current valuation of 2.2 billion euros is considered quite attractive, as it corresponds to a P/E profitability multiplier ratio of 9.7x, which is significantly lower than similar companies abroad.
Let us not forget the projections for strong and consistent dividend yields this year and in 2025 (over 8%). All of this pushes analysts' average target price for AIA shares to 8.79 euros, or a 15% upside margin.
High-flying Aegean Airlines
Similar circumstances apply to the Aegean Airlines stock, which is currently valued at less than 1.0 billion euros (10.4 euros per share). However, considering that the listed company trades at only 5.3x annual earnings (P/E ratio), experts are quick to set the bar
at 14.9 euros (+42% upside). EBITDA increased by 6% and turnover rose 10% in the first half of the year, which is typically not the best for the Group. In fact, economists predict that net profits for the entire year 2024 will be near the record of 168 million euros set in the previous year.
Autohellas enjoys a 48-pct margin
The robust tourism performance may also be very beneficial to Autohellas' shares, which now have a market valuation of 530 million euros. With a target price of 16.2 euros (+48% up), analysts believe that the present levels of 11 euros per share are very inexpensive. Furthermore, during the lowest time of the year, net profits increased by 18.2% in the first half, totaling 37 million euros.
The fact that Autohellas' stock has a P/E ratio of under 6x is no accident.
Attica Group’s imminent placement
Attica Group is now valued at 540 million euros by
the Athens Stock Exchange and is awaiting an impending placement by its primary shareholder, Strix of Piraeus Bank. But given the information at hand, this figure indicates a P/E multiple of less than 10x, indicating significant upside potential.
Lampsa’s 25 pct rally
The share of Lampsa, which operates in the hotel industry (with properties in Athens and Belgrade) and has a relatively high capitalization of 810 million euros (P/E at 38.9x), is an exception to the sector's appealing prices.
The stock is already running a surge of over 25%
since the start of 2024, so it's premature to disregard the increase in profitability brought on by the Greek capital's booming tourism industry.
Other industries favored
In addition to the pure tourism stocks mentioned above, there are several additional listed stocks on the Athens stack market board whose economic figures, and consequently, their valuations, are anticipated to be significantly impacted by the strong tourism performance.
The listing of Athens International Airport on the stock board of the Athens Stock Exchange last February was the third largest Greek IPO in the past 25 years.
The food and beverage industry is undoubtedly one of the possible beneficiaries, since more tourists boost the income of businesses such as Coca-Cola HBC, Kri Kri, Evrofarma, Kepenou Mills, Loulis, and Sarandopoulos. Naturally, this also holds true for cosmetics and personal care businesses such as Sarantis and Papoutsanis.
This list must also include the cruise sector, which claims a sizeable share of tourism income through PPA, TPA, and Kyriakoulis
The market is awaiting results for the traditionally strong third quarter.
Minister of Infrastructure and Transportation
Building strong foundations for Greece 2030
A number of major, emblematic construction projects are currently under way, including more than 600 smaller scale projects, all of which are of a high social return
Sustainable infrastructure and modern transport play a decisive role in the country’s economic growth and sustainable development, the creation of jobs, strengthening social cohesion, and making Greece stronger at all levels. Investment in infrastructure projects and the integration of new technologies in transportation are a guarantee for stability and progress for our country, particularly in the face of problems like geopolitical instability, inflationary pressures, and climate change. In the long run, as much as in the short term, they boost economic activity and enhance the daily lives of citizens. Indicatively, in 2023, the added value of the construction sector amounted to 3.9 billion euros, recording an increase of 14 percent compared to 2022. This resulted in the creation of 17,000 new jobs. In fact, taking into consideration that, based on a relevant IOBE report, for every job position created in the construction sector, 1.7 jobs are created throughout the rest of the economy, demonstrating the multiplier effects of investment in this specific sector. For instance, every school restoration project in the regions of Thessaly and Central Greece currently employs more than 100 people to repair the damage Storm Daniel left behind. The above figures are representative of the construction sector’s contribution to the country’s GDP, exceeding 180 billion euros cumulatively since 2000. Guaranteed funding in every undertaking is a must for the industry to remain efficient.
Flagship Projects: With this in mind, the Ministry of Infrastructure and Transportation is currently implementing a number of large, emblematic projects, as well as more than 600 smaller-scale projects, which, however, have a high social return. The first category includes the construction of road infrastructure of strategic significance, such
For every position created in the construction industry, 1.7 jobs are created throughout the economy.
as the Central Greece E65 and the PatraPyrgos Motorways, the Thessaloniki Regional Road (Flyover), the Bralos - Amfissa and Giannena - Kakavia roads, and, of course, the most complex project of the Northern Road Axis of Crete.
The group of flagship projects also includes the Metro projects in Thessaloniki and Athens (Line 4), as well as the New Heraklion International Airport, Crete, in Kasteli, a truly impressive project.
Railroad: Our strategic goal is to connect the railway with Industrial Parks (VIPE) and commercial ports, while we have secured EU funding for the execution of a set of projects that are expected to be completed by 2027, specifically:
Construction of a new railway line Toxotes - Karvali to connect the commercial port of Kavala.
Upgrading the Thessaloniki - Promahonas railway line.
Upgrading the SKA - Oinoi railway line.
Upgrading the Pythio- Ormenio railway line.
New signaling and remote control system in the SKA-Kiato railway section.
In addition, the Ministry is preparing to launch the West Attica Suburban Road and the West Thessaloniki Suburban Road projects.
Flood control projects - Dams: Climate change makes it necessary to build dams and anti-flood infrastructure in order to protect areas from flooding and rationally manage precious water resources. In July of this year alone, three contracts were signed, with a budget of approximately 320 million
euros, for the following projects:
Water supply projects in the regional units of Preveza - Arta - Etoloakarnania - Lefkada.
Construction of a dam in the area of Tsiknia in Lesvos.
The land reclamation projects in the lakeside areas of Amvrakia - Amfilochia, and Valtos in Etoloakarnania.
In addition, another 18 dams are currently under construction, budgeted at 329 million euros, while 14 dams, of a budget of 626 million euros, are in the study - tender process, as public projects or under PPP.
Restoration of damage caused by natural disasters: Constructing higher resilience projects in the areas affected by Storm Daniel is a crucial component of this mission.
In the railway sector, projects amounting to 453 million euros are currently underway, on the main axis.
The road infrastructure includes projects at 1,009 points of the network, with an estimated cost of 900 million euros.
In schools, the reconstruction of 33 buildings has already been completed, at a cost of 30.5 million euros, covered by the Union of Greek Shipowners.
Smaller projects throughout the territory: More than 600 projects of a smaller scale but of high community return, are currently under way throughout Greece. This year alone, the following projects have been completed:
The road axis Kalloni - Sigri in Lesvos, as well as the passenger and commercial port.
The Bridge of Leaves in Evia.
The new Evinos road bridge in Etoloakarnania.
A pedestrian bridge in Palataki, Haidari. At the same time, dozens of building projects in the fields of health, education, justice, and security are being constructed in every corner of the territory through the Building Infrastructure agency.
A typical example is the restoration of the Council of State in the Arsakeion Mansion, and the energy upgrade of the Court of Auditors building. In summary, the Ministry of Infrastructure and Transportation, with this vast range of undertakings, provides for a strong construction industry, creating infrastructure that will change the transport map of Greece by enhancing trade and the primary sector, raising the index of resilience against severe weather phenomena, and solving many of the problems that citizens face in their daily lives. The Ministry will keep up with this effort, methodically, consistently, responsibly and realistically, in order to build solid foundations for the Greece of 2030.
Christos Staikouras
With hundreds of small and major infrastructure projects already underway or in the tender process, the Ministry of Infrastructure and Transportation is now seeking further resources to plan and implement new ones. This means that for the country’s large construction groups, GEK Terna, Intrakat, Avax and Metka (Metlen Group), the moment is favorable for their further development. In addition to infrastructure projects, many private projects are currently underway throughout the country, and, hence, there is a growing need for concessions and PPP contracts.
Securing financing to start the road construction projects required to relieve Athens from its traffic problems will be a key concern for the Ministry of Infrastructure in the coming period.
Since the majority of public infrastructure projects have not been maintained or upgraded, the Ministry also faces several additional challenges.
In the meantime, after a full 19 years since its construction commenced, the Thessaloniki Metro is finally to be handed over for use to the city’s residents at the end of November. In addition, the new road axis Patras - Pyrgos and the last section of the Central Greece highway are to be completed and handed over for use in 2025 - 2026.
The Ministry of Infrastructure is seeking financial resources to design various new infrastructure projects in Attica. These projects primarily involve the construction of roads and the expan-
sion of the Attica Road to alleviate the severe traffic issues in the Attica Basin.
The largest and most expensive of these infrastructure problems regards the extension of the Ymittos to Elliniko peripheral road through the Iliopoleos tunnel, a project regarded as especially critical and necessary because of the Elliniko development plan, which, when completed, will welcome a large number of visitors.
The package of these projects also includes the road extensions to Lavrio and Rafina, as well as the road axis Elefsina - Oinophyta, estimated to decongest the busy Kifissos Road.
In addition, the frozen project of the extension of Kymis Avenue is also on the table (a discussion of the relevant municipality's appeal to the Council of State is pending), despite the fact that a contractor has been selected (a joint venture between TernaAktor - Intrakat).
For segments of some projects that are being carried out or are about to commence shortly, funding has been secured from the EU Recovery and Resilience Facility (RRF); therefore, they need to go ahead at a fast pace.
Currently, the Ministry of Infrastructure and Transportation is funding up to 18 projects with funding from the RRF, totaling 2.0 billion euros, out of a total budget of 5.2 billion euros. These include projects to enhance transport safety, implement sustainable infrastructure, promote electrification and the green transition, and stimulate digital transformation.
A PANORAMA OF MAJOR INFRASTRUCTURE PROJECTS
Small-scale and major projects in the planning stage or underway in Greece, the challenges of maintaining and upgrading existing infrastructure and the delivery of the long-awaited Thessaloniki Metro
By Teti Igoumenidi tigoumenidi@naftemporiki.gr
Infrastructure projects set to be completed
The main infrastructure projects that are being carried out or are about to start in the near future include:
North Road Axis of Crete
Three sub-projects of the Northern Road Axis of Crete (BOAK): The Chania - Heraklion section, with a budget of 2.057 billion euros, as a concession project (construction cost and expropriations); Hersonissos - Neapoli, with a budget of 349 million euros (PPP); and, Neapoli - Agios Nikolaos, with a budget of 200 million euros (public project).
Two of the three sections, Hersonissos - Neapoli and Neapoli - Agios Nikolaos, contracted to the joint venture GEK Terna - Aktor Concessions - Intrakat, and Aktor, respectively, are currently in the design stage, while according to the leadership of the Ministry of Infrastructure, work has
begun on sections for which it is possible and which concern either forest land, after the issuance of the relevant permits, or leased land. The completion of the expropriation procedures will maximize the progress of the works in the said sections.
For BOAK's largest project, Chania - Heraklion, stretching over 157.5 km (plus the option for the 30.8-km Kissamos-Chania section and the flyover Chania Junction that will connect BOAK with Chania airport), a decision has been issued to appoint a temporary contractor (GEK Terna ) in view of the expected finalization of the contractual documents. This will be followed by the signing of the contract with the contractor, so that the project can receive the green light, but, currently, there is no certainty as to when this will happen. Nonetheless, the timetable for implementation is five (5) years from the signing of the Concession Agreement. This is the largest road project to be implemented under a concession contract that has been launched in the country. Based on the bid by GEK Terna, the financial contribution of
the State requested during the design-construction period amounts to 693 million euros (in current prices), while the subsidy during the operating period (right to deduct shadow toll) accounts for 64.62 percent of user tolls.
Completion of Highway E65
The delivery of the entire northern section of the road axis TrikalaEgnatia (budgeted at 480 million euros), will mark the completion of the Central Hellenic Highway (E65), which connects Eastern and Western Greece, i.e., the Athens-Thessaloniki National Highway with the Egnatia Highway near Grevena (total length 181.5 kilometers).
The budget of the E65 totals approximately 1.397 billion euros, constructed by GEK Terna. Traffic began to flow on its 135 km section from Lamia to Kalambaka in May 2024. According to a latest announcement
by the Ministry of Infrastructure, the 46km-long section of the highway, from Kalambaka to Egnatia Odos, which is still under construction, will be delivered by March 30, 2026.
Regional Airports
The remaining projects built with funds from the RRF include: upgrade works at 13 regional airports in order to comply with a European Aviation Safety Agency (EASA) regulation, budgeted at 134 million euros; Road Safety Improvement projects in the national and provincial road network, budgeted at 45.2 million euros; and, restoration of accessibility following the devastating consequences of the Storm Daniel: road network projects, with a total budget of 900 million euros, and works to restore the railway network, with a budget of 452 million euros.
The project also includes an upgrade of the West Attica Suburban Railway line. The project, with a budget of 135 million euros, regards the construction of a 36km-long single line from Ano Liosia to the old Megara Railway Station.
Athens Metro
Line 4: The largest project currently under construction is the first section of Line 4 of the Athens Metro, spanning 12.8 kilometers. Based on latest ►
data, work is in progress at 25 of the total 26 points on the line (stations and wells), with the only exception being the Rizari station, for which a court case is still pending. Preliminary works have been completed in 20 points. The TBM Metropondikas "Athina", from the Katehaki point is now located near Zografou station, and Metropondikas "Niki" is currently at the first station in Alsos Veikou.
The specific project, carried out by Avax, is estimated to cost 1.51 billion euros. At this stage, no safe estimate can be made as to when it will be completed - but certainly it will be after 2030.
Anthoupoli - Ilion section: Among the Athens Metro expansion projects that are expected to be launched in the coming period, the most mature one is the extension of Line 2, the Anthoupoli - Ilion section, with a budget of 550 million euros. A tender process is currently underway with the participation of GEK Terna, Avax (with Alstom), Intrakat and Metka, but no safe predictions can be made as to when the project’s construction will commence. In particular, the project includes the design and construction of the following individual projects: (a) an extension of Line 2 to Ilion, including a transfer station; (b) an extension of the Eleonas Depot; and, (c) the upgrade and replacement of existing IT Systems Lines 2 and 3 of the Athens Metro.
Thessaloniki Metro
The delivery to the passenger public of the main line of the Thessaloniki Metro is set to take place in November 30, 2024, while the extension to Kalamaria is scheduled for delivery in October 2025. The Ministry of Infrastructure and the Hellenic Metro have announced that the extensions currently being designed (with an uncertain tender procedure launch), are to the west of the city (in Ampelokipos, Evosmos and Lagada Street),
and to the east of Kalamaria to Thessaloniki Airport.
Patra - Pyrgos Highway
The delivery of the 74.8km-long Patra - Pyrgos highway, a project with a budget of 331 million euros, implemented by Olympia Odos - by the construction companies Terna (GEK Terna Group), Aktor ( Intrakat Group ) and Avax, is expected within 2025. Out of the highways’ total length, 13km regard improvements of the existing National Highway, while the remaining are being constructed on a new alignment.
Regional Thessaloniki Flyover
The Thessaloniki Regional Road Axis, also known as the Flyover, with a budget of 378 million euros, is being constructed as a PPP project by the Avax - Metka consortium, and its completion is set for May 2027. It is a 13km-long motorway that includes the construction of an Elevated Expressway - 4km long - on a continuous bridge, 9 flyover interchanges, 10 new bridges and 3 new tunnels.
Bralos - Amfissa Road axis
The construction of the Bralos - Amfissa axis, spanning 24km, a diagonal axis of Lamia - Itea - Antirrio road, with a budget of 285.5 million euros (including VAT), is still at the design stage. According to the schedule, it should be completed by the summer
of 2027, and will be constructed by Avax.
Ioannina - Kakavia Road axis
An extension of the Ionian Road is the 70km-long Ioannina - Kakavia section, which will also be constructed by Avax. The project is budgeted at 310 million euros (with option, plus VAT), and the contract is expected to be signed by the end of the year. This road is considered as the westernmost vertical axis of the Egnatia Road and is part of Greece’s core Trans-European Transport Network. It is expected to improve traffic conditions in the city of Ioannina by diverting hyperlocal loads from the Ioannina Ring Road, while the connection to the Industrial Area will allow heavy traffic to be channeled onto the motorway network.
Southwest axis Peloponnese
The approximately 49kn-long Kalamata - Rizomylos - Pylos - Methoni road axis, is an extension of the Morea Highway and is being implemented as a PPP project contracted out to the consortium Aktor Perachoreis. The cost of this project is 311.23 million euros. The first kilometers concern the reconstruction of the existing axis, while most of its segments regard a new road.
New airport Heraklion, Crete
The new international airport of Heraklion, Crete, in Kasteli, is estimated to commence operation in 2027, as construction work is still underway by Terna. It is the only new airport under construction in Greece, based on a concession agreement between the State and the GEK Terna - GMR consortium. The budget for the project is 521.8 million euros. By 2030, the
new airport will be able to handle 10 million passengers annually.
Chalkida and Psachna Bypass
The Chalkida and Psachna bypass is the first major road project for the Evia region after many years. The total cost of the project has been estimated at 210 million euros, including VAT, and is being constructed by Metka. The main part of the project includes two road sections: the first from Nea Lampsakos to the Vathrovouni Tunnel, 2 km long, and the Vathrovouni Tunnel section to Psachna, 14.7 km long.
Efforts are being made by
The Ministry of Infrastructure recently expanded the project's scope by approving the exercise of an option and initiating the construction of two additional road sections. In particular, the implementation of the road sections "Psakhni Bypass" and "North - South Evia Connection Artery" begins, with contractual amounts of preferences of 10.6 million euros and 7.8 million euros, respectively.
School infrastructure
Through a PPP contract that is expected to be signed in the near future, the Metlen - ATESE consortium will undertake the construction of 17 new school buildings. The project is of a total budget of 128.4 million euros and a contractual object of 110 million euros.
The signing of the PPP contracts for the student residences of Crete, with a budget of 195.6 million euros, as well as of Thessaly, with a budget of 94 million euros (in Volos and Lamia)
is still pending. Intrakat has been selected as contractor for both of the PPPs.
Railway Infrastructure
A project to improve the accessibility of the tunnels of the SKA - Kiato railway line (Kakia Skala, Agioi Theodoroi, Euftaxia and Mavri Ora), as well as the Tempi tunnel is already in the implementation phase.
The "Smart Bridges" project has also been launched, which is being implemented by the Technical Chamber of Greece (TEE) and regards the evaluation of the structural response of 100 selected railway bridges throughout the country’s railway network, through cutting-edge systems and instrumental structural monitoring methodologies. To date, monitoring equipment has been installed on 35 railway bridges.
A tender process is currently underway for a project regarding the
construction of a new railway line in the Nea Karvali - Toxotes section, to connect the Kavala Commercial Port with the railway network of Northern Greece, with Terna having submitted the most favorable bid. The specific project is budgeted at 193.2 million euros and funding has been secured by the EU’s “Connecting Europe Facility (CEF) 2021-2027”.
The project regards works for the construction of the infrastructure, superstructure and stations/stops for a new single railway line in the Nea Karvali - Toxotes section (Xanthi region), approximately 32 km long, as well as the section from Nea Karvali to the new commercial port of Kavala, approximately 5.3 km long.
Designs are currently in the maturity stage for the project of the West Thessaloniki Suburban Railway and the Rail Connection of the 6th Pier of the Port of Thessaloniki. According to the Ministry of Infrastructure, the research of alternative construction solutions is underway in parallel with the tender process of the Competitive Dialogue with the participating economic operators and consultation with local bodies. The submission of bids and technical solutions is expected to be completed in the coming period.
In addition, according to the Ministry of Infrastructure, funding from the "Connecting Europe Facility - 2" program (CEF 2, 2021 - 2027) was approved by the European Commission in July 2024, following the proposals submitted in January 2024, totaling approximately 520 million euros, regarding the following projects:
Upgrading the railway line in the Pythio- Ormenio section, which is part of the wider project of upgrading the Alexandroupoli- Ormenio line.
Upgrading and restoration of the signaling - remote control system of the Ano Liosia - Kiato section, as well as installation of a European Train Control System (ETCS), Level 1, Base line 3, which is the highest upgrade for that level.
Renovation and upgrading of the infrastructure of the Acharnes - Oinoi section, as well as construction of two level crossings in the area of Agios Stefanos (Attica) and Aliartos.
Upgrading the infrastructure on the Thessaloniki - Promahonas line and installing electrification
PPP Irrigation Projects
With co-financing from the RRF, the Ministry of Rural Development is launching a series of PPP irrigation projects. Binding bids have already been submitted for the following projects:
Irrigation network of Yperia Larisa - Orphanon Karditsa", with a budget of 107.2 million euros, with parallel funding of 24 million from the RFF, totaling 131.2 euros. The project aims to meet the irrigation needs of 16,750 acres. Bids have been submitted by two financial entities, GEK Terna and the consortium Metlen - Mesogeios.
"Transportation and distribution of water from the Nestos River to the plain of Xanthi for irrigation purposes", a project aimed at meeting the irrigation needs of 13,840 acres. GEK Terna has submitted a bid for the project, which has a budget of 169.5 million euros and parallel financing of 51 million euros from the RFF, bringing the total to 220.5 million euros.
"Rehabilitation and modernization of irrigation networks of TOEB Tauropos", budgeted at 105.4 million euros, with parallel financing of 34.2 million euros from the RFF. An bid has been submitted by the Aktor Concessions - Avax joint venture.
"Design, Construction, Financing, Maintenance and Operation of the Minagiotiko Dam", budgeted at 96.4 million euros, with parallel financing of 29.5 million euros from the RFF, totaling 126 million euros. The project will cover the irrigation needs of 8,650 acres. Binding bids for the project have been submitted by the joint ventures GEK Terna - T.E CH. D. Konstantinidis, and Metlen - Intrakat - Mediterranean
the Ministry of Infrastructure to secure funds for the expansion of Athens’ Attica Road.
GREEK AIRPORTS TAKE OFF WITH NEW,
1.8-BN-EURO
INVESTMENT PLAN
A significant increase in tourist traffic changes airport management companies’ plans, with airport expansions being a one-way solution
Βy Fanis Zois fzois@naftemporiki.gr
Greek airports look set to fly higher than ever in 2024, drawing in a new round of investment valued at more than 1.8 billion euros, with plans for expansions and infrastructure projects at the Athens International Airport (AIA) and Fraport, completion of the new airport in Kasteli and a tender for the airport of Kalamata, in addition to the utilization of 22 smaller airports.
In particular, as the number of Greek and international air travelers rises, the privatization processes of other airports that are still under state control are being sped up, while the private management companies at AIA and another 14 regional airports are moving forward with a new round of capacity upgrades.
At the same time, work on the pivotal new airport in Heraklion, Crete, is progressing rapidly.
A major expansion is to be implemented at Athens’ airport as passenger traffic has recorded dynamic growth. In the first nine-month period of 2014, passenger numbers rose to 24.5 million, marking an increase of 13.3 percent compared to the same period a year earlier, a development that leaves no room for a partial implementation of the airport's expansion plan. Airport officials anticipate that this year's passenger traffic will surpass 31 million, which is three million more than the 28.17 million recorded in 2023, setting yet another record.
These figures are higher than the projections for the airport's traffic growth over time, which served as the foundation for the expansions' planned timeline. Initially, the planned first expansion to 33 million passengers was estimated to require an investment of 650 million euros.
The selection of a contractor for the design of the Athens International Airport extension is in the final stage.
Up to 40 million passengers
Since even a modest rise of 3 percent to 5 percent in 2025 will push passenger numbers beyond the 33 million mark, which was the target of the first major expansion of the Athens airport, the latest figures prompted proposals for a larger increase. Thus, it is likely that a more extensive extension program for "Eleftherios Venizelos" may ultimately be chosen, which might enable the airport to handle up to 40 million people annually.
The selection of a contractor for the design of the extension project is already in the conclusion stage, under the scheme of foreign consulting-engineering companies also active in Greece. At the same time, the competition for a tender for the selection of a project manager is underway, having attracted interest by the largest domestic and international companies in the field of engineering consultants.
At the same time, the airport is making strides to better service passengers by constructing a new multi-story car park and upgrading the aircraft parking areas, which will commence in the first quarter of 2025.
AIA aims to increase traffic in off-peak periods by strengthening overseas destinations. To this end, it offers more targeted incentives to airlines, a move expected to contribute to an increase in off-peak traffic.
Incentives to airlines
In order to alleviate seasonality, airlines are to be offered incentives for a period of three years, according to available reports. These are designed for itineraries that will extend the season in October and November or for year-round routes. The duration of the incentives will be extended to five years for
overseas destinations.
These are essentially existing incentive schemes for airlines, which in the light of the latest developments will be improved and become more targeted. They will include, for example, bigger discounts and more favorable terms. Specifically for long-distance destinations, the incentives will start with a 100 percent discount on landing and parking fees, while for closer ones, this percentage will decrease. Also, some small discounts on passenger-related fees will be offered.
In addition, in order to maintain its development dynamics and simultaneously provide the infrastruc-
ture with "breathers" during peak hours, such as the morning hours, which airlines prefer, the Athens airport will transition to the "schedules facilitated" category starting in the summer of 2025. This will require airlines to submit a straightforward notification to the flight coordination authority in advance. If successful, this measure will enable the airport to more effectively plan flight schedules and available slots for airlines.
Fraport refurbishment projects
For its part, Fraport, which manages 14 regional airports, from January 2025 will commence the third ►
The Athens International Airport is expected to be in the "schedules facilitated" category as of summer 2025.
The new concessionaire for the “Captain Vassilis Konstantakopoulos” Kalamata Airport is anticipated to be selected in the first half of 2025.
phase of renovation and reconstruction of runways at the airports of Zante, Kavala, Cefalonia, Corfu, Mykonos, Santorini, Samos, Rhodes and Myteine.
Fraport invests approximately 40 million euros per year in further infrastructure development beyond the initial mandatory investments of 400 million completed after taking over the airports’ management. In addition, from April 2022 until the end of 2025, all the projects included in the EU Recovery and Resilience Facility (RRF) program, budgeted at 134 million euros, are expected to be completed.
Growthfund
Lastly, Greece’s Growthfund, compelled by the overall increase in passenger traffic, is revising its plans for the utilization of the 22 minor regional airports that remain under its control following the conclusion of a tender for the Kalamata airport.
Following the binding offer by Fraport, Kopelouzou (DELTA Airport Investments) and Konstantakopoulos TEMES (PILEAS) at the beginning of October, the Growthfund intends to speed up procedures for the selection of the preferred investor by the end of 2024 and to move on with further procedures to select the new concessionaire at the "Captain Vassilis Konstantakopoulos" Kalamata Airport in the first half of 2025.
The objective is to achieve significant improvements in the season beginning in 2026 at the international airport of Kalamata, where 90 percent of the passenger traffic is from the foreign network. In recent years, the airport has also received ‘injections’ from TEMES’ Costa Navarino complex.
This year, in addition to Aegean Airlines, which
consistently supports year after year the destination both in the international and domestic network (e.g., in the new Heraklion-Kalamata connection this year), the additions/extension of flights by Air France to/ from Paris, SAS on the connection with Stockholm, and Volotea with Lille and Lyon. In 2025, Jet2.com, the first new airline to announce the addition of the Kalamata destination to their UK summer schedule, will begin a weekly flight from Bristol to Kalamata starting in early May.
Notably, the Kalamata airport’s prospects were significantly boosted following the operation of the first hotel in Costa Navarino, “The Romanos, a Luxury Collection Resort," which opened its doors to guests on May 20, 2010. Since then, the Kalamata airport has been recording continued growth of international and domestic arrivals, with the exception of the pandemic period.
Estimates indicate that Kalamata airport will reach a capacity to handle up to 500,000 passengers by the end of the decade with the planned investments. The regional airport is one of the first to open (February) and the last to close (November) during the tourist season. It should be noted that only 20 percent of airport arrivals go to Costa Navarino facilities, upgrading the tourist market of Messinia as a whole.
The planned investments in the Kalamata airport are expected to boost traffic up to 500,000 passengers by the end of the decade. The specific regional airport is one of the first to open (February) and the last to close (November) during the tourist season. Notably, 20 percent of passengers arriving here are heading to the Costa Navarino facilities, which helps improve Messinia region’s overall tourism industry
New airport in Kasteli
In February 2027, the new airport of Heraklion will be operational, providing a substantial enhancement to the island's travel infrastructure for those traveling to Crete. The project's estimated total value is 1.0 billion euros, which is significantly higher than the initial plan. A joint venture between GEK TERNA and India's GRM is developing the Kasteli airport, which will be capable of receiving transatlantic flights. The airport will span some 1500 acres and feature a 3,200-meter runway with a 45-meter breadth. According to the updated concession agreement, the Kasteli airport terminal will have a floor space of 93,572 square meters, almost 32 percent larger than originally planned. Estimates indicate that by 2030, the airport terminal will have the capacity to serve 10 million passengers annually, with the potential to reach 14 million in the coming decades. To date, approximately 40 percent of the planned works based on the new design have been implemented, as the earthworks have been completed and the construction of the final surface layers is in progress both on the taxiway and runway, as well as on the aircraft parking area (apron). The fuel distribution network (FHS) as well as the configuration of the fuel storage area (fuel farm) are under construction. In terms of building works, according to the joint venture officials, the construction of the shell of the main airport building (Terminal) has exceeded 90 percent, while the police building is almost complete. In addition, the foundation has been completed, and the construction of the control tower and the departure bridge deck is underway. Building the substation, biological cleaning facilities, and electromechanical works in the airport's central building basement are underway.
Construction work for the new airport in Heraklion, Crete, is progressing at a rapid pace.
TOP PRIORITIES IN A NEW PLAN FOR GREEK PORT MANAGEMENT
Port modernization is aimed at offering high-quality services at all levels, in addition to effective use of multimodal transport through flexible and efficient management
By Paris Tsirigotis ptsirigotis@naftemporiki.gr
To capitalize on the ongoing increase in international marine trade, the nation's port business must address technological and geopolitical challenges on a global scale. Modernizing the industry's infrastructure will also draw in more private investment.
The ports' use of multimodal transport (roads, rail, coastal shipping, and aviation networks) will allow them to provide high-quality services at all levels at competitive prices through a flexible and efficient administrative function that employs modern management techniques.
Transit
The enlargement of the European Union through the integration of new member states also affects the maritime transport sector, while Greece is now considered one of the region’s major transit hubs of strategic importance, required on a global scale for the movement of products and goods via combined transport.
The success of the Greek port system certainly depends on the streamlining of transport chain procedures but also on the enhancement of transport security. It should be noted here that up to 2024, the national Greek port system consisted of 13 Port Organizations, 75 Municipal Port Funds, 10 State Port Funds, and 51 Cruise Ports. At the same time, the European Union has over 1200 seaports, 329
of which are part of the Trans-European Transport Network (TEN-T).
Planning
For the first time in many years, recent legislation has empowered the administrations of Greek ports, especially those that are of international significance, to resolve long-standing urban planning issues related to land zones and potential disputes with municipalities.
In this context, ports will be able to apply new building regulations in response to developments in construction technology, but also to adapt to the new standards set by climate change and the increased need to protect the environment.
Management
Christos Stylianides, Minister of Maritime Affairs and Insular Policy, recently referred to the establishment of an effective port management system with competitive, sustainable, smart, and multimodal ports.
Already, during the Thessaloniki International Fair (TIF), in September 2024, the minister announced that discussions will be held in the coming period with port administrations since, as he pointed out, each case is treated differently, whether it is a state port, a municipal or inter-municipal port, or a Port Organization. Notably, the Ministry of Maritime Affairs has so far allocated more than 300 million euros through European funds for the development of port infra-
structure, while the General Secretariat of Ports is proceeding with the development of an electronic tariff policy system that will apply for all ports, except for privatized ones.
Infrastructure and reforms
Athanasios Liagos, the President of the Hellenic Ports Association (ELIME) and Chairman of the BoD of the Thessaloniki Port Authority (ThPA SA), recently noted that the goal of port reforms is to upgrade the infrastructure and increase the productive capacity of Greek ports.
He stressed that in addition to upgrading existing equipment, Greek ports should go forward with digitizing and streamlining transactions through the use of cutting-edge technologies.
He added that energy upgrades and the adoption of green practices, in line with sustainability imperatives and enhancing safety, should be immediate priorities.
He emphasized that the government's top priority should be to connect ports to road axes and railway networks, use financial tools for new, green infrastructure, and establish an electronic connection between customs and ports to simplify procedures and transactions.
Notably, a recent study by the Department of Management and Shipping of the School of Economics and Political Sciences of the National and Kapodistrian University of Athens (EKPA) highlights the need to
redefine the country's port system by upgrading and modernizing their strategic role.
The study highlights the complexity of the port system, which includes numerous National Port Policy Implementation Agencies with varying legal forms and administrative structures, a multi-division of supervisory authority across different centers, a complex and rigid legal operating framework, and a lack of human resource expertise in port administration. These critical weaknesses require immediate action for effective resolution.
In order to fulfill their complex strategic role in international transport networks, domestic ports should enhance their service provision at competitive prices, promote a modern management model, and further enhance their effective operation towards a sustainable development path. Ports should also implement dynamic investment programs in means, infrastructure, innovative technologies, and human resources by drawing finance on attractive terms.
The study highlights the need to establish a legal framework for a new port governance system to boost their competitiveness and interconnectivity with supply chain networks. Additionally, it suggests enhancing maritime tourism by introducing new cruise destinations, implementing new digital technologies, and fostering closer collaboration with the shipbuilding and ship repair industries, all within the framework of the National Port Policy
The success of the Greek port system depends on streamlining logistics and enhancing security.
Athens Capital Hotel - MGallery Collection:
An artful urban break to feel the city vibes
Experience the vibrant urban essence of Athens with a stay at Athens Capital Hotel , the first MGallery Collection Hotel in Greece. Nestled in the heart of the city at Syntagma square, just across from the Parliament House, this hotel seamlessly combines art and business. Its refined elegance, bespoke artwork, and meticulously designed accommodations form a unique connection between guests and this timeless city.
Serving as an ideal starting point for exploring Athens, a European metropolis that seamlessly blends ancient charm with modern living through sightseeing, high-end shopping, and various art forms, this hotel promises to create unforgettable memories for its guests by unveiling the city's hidden treasures.
Athens Capital Hotel boasts an impressive 177 rooms, including 18 Suites and an incomparable Presidential Suite. With its Grecian marble, soothing color palette, signature artworks, breathtaking views, and personalized touches, guests will carry the essence of this unforgettable urban retreat with them long after they leave. Each room provides a luxurious cocoon, catering to the needs and desires of modern travelers, whether they are visiting for business or leisure. Cycladic-inspired colors and lines, inviting furnishings, bespoke art, and urban vistas invite guests to embark on their own journey of discovery.
Art is an integral part of the Athens Capital Hotel - MGallery Collection, led by the iconic work "Mappemonde" created by renowned Greek sculptor
Georgios Lappas. This remarkable installation, consisting of approximately 3,000 parts, begins on the hotel's tenth floor and runs through its atrium, showcasing the hotel's commitment to artistic expression.
Indulge in a culinary adventure with a signature dining experience that tantalizes your taste buds with Mediterranean-inspired flavor combinations. The hotel offers a diverse array of dining options that promise unexpected and intriguing gastronomic journeys. A captivating atmosphere and a team of skilled chefs set the stage for unforgettable dining experiences.
Elevate your senses at the Mappemonde rooftop restaurant, bar and lounge, offering sweeping vistas of Athens, including the majestic Acropolis and Lycabettus Hill. Sip on signature cocktails, such as "The Spirit of Athens," meticulously crafted by our seasoned mixologists, and savor an array of dishes artfully designed to tantalize your discerning palate
Reinforcing the country’s industrial sector
To strengthen Greece's resilience in the face of global challenges, we prioritize expanding the role of innovation and extroversion, investing in the green and digital transition, supporting the primary sector, and attracting foreign investment
Takis Theodorikakos Minister of Development
Despite the numerous challenges Greece encountered over the past five years, including the Covid-19 pandemic and the two ongoing conflicts in the Middle East and Ukraine, the country has been able to regain its footing. Following an arduous economic crisis that lasted for over a decade, during which citizens' incomes plummeted, unemployment soared to 17 percent, and the country was relegated to the periphery of Europe as a cautionary tale, the Greek government successfully revived the country. According to The Economist, Greece is now the "country of the year" for 2023 and an example to emulate among 35 countries worldwide due to its exceptional economic performance.
The country has once again become an appealing destination for major investment, and unemployment has dropped to single-digit rates (9.5 percent). As a result, Greece is once again a reliable interlocutor and partner. We have established a stable and secure political and economic environment. Indicatively, foreign firms invested 24.9 billion euros in the country between 2019 and 2023.
Greece in 2024 is significantly different from what it was in 2019. The country’s economy is now growing at a rate that is four times higher than the European average. However, in order to maintain this growth pace and keep up with the more advanced countries of the EU, additional, more intensive efforts are necessary.
Since no reform is effective unless it significantly improves the daily lives of all our fellow citizens, we fundamentally ground our policies in the interests of citizens. In 2027, the objective is to increase the minimum wage to 950 euros and the average wage to 1500 euros. Our foremost objective is to elevate the standard of living
Foreign firms invested 24.9 bln euros in Greece between 2019 and 2023.
in each household and boost their disposable income. We will accomplish this objective collectively.
As I have repeatedly emphasized, the national imperative for implementing a new production model in the country is to ensure sustainable and balanced development. We prioritize the expansion of the role of industry, innovation, and extroversion in order to attract foreign investment, support the primary sector, and invest in the green and digital transition. By doing so, we not only fortify Greece's social cohesion, which is essential for our nation to progress, but also its resilience in the face of international challenges.
This is our positive proposal aimed at addressing the country's major demographic problem and the desertification of some areas, as well as our response to the growing competition and challenges. The most effective form of security for Greece is the development of its industrial sector. A combination of incentives, including tax exemptions, financial instruments, and subsidies, forms the foundation of the new production model.
Within the next two months, the Ministry of Development will approve and finance major private investment projects in the industrial sector, valued at 170 million euros, with funds from the Recovery and Resilience Fund (RRF). With an implementation horizon of the end of 2025, these investments aim to enhance the country's progress in achieving its green transition objectives and create hundreds of new jobs.
In addition, we are providing micro-, small- and medium-sized enterprises with over 102 million euros to support the
implementation of investment intended to digitize production lines and utilize robotics, automation, and artificial intelligence technologies through the “Smart Manufacturing” program. A total of 507 investment proposals have been submitted.
Reforms are currently The administrative burden will be reduced by 25 percent, primarily in export businesses, by eliminating 15 time-consuming procedures. We are currently in the process of instituting reforms to reduce bureaucracy. Additionally, it is crucial to emphasize that we are not only encouraging innovation but also business mergers and acquisitions.
We are implementing reforms to eliminate bureaucracy by abolishing 15 time-consuming procedures, with the aim of reducing the administrative burden by 25 percent, primarily in export businesses. It is also important to mention that incentives are now offered for innovation, as well as business mergers and acquisitions.
With a total budget of 90.4 million euros, we are in the process of modernizing and establishing new industrial parks. We are currently upgrading the Sindos Industrial Park, the largest in the Balkans, through a series of projects budgeted at over 15 million euros. Additionally, the development of the new "ThessINTEC," a 4th Generation Technology Park in Thessaloniki, has so far received 33 million euros in funding from the RRF under a Ministry of Development program.
Greece now focuses on development, exports, innovation and production. The country’s upgrade is positioning it as a reliable growth pillar, both in Southeast Europe and globally. The path of sustainable and robust development is an essential guarantee for the substantial enhancement of the quality of life for citizens. We will persist in our pursuit of this objective.
Aldemar Resorts: The place to Celebrate Life
With over 35 years of rich and proud history, Aldemar Resorts remains a leader in luxury hospitality in Greece. By combining Greek authenticity and international standards, Aldemar’s bespoke collection of luxury resorts and private villas provides hospitality excellence and promise a unique holiday experience.
The Group operates in Greece’s most stunning and strategic destinations: Crete, one of the top destinations globally, and West Peloponnese, with the rich history, heritage and natural beauty of the Olympian Land. Aldemar Resorts has a total capacity of 2,214 beds and its portfolio consists of 3 luxurious beachfront resorts, 1 Thalassotherapy & Spa Center, and 2 Conference Centers, one of which is brand new.
Spacious and grand, all 3 resorts face beautiful sandy beaches and harmonically blend in with their amazing natural surroundings. Favored for the relaxed and intimate atmosphere, the resorts offer great locations, personalized services, elegant dining and a wide range of options and possibilities. In addition, the Group’s hospitality services include not only memorable summer vacations, but also social events, weddings, spa retreats, conferences and business meetings.
Aldemar Resorts has successfully embodied the pillars of sustainability, community well-being and evolution over the years.
Nestled in the Western Peloponnese, the land of the Olympic Games, Aldemar Olympian Village is a destination in itself. Set on an exclusive, sandy beachfront property of 350 acres, with sweeping panoramic views over the Ionian Sea, the awarded five-star resort is an impressive seafront getaway, ideal for families and couples. With 682 rooms, bungalows and suites scattered around lush gardens and 42 pools flowing around, Aldemar Olympian Village offers a genuine holiday experience and a feeling of belonging.
The year 2024 marked a significant milestone with the inauguration of the Group's state-of-the-art conference center located on the hotel premises. Spanning 9,000 square meters, it stands as one of the largest conference centers in the country, designed to meet international standards. Already operational, it is well-equipped to host a diverse range of events successfully.
Aldemar Knossos Royal is blessed with a splendid location at the tip of a magnificent cape on the northern coast of Crete. Framed by the crystal clear waters of the Aegean Sea, it offers stunning sunrise and sunset views over gorgeous sandy beaches.
This five-star seafront resort is the modern interpretation of an ancient Minoan palace, with 386 suites and rooms scattered over 110 hectares and 15 pristine pools flowing between architectural gem structures that follow sustainable principles and local design and architecture.
Aldemar Knossos Villas, framed by the crystal-clear Cretan Sea and pristine private or shared pools, is renowned for its grandeur and heartfelt hospitality. Each villa is an exquisite collection of high-style amenities and comforts inviting guests to find their paradise. The luxurious and spacious gem-like villas, situated steps away from a sublime beach, bring together tradition and modern splendor and promise harmony and privacy. With strong presence in the local societies in which the company operates, Aldemar Resorts has successfully embodied the pillars of sustainability, community well-being and evolution over the years. The company has received numerous prestigious awards and distinctions, for its commitment to quality and excellence and its dedication to sustainability.
GREEK GROWTH RECEIVES €62.3 BN INJECTION
Funds from the NSRF and the Recovery and Resilience Facility are expected to become a driving force for Greece’s economic growth and investment finance
By Stamatis Zisimou szisimou@naftemporiki.gr
The government’s economic staff relies heavily on EU funds to meet the 2.3 percent growth rate projected in the draft budget for next year. In the assumptions for GDP growth, investments play a decisive role because, as stated in the draft, they are expected to become a driving force of growth in place of private consumption, which had the primary contribution in previous years.
This shift is the result of a heightened utilization of European resources of the Recovery and Resilience Fund (RRF), the benefits acquired from the national structural policies for the business environment, the favorable financing conditions following the ECB’s monetary policy relaxation, and, lastly, the consolidation of creditor confidence following the country’s investment grade recovery. Investment growth is predicted at 8.4 percent in 2025, up from 6.7 percent in 2024, with adequate individual growth rates in both equipment (11.1 percent) and constructions (8.1 percent). But how will these investments be financed? The government is currently witnessing a unique liquidity opportunity, as funds totaling 62 billion euros are available via the RRF and the NSRF 20212027. The RRF contributes 36 billion euros, while the NSRF provides 26.3 billion euros. Indicatively, the Public Investment Program (PIP) will increase to 14.3 billion euros in 2025, up from 13.1 billion this year. These monies are mostly comprised
of RRF and NSRF resources, as well as national contribution.
According to the planning, the economic staff should expedite procedures, particularly for the RRF, as the program ends in August 2026 under the current rules. If there is no extension, it is clear that each euro is important, as the arrival of EU funds currently accounts for around 50 percent of total funds.
According to data from the Ministry of National Economy and Finance, the total resources of the RRF that have flowed into the country from 2021 to date amount to 17.2 billion euros, with 9.6 billion euros going to the loan portion of the program and 7.6 billion euros going to the grants leg (non-repayable support). Notably, the ceiling for actions to be funded in 2025 as grants by the RRF is 5.14 billion euros.
At the moment, the Ministry of National Economy and Finance is awaiting the release of the fourth installment of 1.0 billion euros from the grants segment, following the commission’s approval of the request. The fourth installment of 2.3 billion euros, which covers a portion of the loans, has already been disbursed. In particular, with the disbursement of the fourth grant payment request, the resources flowing into the country would total 18.2 billion euros.
In the context of the RRF’s loan arm, 330 loans have been contracted, with a budget of 12 billion euros. The 5.2 billion euros are RRF loans, 4.0 billion euros are bank loans, and 2.8 billion euros are investor capital. It should be emphasized that 166 out of the total committed loans, or 50 percent, have been provided to small- and medium-sized businesses, with a total budget of around 2.0
billion euros. In addition, the RRF already provides grants to 353,000 small- and medium-sized enterprises, totaling 1.4 billion euros.
However, the filing of the fifth consecutive payment request for 1.3 billion euros in grants and 2.3 billion euros in loans is likely to occur before the end of the year.
The next payment requests until the RRF program is completed are for 8.3 billion euros in grants and 5.7 billion euros in loans. In more detail:
The 6th payment request concerns 2.1 billion euros in grants and 2.3 billion euros in loans.
The 7th payment request concerns 1.7 billion euros in grants and 2.3 billion euros in loans.
The 8th payment request concerns 1.5 billion euros in grants and 1.1 billion euros in loans.
The 9th and final payment request concerns 3.0 billion euros in grants.
The NSRF
Greece receives more time from the NSRF for implementation, with its programs scheduled for completion in 2029, and currently ranks in the top spots among European Union countries in terms of absorption. Specifically, Greece holds the fourth position in the EU for payment absorption, trailing Sweden, Hungary, and the Czech Republic, and the goal is to maintain this position.
The groundwork has already been laid since the NSRF 2021-27 programs are currently fully operational. Specifically, with a total budget of approximately 26.3 billion euros, Greece’s Special Program Management Services have already specialized actions worth 22 billion euros, while the total invitations issued by the Programs amount to 16 billion euros (or 59 percent of the NSRF budget). Included or approved projects account for 42 percent, while their legal commitments account for 28 percent of the total budget.
With regard to the activation of the Sectoral Programs, out of total public funding of 18.2 billion euros, the amount of invitations at the moment is 10.55 billion euros, while inclusions amount to
The economic staff should expedite procedures, particularly for the RRF, as the program ends in August 2026.
7.65 billion euros.
In the Regional Programs section, the total amount of public funding is 8.07 billion euros, including 5.0 billion euros in invitations and 3.35 billion euros in approved ones.
Sector-specific programs
As per sectoral program, in the Competitiveness program, with a budget of 3.885 billion euros, the rate of invitations is around 68 percent and inclusions at 40 percent.
In the Digital Transformation program, with a budget of 943 million euros, the rate of invitations is 93 percent and inclusions at 45 percent.
In the Environment and Climate Change program, with a budget of 3.607 billion euros, invitations amount to 26 percent and inclusions to 19 percent.
The Transports program, which has a budget of 2.224 billion euros, has a 57 percent invitation rate and a 94 percent inclusion rate. The fact that in the specific program the rate of inclusions is greater than that of invitations is due to that, for administrative purposes, it also includes the budget of Phase B of the construction project of the Athens Metro Line 4, which will be financed by the next NSRF.
In the Civil Protection program, with a budget of 714 million euros, invitations are at 99 percent and approvals at 79 percent.
In the Human Resources and Social Cohesion program with a budget of 4.162 billion euros, the rate of invitations is at 67 percent and approvals at 36 percent.
In the program Technical Assistance, with a budget of 504 million euros, the invitations are at 80 percent and inclusions at 80 percent.
In the Fair Development Transition program, with a budget of 1.629 billion euros, the invitations are at 48 percent of the program and the accepted at 21 percent.
In the Fisheries, Aquaculture and the Sea program, with a budget of 455 million euros, the rate of invitations amounts to 35 percent and inclusions to 12 percent.
Regional Programs
In the Eastern Macedonia and Thrace program, with a budget of 639 million euros, the rate of invitations amounts to 92 percent and inclusions to 55 percent.
In the Central Macedonia program, with a budget of 1.44 billion euros, the invitations are at 78 percent and inclusions at 48 percent.
In the Thessaly program, with a budget of 554 million euros, the invitations are at 50 percent and the inclusions at 38 percent.
In the Epirus program, with a budget of 426 million euros, the invitations are at 38 percent and the accepted submissions at 35 percent.
In the Western Greece program, with a budget of 628 million euros, the invitations are at 60 percent and inclusions at 60 percent.
In the Western Macedonia program, with a budget of 394 million euros, the rate of invitations is at 71
EXPECTED RRF DISBURSEMENTS
percent and inclusions at 33 percent.
In the Central Greece program, with a budget of 426 million euros, the rate of invitations amounts to 54 percent and approvals to 20 percent.
In the Peloponnese program, with a budget of 410 million euros, invitations amount to 65 percent and
inclusions to 48 percent.
In the Ionian Islands program, with a budget of 288 million euros, invitations are at 57 percent and inclusions at 29 percent.
In the North Aegean program, with a budget of 394 million euros, invitations are at 56 percent and approvals at 35 percent.
In the Crete program, with a budget of 565 million euros, invitations are at 53 percent and approvals at 36 percent.
In the Attica program, with a budget of 1.617 billion euros, the rate of invitations is at 50 percent and inclusions at 49 percent.
In the South Aegean program, with a budget of 285 million euros, the invitations are at 73 percent and inclusions at 49 percent.
Lethos Villa: A Serene Retreat in the Heart of Tinos
A window to the Aegean blue
Lethos (λίθος), the Greek word for “stone”, the substance of our house, in complete serenity and harmony with its surroundings. L[ethos] (ήθος), the characteristic spirit of a culture, era, or community as manifested in its beliefs and aspirations. Ethos, as our main virtue, encapsulates our hosting spirit and puts our guests in the centre of our care.
Nestled in the picturesque landscape of Tinos Island, above Kionia beach, Lethos Villa stands as a testament to tranquility and luxury. Tinos, one of Greece's most charming islands, is renowned for its unspoiled beauty, serene beaches, and rich cultural heritage.
It is here, amidst the rolling hills and the azure expanse of the Aegean Sea, that Lethos Villa offers an unparalleled retreat for those seeking peace, comfort, and an authentic Greek experience.
Lethos Villa is an architectural masterpiece, seamlessly blending traditional Cycladic aesthetics with luxury and Aegean serenity. Its stone structure, characteristic of the local architecture, exudes a timeless elegance. The villa's exterior is a harmonious fusion of rugged stone, reminiscent of the classic homes that dot the Aegean islands. This stone façade not only adds to the villa's charm but also ensures a naturally cool interior, perfect for the warm Mediterranean climate.
As you step into Lethos Villa, you are immediately greeted by an ambiance of calm and sophistication. The interior design is a celebration of traditional elegance, with each room thoughtfully curated to enhance relaxation and enjoyment. Natural light floods the villa through numerous windows and skylights, casting a warm glow on the tasteful decor. The furnishings are a blend of contemporary pieces and traditional Greek elements, creating a space that feels both luxurious and homely.
One of the villa's most striking features is its infinity pool. Perched on the edge of the property, the pool offers an illusion of merging seamlessly with the Aegean Sea. The sight of the sun setting over the endless blue horizon, as you float in the crystal-clear water, is nothing short of magical. This infinity pool is more than just a place to swim; it is a sanctuary for contemplation and serenity, where the stresses of everyday life melt away.
The villa's outdoor spaces are equally captivating. Expansive terraces and
Lethos Villa is an architectural masterpiece, seamlessly blending traditional Cycladic aesthetics with luxury and Aegean serenity.
patios provide numerous spots to unwind and soak in the breathtaking views. Whether you're enjoying a leisurely breakfast under the pergola, lounging on a sunbed with a book, or dining alfresco with friends and family, the villa's outdoor areas are designed to maximize your connection with the stunning natural surroundings. The gentle sea breeze, the breath-taking Aegean Sea view, and the fragrance of Mediterranean flora create a sensory experience that is truly unparalleled.
Lethos Villa is not just about luxury; it is also about experiencing the essence of Tinos. The island is known for its rich cultural heritage and vibrant local life. From the villa, you can easily explore the charming villages, historic churches, and local artisan shops that make Tinos so unique. A visit to the famous Church of Panagia Evangelistria, a site of pilgrimage for many, offers a glimpse into the island's spiritual heart. The marble quarries and traditional dovecotes scattered across the island provide insight into Tinos' artistic and architectural legacy.
For those who seek adventure, Tinos offers a myriad of activities. The island's diverse landscape is perfect for hiking, with trails that lead you through verdant valleys, rocky hills, and coastal paths with stunning sea views. The beaches of Tinos are a hidden gem, ranging from secluded coves to expansive sandy shores. Each beach has its own unique charm, whether it’s the crystal-clear waters of Kolymbithra or the tranquil sands of Agios Sostis.
Back at Lethos Villa, every detail is designed to ensure your comfort and pleasure. The bedrooms are sanctuaries of rest, each with its own character and charm. Plush bedding, tasteful decor, and stunning views make each room a haven of
relaxation. The bathrooms are traditionally cycladic and luxurious, featuring highend fixtures and amenities to enhance your stay.
The villa also boasts a fully equipped kitchen, where you can prepare meals with fresh, local ingredients. However, if you prefer to dine out, Tinos offers a delightful array of culinary experiences. The island is known for its gastronomic traditions, and you can savor everything from fresh seafood and local cheeses to traditional Greek dishes at the many tavernas and restaurants.
In essence, Lethos Villa is more than just a place to stay; it is a destination in itself. It embodies the perfect balance of luxury and simplicity, offering a retreat where you can reconnect with nature, immerse yourself in the local culture, and enjoy the finer things in life. Whether you are seeking a romantic getaway, a family vacation, or a solo retreat, Lethos Villa provides an idyllic setting that caters to all your needs.
As the day draws to a close and the sky is painted in hues of orange and pink, there is no better place to be than Lethos Villa. With a glass of local wine in hand, the gentle sounds of the Aegean Sea, and the soft glow of the villa's lights, you will find yourself enveloped in a sense of peace and contentment. This is the magic of Lethos Villa-a place where time stands still, and every moment is a cherished memory.
For more information and to experience the beauty of Lethos Villa yourself, visit our website at www.lethos.eu and of course our Airbnb listing at <https:// airbnb.com/h/lethosvilla>. Here, you can explore the villa's features in greater detail, check availability, and start planning your dream vacation in Tinos.
It is time to learn how to effectively manage tourist flows and promote lesser-known sites by applying thinking and competence to tourism without producing ghosts
Dr. Konstantinos Marinakos Assistan Professor, Tourism Development and Entrepreneurship, University of Western Attica; President, Peloponnese Tourism Organization; Vice President, Hellenic Hoteliers Federation
Although mass tourism has been heavily criticized in recent years, Greece’s GDP growth statistics demonstrate that the tourism industry, which is mostly driven by mass tourism, continues to be a vital driver of the country’s economic growth.
However, the threat of overtourism is becoming increasingly prevalent in our country. And even though, in some cases, the apparent inability to manage tourist flows conjures up images of ‘overtourism,’ the obsession, expansion, and ambiguity with which this specter is invoked makes it appear as if it were a social plague, a source of anxiety, or something that must be eradicated at any cost.
Overtourism has been widely reported in the mass media as a phenomenon observed mainly in the popular destinations of the country. The crucial point is that the term ‘overtourism’ is now almost automatically spreading and extending to any type of destination, regardless of the actual number of tourists that a particular place can accommodate. And this number is never straightforward to figure out.
This unrestricted use of the term overtourism has altered its meaning to the point where it is impossible to determine whether the disgust is directed at the transcendence of the tourist phenomenon or at tourism in general, almost as if it were considered a harmful substance, of which only a minimal amount must be ‘tolerated,’ or even worse, be confined to the smallest amount possible.
If we interpret the concept of overtourism as implying that being a tourist destination is a negative event, rather than a competition for each location to establish itself as a tourist destination, it could have severe consequences for the hospitality industry, impacting both the national economy and, crucially, the local economies. Let us re-
In fact, what needs to be discussed is the capacity of individual destinations to manage the flows they aspire to achieve.
member that practically all of the country's larger municipalities are now considered touristic, and tourism is critical to many of them. Indeed, eliminating or drastically scaling back the hospitality industry would lead to the abandonment of several mountain resorts in the absence of tourism.
The underlying scenario is a rapidly increasing, almost explosive global demand for tourism. So the problem is a matter of choice. Who is to decide? And how? Usually, the major criterion is prices. While this may not always be the case, it is an inevitable outcome. Secondly, let's focus on a specific point: do we know when the term "overtourism" is appropriate to use? Do we have objective indicators? Are the indicators based on carrying capacity, population, or the number of hotel rooms? If we do not have these indicators, we should create them. However, even the most neutral or objective indicator only partially resolves the problem because the meaning of "over" is not in a number but in the ability to manage tourist flows: there are cities that can easily host one million people in one month, while others cannot handle a few dozen more. The number is high in the first scenario, but no one notices; in the second, everyone calls it overtourism.
In reality, we need to talk about each destination's capacity to control the flows they hope to achieve.
This calls for research, such as attempting to determine the true number of visitors, as well as decisions about city organization. One obvious point to consider in this regard
is the need to ensure guests have adequate lodging. For example, according to a relevant study conducted by Grant Thornton on behalf of the Hellenic Chamber of Hotels, the number of beds available in the center of Athens in short-term rental accommodation now stands at 63,200, compared to 34,950 in hotels, while 1.68 times more beds are offered throughout Attica (114,000 in short-term rentals versus 67.8 thousand in hotels). Between 2019 and 2023, the number of hotel beds climbed by just 3.5% to reach 886,100, while sharing economy beds increased by 100% to reach 857,700 nationwide. It is evident that this growth is the result of the explosion in short-term rentals on digital platforms.
Thus, overtourism must be linked to this type of overnight stay, so we must decide whether to call it overtourism or "over-rentals."
How can we address overtourism when it is present and during its peak periods? We could achieve a balance based on some parameters, such as population and/or hotel rooms, provided there is also the desired balancing on the short-term rental side.
After addressing all these issues and moving away from the concept of overtourism, we must confront another significant issue: the strong polarization that permeates our country's various tourist destinations and points of interest. For example, more than 100 imposing archaeological sites are recorded scattered throughout almost the entire Greek territory, many of which adorn the UNESCO World Cultural Heritage list, plus another 203 archaeological museums, according to the website of the Directorate of Archaeological Museums, Exhibitions and Educational Programs. Of the four (4) million tourists who visited the archaeological sites and museums in our country during the first eight months of 2023, 2.7 million
visited the archaeological site of the Athens Acropolis and the nearby Acropolis museum, another 665,000 visited Knossos and 375,000 visited the archaeological site of Epidaurus. This means that more than 90% of tourists in Greece visited three museums - archaeological superstar sites, and only very few of them visited a huge network of archaeological sites and museums that are distributed in almost all of the country’s geographical units.
How can we achieve a greater balance both between different destinations and within them, since tourists are not distributed and directed by a central planning? A rational solution would be the method suggested by Richard H. Thaler and Cass R. Sunstein in their book Nudge, the Gentle Push (2008). Former US President Barack Obama and his administration implemented this intriguing strategy across various sectors. The specific method is an approach based on behavioral economics and psychology that aims to influence people's choices and behaviors in a subtle and pos-
itive way without resorting to coercion or mandatory provisions. It makes use of the notion of nudges, which are subtle modifications in offering and presenting options that might lead individuals to making the desired decisions.
In tourism today, however, there is a reverse push at work, in the sense that the mechanism of clickbait (we know that today everything is done on the Internet: travel inspiration, information, reservations and purchases) polarizes the user's attention to the most popular attractions and destinations. For instance, offering very low prices in popular destinations can attract maximum user attention. For instance, an offer of 50 euros for a hotel room with a view of the Acropolis would attract more attention than a similar offer of 30 euros for a room in Corinth. And that's because the ultimate goal of any website or app on the internet is to grab the user's interest and make them spend time online. The polarizing effect of clickbait is deadly. So, how can we actually relieve the
congestion in already overburdened places wherever and whenever it occurs?
Probably following a ‘second best’ tactic, which directs attention to less popular destinations, making second-rate destinations and attractions valuable, especially if reinforced by the rhetoric that those who choose the ‘second best’ are better off than those who choose the ‘best,’ combined with corresponding supporting transport and complementary services and a sustained program of public investment in infrastructure and reconstruction projects. It is easy to specialize destinations, each with its own brand, its own defined product/market, and its own signature message. Is it complex? No, not at all; it is nothing more than just what has already been applied internationally in other areas, from fashion to food. Perhaps it's time to learn how to effectively manage tourist traffic and promote lesser-known sites. It suffices to devote thinking and competence to tourism without producing ghosts, or even worse, inventing and encouraging far-fetched fantasies.
4,000,000 2.700.000 665.000 375.000 260.000
Of the 4 million tourists who visited the archaeological sites and museums during the first eight months of 2023, 2.7 million visited the archaeological site of the Athens Acropolis and the nearby Acropolis museum, another 665,000 visited Knossos and 375,000 visited the archaeological site of Epidaurus.
CRUISE SECTOR: FAIR WINDS AND HEADACHES
Even though the anticipated number of cruise passengers in 2024 is expected to exceed 7.8 million, an increased fee on cruises disturbs the sector
By Paris Tsirigotis ptsirigotis@naftemporiki.gr
Greece once again this year proved an alluring destination for cruising, as data available to "N" indicate that the end of 2024 will mark an increase in passenger arrivals by 15 percent, and cruise ship arrivals by 5 percent.
Industry executives predict that this year will see more than 7.8 million passengers and more than 5,500 cruise ship arrivals.
The number of passengers in Piraeus, the country's main port, will surpass 1.7 million this year, marking a 12 percent to 15 percent increase from 1.5 million in 2023. The island of Santorini is also expected to record a comparable increase, ranging between 12 and 15 percent. Mykonos is set to post a 5 percent to 8 percent increase this year, while cruise visitors to Nafplion are anticipated to skyrocket by 138 percent.
Cruise passengers in Corfu and Katakolo are expected to record a 20 percent increase, while Heraklion and Chania are anticipated to post an increase of 26 percent and 37 percent, respectively. Greece’s cruise map is
joined by several new destinations, including Monemvasia, Gytheio, and Itea, with arrivals of primarily smaller cruise ships. The addition of Itea facilitated tourists' visits to the Delphi archaeological site.
2025 to be favorable, too
In an interview with "N", the president of the Union of Cruise Ship Owners & Associated Members (EEKFN), George Koumbenas, predicted that the number of cruise passengers in Greece will increase by approximately 20 percent in 2025, as the conditions are favorable as a result of geopolitical developments. At present, Piraeus, Santorini, and Mykonos account for 57 percent of Greece's total annual cruise traffic in terms of passenger numbers.
The Hellenic Ports Association (ELIME) reported that in 2023, the port of Piraeus received 1,484,788 passengers, Santorini saw 1,298,968 passengers and 800 cruise ship approaches, and Mykonos recorded 1,192,822 passengers and 749 cruiser arrivals.
Reactions to new fees
The announcement by the Minister of Tourism, Olga Kefalogianni, of a new, increased fee to apply for cruise passengers visiting the popular islands of Mykonos and Santorini, envisaged to curb overtourism, has caused a stir in Greece’s cruise industry.
The Cruise Lines International Association (CLIA) is asking for the new measure to apply as of 2026, while the EEKFN argued that the new fee, in addition to the International Ship and Port Facility (ISPS) fee and the implementation of the EU’s new Entry/ Exit System (EES), will result in increased costs for cruise passengers.
The new cruise passenger fee
Olga Kefalogianni said the cruise fee would be higher for destinations under the most pressure, namely Santorini and Mykonos, especially during the peak months, while for other ports in the country it will be escalating by time period.
She announced that each passenger disembarking from a cruise ship at the ports of Mykonos and Santorini will pay a special fee of 20 euros, which will drop to 5 euros for the rest of the country's ports from June 1 to September 30 of each year.
The fee will be lowered by 40 percent in the months of April, May, and October (i.e., 12 euros and 3 euros, respectively) and by 80 percent from November through March (i.e., 4 euros and 1 euro, respectively). The government anticipates that the new fee will generate revenues of 50 million euros.
Passenger numbers in 2024 are anticipated to rise by 12-15 pct in Piraeus and Santorini, 5-8 pct in Mykonos, 138 pct in Naflpion, 20 pct in Corfu, 15 pct in Katalo, 26 pct in Heraklion and by 37 pct in Chania.
CLIA: The necessity of dialogue
Calling on the Greek government to postpone the application of the fee as of 2026, the CLIA reiterated the need for meaningful consultation with cruise lines, local government, ports, and tourism operators impacted by the fee. The association stressed that new cruise ship berth management systems will be implemented in Santorini and Mykonos starting in 2025.
CLIA also urged the industry to examine the potential economic impact of the new charge per passenger. However, it also welcomed the Tourism Minister's statements regarding the significance of port infrastructure in enhancing the management of tourist flows and the intention to promote new destinations, which are in line with the CLIA Action Plan for Greece adopted a year ago.
Shipowners’ positions
Speaking on the issue, George Koumbenas informed "N" that "the Ministry of Tourism's announcements regarding the cruise fee in Mykonos and Santorini, as well as other islands, will result in additional costs for passengers who choose to take a cruise in Greece." He emphasized that the Ministry of Tourism made the specific announcement "without any prior consultation with sector's bodies or municipal authorities."
Mykonos taken aback
The island of Mykonos was shocked by the imposition of the new increased fee on cruise passengers, the island’s Port Fund said in a letter to the PM Kyriakos Mitsotakis and the involved ministers.
At the same time, the body and the local community expressed their apprehension that "the number of cruise ships and visitors to the island will show a significant decline,” urging the government to reevaluate the new measure and noting that it "could jeopardize the cruise's long-term viability."
According to Giorgos Nomikos, president of the Port Fund of Santorini, the government decided on the increased fee without any prior consultation. He argued that revenues from the fee should be allocated to the municipality to be used for infrastructure projects on the island
Vassilis Korkidis
President, Piraeus Chamber of Commerce and Industry
The cruise sector could offer more help to Greece’s economic growth
In addition to an increase in passenger and cruise ship arrivals, further boosting homeporting, ship repairs and local markets can generate even more revenues
With overall passenger arrivals expected to eclipse both last year's and probably all previous records, this year (2024) appears to be shaping up to be an incredible cruise season in Greece. Based on last year’s data, there were 5230 cruise ship arrivals in 49 Greek destinations, with 7 million passengers -450 more ship arrivals equaling an extra 2.4 million people. As a result, we saw a 9.41 percent increase in cruise ship arrivals and a 51.26 percent increase in passenger numbers on an annual basis. It's important to remember that the previous arrivals record - 5261 cruise ship arrivals and 6.1 million passengerswas achieved 14 years ago, in 2011. The new record, in terms of the number of passengers, was in fact set with an increase of 14.4 percent.
The difference in percentage changes between ships and passengers, both for the past two years and for the historical records of 2023 and 2011, shows that, on average, the cruise ships that called at Greek ports last year had a higher occupancy rate of passengers per ship. As a result, each cruise ship arrival in 2023 accounted for 1339
According to the estimates for this year's course of the cruise in our country, measurable revenues are expected above of 800 million euros.
passengers, compared to 969 in 2022 and 1164 in 2011.
According to Bank of Greece data, revenues from the sector in 2023 rose to 698.9 million euros, compared to 413.3 million euros in 2022 and 556 million euros in 2019.
Based on 2024 data, cruise lines have planned drydock operations for 2000 days in a row across the globe. The yearly procedure involves carrying out maintenance, refurbishments, and interior design remodeling of cruise ships according to newly acquired data that reflects potential customers' wants. Over a three-year period, the cruise companies are expected to invest over $3 billion in these projects. The top European nations with scheduled drydock operations are Portugal, Spain, France, and Italy. Greek shipyards may be able to claim a portion of these projects, but as of right now, Greece is “absent” from drydocking operations performed by the world's cruise fleet, which uses primarily Italian and French shipyards. During a cruise ship's 24-hour drydocking stay, industries related to shipbuilding repairs and other operations employ over a thousand people; additionally, a large number of businesses that manufacture or trade general materials and spare parts for
the ship supply industry are involved.
Since the average passenger spending in Greece is 100 euros compared to 400 euros in other European countries in the Mediterranean, we support the government's new spatial planning plan for tourism, which will address the sustainability challenges of tourist destinations. Essentially, in order to prevent the negative repercussions of overtourism, the Tourism minister will move forward with a drastic reform in the direction of destination management. The government estimates that the new cruise levy will generate a total of 50 million euros, with municipalities receiving one third, the Ministry of Maritime Affairs receiving one third, and the Ministry of Tourism receiving the remaining third for tourism infrastructure improvements.
As it turns out, the cruise market in Greece is a major growth factor, both for local communities and the national economy. When combined with the continued growth in homeporting and the development of infrastructure, which includes numerous excellent boutique hotels in the port city of Piraeus, these factors can significantly enhance the prospects for "imported consumption" in the local market. In this regard, the assessment for this year's summer period is positive, as the port of Piraeus has recorded over 1032 scheduled arrivals until September. Let's hope that the revenues based on the arrivals of cruise ships in Greek ports will follow suit. In fact, according to the estimates for an annual increase of around 10 percent in arrivals and 15 percent in the number of passengers, the Bank of Greece expects measurable revenues of more than 800 million euros.
Notably, total annual cruise revenues in the European market amount to 60 billion euros, with Italy collecting up to 16 billion euros, which means that Greece, with its archipelago, has a lot of scope and should claim a bigger share. I believe that the corresponding added value that the cruise industry provides to the country’s tourist product should also be reflected in the revenues of the Greek economy and local communities.
Over the past decade, ferry traffic to the islands has consistently increased, except for the two years during the Covid-19 pandemic.
COASTAL SHIPPING PROSPECTS AND CHALLENGES
Greek coastal shipping’s growing transport demand, contribution to the GDP, and the bet of fleet renewal
By Paris Tsirigotis ptsirigotis@naftemporiki.gr
Greece’s coastal shipping is a distinctive global example, as there is no comparable market in the world that connects as many island destinations year-round, transporting millions of passengers and goods.
As many as 280 passenger ferries connect 97 Greek island destinations on a daily basis, according to data by the Ministry of Maritime Affairs and Insular Policy, showcasing coastal shipping‘s significance for the well-being of islanders. The permanent residents on Greek islands account for 15 percent of the country’s total population, while as much as 85 percent of goods required by businesses annually are transported by sea.
Out of the country’s 115 habitable islands, only 25 have airport, and cabotage services are exclusively provided by sea.
Passenger traffic
Passenger traffic to/from the islands has been recording a growing trend over the past decade, with the exception of the two years during the COVID-19 pandemic. By 2023, costal shipping
transported over 18 million passengers annually to/from island destinations, while an increase of 1.0 percent has been recorded so far in 2024 compared to a year earlier.
Data by the Hellenic Statistical Authority (ELSTAT), released in an XRTC survey, confirm the ongoing increase in passenger and vehicle traffic in 2023 compared to 2022, even though at significantly lower levels compared to 2022.
The number of passengers increased by 7 percent in 2023, compared to a 36 percent increase in 2022 compared to 2021. In 2023, the overall growth rate of vehicles (passenger cars and trucks) was 4 percent, as opposed to 12 percent in 2022, compared to 2021.
Specifically, the number of passengers transported by the domestic coastal shipping fleet increased from 17,525,674 in 2022 to 18,787,971 in 2023. Similarly, the number of vehicles transported rose to 3,817,522 in 2023 compared to 3,660,290 in 2022.
The fleet
In terms of vessel age, given that shipbuilding ac-
tivity is extremely low, if any at all, in recent years, no newbuilt boats have been added to the coastal fleet. As a result, we are witnessing a gradual aging of the coastal ships serving the country’s islands, despite the fact that Greece’s coastal fleet is much younger than the EU average.
According to XRTC Business Consultants, Greece’s coastal fleet has an average age of 28 years, while the European fleet is at an average age of 35 years.
Impact on the economy
In 2019, domestic passenger shipping contributed approximately 13.6 billion euros to the country's GDP, accounting for 7.4 percent of the total, according to data from the Foundation for Economic & Industrial Research (IOBE). The majority (10.1 billion euros) is attributed to activities designed to meet the requirements of island visitors who arrive by coastal ships.
The contribution to GDP purely from the transport activity, through the demand created to cover the operational needs of coastal shipping and the related induced effects to meet the con-
► sumption demand of workers in the coastal shipping value chain, is estimated at 2 billion euros for 2019.
Funds disbursed in 2 directions for green transition
The new EU regulations necessitate the renewal of the Greek coastal shipping fleet with clean and alternative forms of energy. Notably, the main objective of the European initiative FuelEU Maritime is to increase the use of low-carbon fuels in shipping by 2030 while ensuring the smooth operation of maritime traffic and avoiding distortions in the internal market. According to the EU Emissions Trading System (ETS), each shipping company, for each of their ships approaching European ports, should purchase the market value of the carbon dioxide emitted for each ton of fuel used.
The ETS foresees the gradual integration of the companies' ships with 40 percent of their emissions from 2024, 70 percent in 2026, and 100 percent from 2027 onward. For coastal shipping, this measure regards only ships in class A , with a capacity of 5000 registered tons and above, operating on international routes and islands with more than 200,000 inhabitants. With regard to Greece, following a decision of the EU Ministerial Council for Maritime Affairs, an exemption from the regulation has been granted until December 31, 2029, for coastal ships sailing to/from ports of islands with less than 200,000 inhabitants.
Ministry of Maritime Affairs
The head of the NSRF programs of the Ministry of Maritiame Affairs and Insular Policy, Athina Fokas, speaking recently at a special event on coastal shipping held on the sidelines of the 88th Thessaloniki International Fair, emphasized that the decisions and initiatives for the renewal and "greening" of coastal fleets, based on the recent report by the former head of the European Central Bank (ECB), Mario Draghi, are moving in the right direction.
She also pointed out that an important initiative has been taken by the Minister of Maritime Affairs, Christos Stylianides, to conduct a preliminary study - within the framework of a PPP with the European Bank for Reconstruction and Development (EBRD) - on the "greening" of coastal shipping operating in the country’s unprofitable routes. She emphasized that the coastal shipping industry has already secured EU funding of 80 million euros, with the potential to increase to 360 million euros upon completion of the study and development under the economic model for alternative forms of fuel.
Three pilot routes will be used as the financial model to be followed, Mrs. Foka said, adding that the country has already commenced the program and the European Commission is awaiting the results.
She referred to another project implemented with funds by the RRF regarding the master plan of coastal shipping, which concerns a loan mechanism for the whole of coastal shipping operating in free of charge and unprofitable routes.
She noted that the objective is to research port infrastructure suitable for alternative fuels and create a
map in partnership with Greece's Asset Development Fund (TAIPED). Mrs. Foka also emphasized that Europe views Greece as a "study case," and Spanish and Portuguese government officials have already expressed interest in taking part in this program in Greece to see how it develops.
The 400-page report on the competitiveness of the EU, commissioned a year ago by the president of the Commission to the former president of the ECB, Mario Draghi, recognizes the strategic role of shipping in protecting EU competitiveness, in addition to referring to matters pertaining to sea transport and the path to decarbonization. One of the specific actions proposed for the sea transport sector is the launch of special EU public and private sector partnerships for decarbonization and digitization. The European Commission is recommended to provide a range of supporting tools for their development.
Shipbuilding programs
In response to the Ministry of Shipping's efforts to secure European funding, coastal shipping companies have lately been busy with planning their future moves. All coastal shipping boats will be required to use low-sulphur fuel, which is more expensive than regular fuel oil, as a result of the implementation of the EU regulation FuelEU Maritime on 1 May 2025. Some of the larger shipping companies have already invested in the installation of scrubbers on some of their vessels, which allows them to continue using
The new EU regulations for clean forms of fuel require the renewal of the Greek coastal shipping fleet.
regular fuel oil. Nevertheless, as the installation of scrubbers is costly, the majority of coastal shipping companies have not yet gone ahead with it. As a result, beginning in early 2025, they will be required to use low-sulphur fuel, whose price is 30-35 percent dearer. Numerous smaller companies are examining solutions involving entering partnerships with other, larger companies or even selling their transport project, as they are unable to secure additional bank lending because of the substantial investment funds required for the green transition. Attica Group, a shipping group, has already reached a long-term charter agreement with Stena RoRo for the construction of two 200-meter-long vessels in China. The new ships’ engines will be capable of using three distinct forms of fuel, and they will be certified as methanol and battery-ready. The group has also signed a memorandum of cooperation with ONEX Shipyards for the construction of two newbuilds, and plans to replace three Aero high-speed vessels with two new ones of the same type. Lastly, Italy’s Grimaldi group has commenced a new shipbuilding program for two ships using alternative fuels for Greece’s Minoan Lines
Costa Navarino: Discover the Sustainably Driven Destination in the Mediterranean
Located in the Greek region of Messinia in the southwest Peloponnese, Costa Navarino is one of the most unspoiled and breathtaking seaside landscapes in the Mediterranean.
Costa Navarino is deeply intertwined with Messinia’s history, nature, and traditions. It’s a place where stories are shared with the world and, more importantly, where new stories can be experienced and spread by Messinia’s greatest ambassadors: the homeowners and visitors of Costa Navarino. This is a place where friendship can always be found, and happiness is measured by footsteps in the sand.
Be
part of our story...
Costa Navarino is currently home to four 5-star resorts: The Romanos, a Luxury Collection Resort, ideal for couples seeking a distinctive holiday; The Westin Resort, Costa Navarino, perfect for families; W Costa Navarino, offering a vibrant atmosphere suited to groups of friends and the young at heart; and Mandarin Oriental, Costa Navarino, providing an ultra-luxury experience with complete privacy and tranquility.
In addition, Costa Navarino offers state-of-the-art residences for private ownership or rental. Whether located just meters from the beach or nestled
among verdant olive groves, Costa Navarino Residences represent more than just a place to live-they offer a unique way of life.
Recognized globally as a premier golf destination, Costa Navarino features four signature 18-hole courses set amidst contrasting natural landscapes with stunning sea views. Guests have access to over 40 restaurants and bars, more than 45 retail shops and services, a wide range of indoor, outdoor, and water sports including diving, sailing, and yachting. The destination also boasts an NBA Basketball School, a Mouratoglou Tennis Center with 17 state-of-the-art tennis, padel and pickleball courts, three world-class spas, and a tapestry of authentic experiences honoring the heritage, gastronomy, and nature of Messinia. The addition of Navarino Agora, a vibrant seaside marketplace, further enriches the cultural experiences and premium services by combining shopping, dining, entertainment, and cultural happenings.
Just a 40-minute drive from Kalamata International Airport, Costa Navarino is easily accessible, yet visitors can feel they escaped to a region with much to discover.
Costa Navarino offers a unique experience, inviting people to become part of the region’s land and philosophy, and providing a legacy of happiness for those who visit or stay for life.
www.costanavarino.com
The Westin Resort Costa Navarino
W Costa Navarino
Mandarin Oriental, Costa Navarino
The Romanos, a Luxury Collection Resort
Momentum requires reflection, cooperation and moderation
Tourism plays a catalytic role in the country's new development model, allowing for an effective response to the enormous challenges we currently face by uniting forces, not by building walls
Alexander Vassilikos
President, Hellenic Chamber of Hotels
In Greece, we are used to being introverted, often looking at our own issues through a narrow perspective, without taking into account that we do not operate in a vacuum, but within a specific international environment. The characteristics of this international environment at the moment are very specific: A war in Ukraine, a war in the Middle East, and a climate crisis that is upending our preconceived notions in Europe and beyond.
We cannot afford to rest on our laurels in such an environment, believing that the Greek economy, having endured a ten-year financial crisis, is now resilient and capable of navigating through current and potential future threats. Conditions, therefore, require a clear plan and effective solutions, with a time horizon of at least the next decade.
The critical time for decisions is now, and we must learn from the mistakes of the past.
Inactivity is not only out of the question, but the trauma of the recent crisis we experienced must make us constantly alert.
A necessary condition, however, in order to decide and properly plan the future of the Greek economy is understanding
It is important to evaluate the situation correctly, put aside barren rivalries, and march steadily forward on the path of co-evolution.
and cooperation. There is no need for neither irrational voices nor easy social automations and divisions. On the one hand, the "good" and the "bad" sectors are merely antiquated patterns that, if adhered to, will ultimately result in futility. Momentum requires reflection, cooperation and moderation.
Tourism plays a catalytic role in the country's new development model, allowing us to effectively respond to the enormous challenges we currently face. And that is because tourism is an industry that has proven to contribute to economic growth, employment and social cohesion. Its benefits spread to almost the whole of the real economy, supporting small- and medium-sized enterprises, creating regional development opportunities, and providing for the prosperity of local communities throughout Greece.
Therefore, the Greek economy needs to rely on its most important comparative advantage in order to cope with the demands of an extremely competitive environment.
The country’s geographical position, history and tradition, and the experience of previous successes make tourism a stable and irreplaceable pillar of national selfconfidence and optimism, which even in the toughest conditions supports the economy and society.
Surely, the tourism sector does not claim exclusivity in the country’s growth dynamics. Tourism professionals have proven in practice that we believe in the power of
“together”. That is why we consider it inappropriate to raise dilemmas such as “innovation or tourism” in the public debate. We have demonstrated the innovation of the tourism sector through the CapsuleT initiative, whose international distinctions and successful actions fully justify the initiative of the Hellenic Chamber of Hotels to create the first and only "accelerator" of start-ups focused exclusively on tourism. In addition, we have also highlighted the importance of organic interconnection with the primary sector of the economy through the action “Greek Breakfast”. We also recognize that short-term rental is part of the tourism product and we neither demonize it nor call for its extinction. We simply believe that short-term rental should follow certain rules.
What will lead us to a better future is embracing an "out of the box" understanding beyond conventionality: by uniting forces, not by building walls and splitting up. Challenges are a given, and will always be there. But what’s important is to evaluate the situation correctly, put aside barren rivalries, and march steadily forward on the path of co-evolution.
NORTHERN GREECE
IN TOURISM
In spite of a fine tourism season so far this year, higher operating costs and the new accommodation fee are a real headache for Northern Greece hoteliers
By Vasso Vegiri vvegiri@naftemporiki.gr
The region of Northern Greece so far this year enjoyed a fine tourism season, with visitor numbers maintained at last year’s levels and, in some cases, even a little higher. However, hoteliers in the region are concerned about whether it will be possible to make up for the higher operating costs, as well as about the new, blanket, and unrewarding, as they put it, charges for visitor accommodation. "More people came, but they stayed less and also spent less," they point out.
Halkidiki
According to Yannis Laspas, First Vice President of the Halkidiki Hotel Association, this year’s arrivals, overnights, and hotel turnover were at the same levels as last year, and, in this light, he expresses contentment. However, he adds, "we are exploring ways to cover the costs and potentially offset, even partly, the hike in accommodation costs."
In addition, Halkidiki's hoteliers express concern about an increase in accommodation fees, stating that it "makes us uncompetitive."
They also highlight the inadequacy of local networks and infrastructure due to the steep increase in short-term rentals.
The top two foreign visitors who chose Halkidiki for their holidays this year are German and British, while the Balkan markets, particularly Romania, Bulgaria, and Serbia, also saw significant visitor numbers this year.
Notably, the latest data by the Halkidiki Economic Barometer, conducted by the Interview company
on behalf of the Chamber of Halkidiki, highlight that the majority of residents in the prefecture hold a rather negative opinion of the increase in Airbnb accommodation, while five out of ten entrepreneurs in the area, specifically 52 percent, believe that Airbnb is negatively impacting small-sized local businesses.
More specifically, 72 percent of Halkidiki-based entrepreneurs believe that the profile of tourists visiting the region has changed as a result of Airbnb, attracting more families and groups of friends, and extending the length of stay.
However, 52 percent of entrepreneurs consider that Airbnb has a negative impact on small-sized local businesses, such as hotels, restaurants, etc., and only 37 percent believe it affects them positively. Simultaneously, 42 percent of local entrepreneurs assert that Airbnb has had a negative impact on Halkidiki's local economy, whereas 41 percent hold a positive view, and 89 percent of Halkidiki businesspeople affirm that Airbnb activities have influenced property prices and rentals.
According to information made available to "N", especially in Halkidiki, but also in other areas in the north of the country, there is significant activity of short-term rentals not declared in Greece, primarily by Balkan nationals who have bought houses and advertise them through platforms in their own countries, e.g., Bulgaria.
Pieria
Even though this year the region of Pieria enjoyed a
fine tourism season, which is now gradually coming to an end, the desired results were not attained, as highlighted by the president of the Pieria Hotel Association and vice president of the Hellenic Hoteliers Federation (HHF), Iraklis Tsitlakidis.
The summer season, Mr. Tsitlakidis explains, commenced for Pieria with high expectations and upward trends from April to June. However, July and early August recorded lower occupancy rates than usual. In particular, July recorded a drop of up to 25 percent in the first three weeks, while business in August moved a little higher.
Mr. Tsitlakidis attributes the causes of this year's bittersweet trends to the lengthy delays at the land borders of Greece's entry stations, primarily in Evzonoi and Promachonas, as well as the delays caused by the Flyover works on the Thessaloniki ring road.
In addition, he referred to the partial integration of Romania and Bulgaria into the EU’s Schengen Area as of 1/4/2024, which meant that travelers from those countries were not required to go through passport control. As a result, Romanians, who have been the main pool of tourists in the area in recent years, recorded noticeably lower numbers this year compared to the past few years.
"We are concerned about the new, acrossthe-board, and unrewarding charges on tourist accommodation because they negatively impact our competitiveness in an internationalized environment and endanger the viability of our businesses. Mr. Tsitlakidis concluded, "We should not punish tourism for its past successes; it should continue to play a significant role in the well-being of local communities."
Thasos
Arrivals on the island of Thasos recorded an increase of 7 percent in July and 10 percent in August, according to data released by the local port authority. However, what is important is how much money visitors spent, the president of the island's Hoteliers Union, Paris Paraschoudis, told "N", who has come to the conclusion that although more people visited Thasos this year, they stayed less and also spent less.
Mr. Paraschoudis expressed concern about earnings owing to this year's increased operating costs and higher surcharges.
Romania was the top market on the island this year, but there was a clear tendency for it to decline as the partial integration of Romania and Bulgaria into the EU's Schengen Area led to a decrease in
Yannis Laspas, First Vice President, Halkidiki Hotel Association: “This year’s arrivals, overnights, and hotel turnover were at the same levels as last year, but operating costs rose.”
Paris Paraschoudis, President, Thasos Hoteliers Union: “Thasos this year welcomed more visitors, with the number of Romanians dropping and domestic visitors increasing.”
Tsitlakidis, President, Pieria Hotel Association: “We should not punish tourism for its past successes; it should continue to play a significant role in the well-being of local communities.”
Andreas Mandrinos, President, Thessaloniki Hotel Association: “This year's hotel occupancy rates were steady at last year's levels of 66-67 percent.”
road traffic to Greece, with holidaymakers choosing to travel by air to other European destinations instead.
However, despite the decline in road arrivals, there was heavy traffic, particularly at the Nynfaia border entry point, which serves as the main entrance gate for Romanians traveling to Thasos. The island's hoteliers persistently advocated for much-needed infrastructure improvements at all border stations in Northern Greece.
Visitors to Thasos from the domestic market, as well as from Serbia and Turkey, recorded an increase, with Turks arriving throughout the summer season, not just during their religious holidays as they used to in the past.
Beyond tourism, Thasos is experiencing extensive building construction activity for either holiday homes for sale or short-term lease, with the latter being a highly popular choice this year.
Initial signs for 2025, based on data from the "Megas Alexandros" airport of Kavala, point to rather subdued tourist arrivals, according to Mr. Parashkoudis, who fears that the looming suspension of flights from Lithuania and Denmark is likely to have a negative impact on tourism. Officials from the Thasos Hotel Association have requested state help to design promotion campaigns to attract tourism from new markets and prevent the island from becoming a primarily Balkan nationals vacation centre.
Thessaloniki
The president of the regional unit's Hotel Association, Andreas Mandrinos, told "N" that this year's hotel occupancy rates in Thessaloniki stayed steady at last year's levels of 66 percent to 67 percent.
The number of visitors from the US recorded an increase, despite the lack of direct flights, while visitors from Israel dropped as a result of the war in the Middle East. Also evident was a qualitative deterioration in terms of the purchasing power of tourists, as the majority of them come from neighboring, poorer Balkan states.
At the same time, Mr. Mandrinos emphasized the urgent need for improvements at the country's road borders, citing as a typical example that on the Turkish side there are six entry streams, with only two such entry points on Greece’s side, which in 2025 are expected to increase to three, but even then will not be able to eliminate the long delays experienced by tourists from the neighboring country arriving in Greece by car
"More people came [this year], but they stayed less and also spent less," Northern Greece hoteliers point out.
Iraklis
Tourism as a driving force for Greece’s economy
Tourism is crucial in addressing problems posed by geopolitical events and economic crises while providing a framework for the nation's ongoing economic growth
Tourism is a critical component of the Greek economy, significantly contributing to employment and the country’s Gross Domestic Product (GDP). Tourism is crucial in addressing problems posed by geopolitical events and economic crises while providing a framework for the nation's ongoing economic growth on a worldwide scale.
1Contribution to GDP: In 2023, tourism significantly boosted Greece's GDP, directly contributing 13 percent (28.5 billion euros) and indirectly contributing around 30 percent. According to the study "Contribution of tourism to the Greek economy in 2023," by the Institute of the Greek Tourism Confederation (INSETE), the sector contributes not only directly through the income from tourism activities, such as accommodation, catering and recreation, but also indirectly, through the value chain created in the market. Therefore, we should not view the revival of tourism as a unilateral economic endeavor or a "monoculture." The scope of tourism significantly impacts the Greek economy, bolstering the advancement of nearly all of its sectors: it enhances the agri-food industry, construction, transportation, services, and even the retail market.
2Contribution to Employment: With hundreds of thousands of workers employed directly or indirectly, the tourist industry is one of Greece's biggest employers. As the sector offers jobs for both skilled and unskilled workers, tourism plays a significant role in addressing unemployment, particularly during times of crisis. In particular, employment in the accommodation and catering segments grew at an average annual rate of 2.8 percent
According to estimates, tourism contributed 13 percent (28.5 billion euros) directly and 30 percent indirectly to Greece's GDP in 2023.
between 2014 and 2023. Overall, as much as 36 percent to 43.4 percent of all jobs are directly or indirectly related to tourism. Part-time employment stands at 12.2 percent, lower than the EU average (29.7 percent). Since tourism is primarily based on and supports microentrepreneurship, it offers employment opportunities mainly to women and young people, which are the social groups with the highest unemployment rates. As a result, employment in the tourism industry has certain characteristics that are particularly important for social balance and wellbeing. Nevertheless, recruiting personnel in the tourism sector remains a significant challenge due to a substantial deficit in specialized positions. The absence of specialist professionals, along with the threat presented by Greece's population crisis, persists as the key concerns.
3Addressing the deficit in the balance of goods: A pivotal function of tourism in the Greek economy is to mitigate the deficit in the balance of goods, which continues to be a primary issue for the nation. In 2023, travel receipts and revenue from tourist transport (air and sea) accounted for 73 percent of the deficit in the balance of goods, compared to 89 percent in 2019. The revenues from tourism mitigated half of the deficit even during the pandemic. Furthermore, research conducted by the Centre of Planning and Economic Research (KEPE) indicates that merely 13
percent of the cash generated by tourism in the country is re-exported. During periods of geopolitical strife and global financial turmoil, a consistent influx of tourism revenue mitigates external shocks, enhancing economic resilience to exogenous disturbances.
4Resilience and competitiveness: Greek tourism is remarkably resilient to both economic and geopolitical crises. The tourism sector has exhibited a remarkable capacity for rapid recovery from significant interruptions, including the Covid-19 pandemic, while consistently drawing in millions of visitors each year. The competitiveness of Greek tourism significantly surpasses that of the Greek economy, as it ranked in 21st place in 2024 (up from 28th in 2021) and holds 5th place among competing Mediterranean nations (Spain, France, Italy, and Portugal). Conversely, the World Economic Forum places the competitiveness of the Greek economy at 59th place. The longterm outlook for international tourism development is consistently positive, with further growth anticipated as an economic, social, and cultural phenomenon. Greece possesses considerable potential to secure its share by leveraging private sector investment and its strong international image. Nonetheless, the favorable progress in the country’s tourism growth is not impervious and should be safeguarded. This necessitates investment in public infrastructure, enhancement of the tourism sector's competitiveness, advocacy for the geographical and temporal extension of our tourist season, and the rational management of tourist attractions with a focus on sustainable growth.
Greek tourism is encountering a pivotal juncture of advancements. The nation must leverage its competitive advantages while enhancing its resilience to achieve sustainability across economic, social, and environmental dimensions.
Hotel Grande Bretagne serves as a vital link between Athens' storied past and its promising future, providing visitors from around the world with a unique, timeless experience that reflects the essence of Greek hospitality
In the last two decades, Athens has undergone a remarkable transformation, emerging as a competitive and highly recognizable city destination. Key landmarks, such as the new Acropolis Museum and the Stavros Niarchos Foundation Cultural Center, have contributed significantly to the city's appeal. Yet, it was the 2004 Olympic Games that truly reignited global interest in Athens. The city was reintroduced to the world as a vibrant, modern European capital that honors its ancient roots while embracing contemporary progress. Tourism arrivals and overnight stays have multiplied during this period of growth, reflecting Athens' new status as a must-visit destination. From 2005 to 2023, arrivals increased from 2.8 million to 5.2 million, while overnight stays climbed from 6 million to 11.5 million. These statistics highlight the city’s rising prominence on the global stage, allowing it to compete with other European capitals by offering visitors a unique blend of ancient history and modernity, with important improvements in its infrastructure and hospitality offerings.
A significant part of Athens' extroverted spirit and connection to its visitors lies in its historic establishments, none more so than the Hotel Grande Bretagne. For 150 years, this landmark hotel has stood as a testament to the enduring charm and elegance of Greek hospitality. It is rare for a hotel to be so closely intertwined with the historical and democratic evolution of its home country, yet the Hotel Grande Bretagne has managed to do just that.
Opened in 1874, it has welcomed kings, queens, presidents, and international dignitaries, becoming a living part of modern Greek history. Its halls have witnessed pivotal moments, from hosting diplomatic discussions to being a silent observer of the city’s transformation from a small town
It is rare for a hotel to be so closely intertwined with the historical and democratic evolution of its home country, yet the Hotel Grande Bretagne has managed to do just that.
of ruins and relics to a bustling European capital. The hotel's prestigious visitors over the years include Elizabeth Taylor, Sophia Loren, and Maria Callas, while Sean Connery, Francis Ford Coppola, Alain Delon, Sting, Jean Paul Gaultier, Naomi Campbell, Bruce Springsteen, Lady Gaga, Hugh Jackman, and many more have chosen the hotel during their visits to Athens. It also welcomed the distinguished personalities of the 2004 Olympic Games, serving as the official "guesthouse" of Athens.
Lampsa Hellenic Hotels SA was the first company in the tourism and hospitality sector in Greece, founded in 1919. The present owners have demonstrated great care and sensitivity in safeguarding the rich history of the country's most iconic hotel and have treated the Hotel Grande Bretagne not as a mere investment, but as a chapter of Greece's history. They renovated it at a mythical cost by Greek standards and continue to enhance it with generosity, a sense of duty and deep affection. The hotel also prides itself on having a dedicated team of associates, consisting of people who see
the Hotel Grande Bretagne as a long-term career prospect rather than a temporary job. More colleagues have retired from the Hotel Grande Bretagne than have left to work at another hotel. Moreover, the Greek diaspora-Greeks from the USA, Canada, and Australia-maintain an emotional connection with this hotel. They consciously choose to stay at the Hotel Grande Bretagne for more than the luxury and the amenities. It is a destination as much as Athens itself for them and by staying here, they feel like they are part of the history-of the hotel, the city and of Greece. The recent documentary titled 150 Years Hotel Grande BretagneHosting History, currently available on the ERTflix platform, further highlights the hotel’s rich legacy. The documentary was also honored with a Silver Dolphin at the Cannes Corporate Media & TV Awards, underscoring the international recognition of this historic landmark and its role in shaping Athens' hospitality landscape.
Available on screen at: <https://www.ertflix.gr/en/vod/vod.425751-150-khronia-megale-bretannia>
As we look to the future, we recognize that Athens will continue to grow as a premier destination with vast improvements in tourist infrastructure and increased competition. The Hotel Grande Bretagne will continue to play a key role in this ongoing success under the company’s commitment to upholding the highest standards of service. Additionally, it is our obligation and priority to adopt the best practices that the tourism industry can implement in order to fully meet modern environmental demands. Hotel Grande Bretagne will continue to serve as a vital link between Athens' storied past and its promising future, providing visitors from around the world with a unique, timeless experience that reflects the essence of Greek hospitality.
Eastern Macedonia and Thrace embody Greece’s rich heritage and potential. By embracing innovation and strategic development, the region is poised to become a distinctive destination, showcasing its profound culture and natural beauty while driving economic growth for local communities
As Greece continues to thrive as a leading tourism destination, the world is increasingly eager to explore the depth of its offerings. In this context, Eastern Macedonia and Thrace emerge as a canvas rich with potential, poised to captivate those seeking authentic experiences. With its diverse landscapes and rich cultural heritage, Eastern Macedonia and Thrace offer a year-round gateway to discovery - 365 days of uncharted adventures that blend history, nature, and tradition in every season.
Strategically situated at the crossroads of Europe, the Balkans and Turkey, Eastern Macedonia and Thrace serves as a gateway with immense untapped tourism potential, featuring stunning 400 kilometers of coastline alongside rich cultural and historical sites. Visitors can indulge in sun-soaked days on secluded beaches, navigate the serene waters of its marinas, or explore profound archaeological treasures that speak to the area's rich past.
Characterized by pristine landscapes and vibrant culture, Eastern Macedonia and Thrace represent a mosaic of authenticity interwoven with history, religion and gastronomy. The islands of Thasos and Samothraki stand out for their unspoiled natural beauty, offering serene environments, ripe for exploration. Kavala thrives as a vibrant seaside city, known for its historical legacy and inviting waterfront. Alexandroupoli presents a harmonious blend of Aegean charm and warm hospitality, while Komotini and Xanthi contribute unique cultural identities that further enrich the region's diverse offerings. Drama, nestled among imposing mountains, invites travelers to experience its untouched natural escapes.
Together, these attributes invite modern travelers, who long for the authentic Greece, to experience its untamed side in Eastern
Macedonia and Thrace. As we delve deeper, we find ourselves in a land of immense potential. The rich tapestry of attractions encompasses the bustling port of Kavala, a hub for cruise ships, the serene beaches of Thasos and the unique green island of Samothraki, perfect for those seeking tranquility. Moreover, the culinary landscape offers a unique blend of flavors influenced by cultural traditions of the region, enhancing tourists' experience with exceptional gastronomy.
To fully realize this potential, a clear and strategic vision is essential, as opportunities often come with significant challenges. Now is the moment to elevate Eastern Macedonia and Thrace on the global stage, attracting travelers who seek a deeper connection with Greece. By embracing the "Greece Reimagined: Authentic and Untamed" strategic framework, the region's vast potential can be unlocked, transforming it into a vibrant center for cultural exchange, nature-based tourism and immersive experiences. Eastern Macedonia and Thrace stand ready to showcase their authenticity, unspoiled beauty, and distinct character, offering a destination that remains undiscovered by mass tourism, but ripe for exploration.
The recent establishment of one of Greece's first regional Destination Management and Marketing Organizations (DMMO) reflects this commitment to coordinated growth.
The DMMO will lead efforts to promote tourism products, foster collaboration among stakeholders, and ensure a cohesive, forward-looking strategy that brings Eastern Macedonia and Thrace’s unique offerings to the forefront of global tourism. Fostering collaboration among tourism stakeholders, government bodies, educational institutions, local communities, and cultural organizations is crucial for enhancing the appeal of
Eastern Macedonia and Thrace as a distinctive travel destination.
Foremost, to effectively position Eastern Macedonia and Thrace as a prominent travel destination, a strategic approach to branding and positioning represents a key component. Enhancing awareness of the region's unique attributes will elevate its perception as an emerging destination, attracting new markets and travelers who seek off-the-beaten-track experiences. Integrated thematic tourism experiences that combine sun and sea with culture, and eco-tourism with gastronomy, among others, will further showcase the region's rich cultural and environmental capital. Supporting these initiatives through targeted investments in infrastructure will ensure that the expectations of travelers are met, facilitating a memorable experience in this distinctive region.
Fostering a sustainable tourism model that celebrates heritage and empowers communities, inviting modern travelers to discover the Pristine Side of Greece.
Yet, the greatest challenge lies in ensuring the sustainability of tourism development in Eastern Macedonia and Thrace. The goal transcends mere economic growth; it focuses on fostering a model that respects and protects the region's natural environment and cultural heritage. A commitment to promoting sustainable practices is essential to benefit local communities while preserving the rich cultural and ecological fabric of the region. By prioritizing responsible tourism, Eastern Macedonia and Thrace can transform into a vibrant beacon of Greek tourism, attracting visitors who value authenticity and sustainability. Through collaboration with stakeholders, the vision for a flourishing tourism landscape becomes attainable-one that honors the past while embracing the future, inviting travelers to discover the true essence of Greece.
Christodoulos Topsidis Regional Governor of Eastern Macedonia and Thrace
A CROSSROAD OF CULTURES
E. MACEDONIA & THRACE & AUTHENTIC ENCOUNTERS
The region of Eastern Macedonia and Thrace offers visitors a wide compass of options, being one of the country’s most diverse tourist destinations
By Vasso Vegiri vvegiri@naftemporiki.gr
Boasting a very long coastline featuring numerous Blue Flag-awarded beaches and two islands, Thassos and Samothraki, that are steadily developing as summer destinations, the region of Eastern Macedonia and Thrace (EM-T) offers visitors a wide compass of options. The area is proud of its large cultural and historical-folkloric wealth, monuments and archaeological sites, as well as an airport and port infrastructure.
The region’s trademarks include folkloric, archaeological, ecclesiastical and thematic museums, such as the Ethnological Museum of Thrace in Alexandroupolis, the Ecclesiastical Museum of Alexandroupolis, the Archaeological Museum of Komotini and the Silk Museum in Soufli, in addition to monuments and archaeological sites, such as the Cyclops Cave, the Mesimvria-Zone in the regional unit of Evros, the Sanctuary of the Great Gods in Samothrace, the ancient Maroneia in the Rhodope Regional Unit, the archaeological site of Abdira in the Xanthi region, and monuments of the rural countryside, such as stone bridges, olive mills and tobacco warehouses.
Harmonious coexistence
According to a study by the Institute of the Greek Tourism Confederation (INSETE), titled “Greek Tourism 2030 - Action Plans”, the region also features a treasure of religious monuments of both the Christian and Muslim religions coexisting harmoniously: Byzantine and post-Byzantine churches and monasteries, with the most important being the Monastery of Theotokos of Kosmosoteira in Feres, Evros, and several Ottoman monuments: the Bayazit Mosque, one of the most magnificent Ottoman mosques in Greece,
in Didymoteicho; the Tsinar Mosque in Xanthi; and, the Eski and Jeni Mosques in Komotini; castles, such as the Byzantine Castle of Kale and Pytheion in Didymoteicho, etc., and traditional settlements such as the Pomakochoria, a cluster of 50 isolated villages of a unique identity located near the Greek-Bulgarian border. Further, significant architectural treasures include preserved buildings in the city of Xanthi (buildings and residences in the old town, the Town Hall, the Grand Maison, birthplace of world-renowned composer Manos Hadjidakis, etc.), Komotini (Imaret, etc.) and Alexandroupoli (Zarifeios Pedagogical Academy, Faros, etc.).
Similarly, the region of Eastern Macedonia features a multitude of archaeological sites (prehistoric settlements, ruins of ancient sanctuaries, cities and fortifications, Macedonian tombs, castles, medieval aqueduct, etc.), and museums (archaeological, folklore, ecclesiastical, thematic), with the most characteristic example being the archaeological site of Philippi, a UNESCO World Heritage Site since 2016, as well as preserved buildings, monuments linked to the more recent industrial/commercial past of the cities of Kavala and Drama, such as tobacco production and trading
centers, and the island of Thassos as a center of mining activity. Buildings of special architectural historical importance include the residence of Mohammed Ali and the Imaret in Kavala, among the most important Ottoman monuments in Greece, some of which have been renovated and now host artistic and cultural events, leisure spaces, or tourist accommodation.
In recent years, Alexandroupolis has been rapidly developing as a commercial and energy gateway owing to its geopolitical location and proximity to the Bosphorus Strait, with fine port infrastructure that can be used for maritime tourism. Both cities of Alexandroupolis and Kavala have an airport.
The region’s four-year plan focuses on expanding into new markets, aiming at striking strategic partnerships with tourism players and travel agents, as well as improving accessibility and connection with high-profile markets.
The wine route
The region is also known for its lengthy wine tradition and high-quality wine production, which dates back to antiquity. Starting at the Sanctuary of Dionysus in the Kali Vrysi Drama, the "Wine Route of Dionysus" pro-
The city of Xanthi features significant architectural treasures
Thassos with the Blue Flag-awarded beaches.
vides a unique experience in honor of the deity who taught people the cultivation of the vine. It extends around the perimeter of Drama, with other winery options: up to Mount Falakro to Kokkinogeia, southeast of Drama to Mikrohori, and around the medieval village of Adriani, known for its superb local wines and tsipouro. It follows the wine journey to the vineyards of Kavala, to wineries in the areas of Eleftheri and Orphanos, in the southwest of the Pangaios mountain, which was also a center of Dionysian worship in ancient times, and then heads to Thrace, descending towards the Thracian Sea to reach Abdira, known since ancient times for its viticulture, and continues in the center of Thrace, in Rhodopi’s Maroneia and the Homeric Ismaros, the homeland of the wine with which, according to Homer, Odysseus got the Cyclops Polyphemus drunk. Along the way, it passes through the coastal Alexandroupolis and ascends to Orestiada, ultimately ending in Marasia, Northern Evros.
Targeting new markets
The regional authority’s tourism promotion plan under the NSRF 2021-2027 focuses on sustainable development and increasing the region's tourism competitiveness. In addition to further developing the classic tourism model, the plan’s main goals include highlighting natural and cultural resources, promoting thematic forms of tourism, such as culinary, religious, and ecotourism, and diversifying the tourism product to appeal to new markets. In terms of funding, the NSRF is expected to provide support for tourism development, promotion, digital transition, and infrastructure upgrades. As the plan places a strong emphasis on the development of thematic tourism, the new administration of Christodoulos Topsidis, upon taking office, organized a series of discussions with all Regional Units, including consultation with public and commercial tourism companies to refine action for the area’s promotion, as the region
boasts a wealth of natural and cultural features suitable for thematic tourism, including agritourism, wine tourism, religious tourism, ecotourism, gastronomy tourism, and so on. The authority intends to diversify tourism products and promote them in worldwide markets in order to extend the tourist season and raise the quality of tourist flows. Specific initiatives are planned to emphasize thematic products, including collaboration with local agencies, development of special tourism routes, participation in international fairs, and implementation of promotion programs in specific target markets. The Eastern Macedonia and Thrace’s four-year plan focuses on expanding into new markets, aiming at striking strategic partnerships with tourism players and travel agents, as well as improving accessibility and connection with high-profile markets through promotion campaigns and boosting air connections through contacts with airlines to increase flights to the destination in the coming years
Alexandroupolis has been rapidly developing as a commercial and energy gateway.
The Winged Victory of Samothrace.
The city of Drama.
Revolutionizing Greek Tourism with AI: mAiGreece, Your Personal Digital Assistant
In the modern world, where artificial intelligence (AI) is reshaping numerous industries, tourism has become a key sector ripe for digital innovation. As travelers seek personalized and immersive experiences, Greece-a nation known for its rich culture, history, and breathtaking landscapes-has embraced this trend with the launch of mAiGreece. This groundbreaking mobile digital assistant is changing the way tourists experience the country by offering personalized guidance, real-time insights, and multi-language support, all powered by cutting-edge AI technology.
Let’s dive deep into how mAiGreece is setting a new standard for smart tourism and how it stands at the intersection of technology, cultural exploration, and convenience.
A New Era for Greek Tourism: What Is mAiGreece?
mAiGreece constitutes a joint initiative of Ministries of Digital Governance, and Tourism of the Hellenic Government. UBITECH is responsible for the technical implementation of the AI Digital Assistant, utilizing Chat-GPT model of OpenAI, and Azure Microsoft Technologies. The implemenation has been realized according to the Standard of Reponsible AI by Microsoft, ensuring the transparency, the equality and respect of end users’ privacy as well as the protection of their personal data.
At its core, mAiGreece is a mobile application designed to serve as a personalized travel companion for all visitors to Greece. It combines advanced technology with a user-centric approach to ensure that each tourist receives timely, relevant, and customized information to enhance their journey. Whether you’re a first-time visitor exploring the ancient ruins of Athens, or a seasoned traveler seeking hidden gems along the Greek coastline, mAiGreece provides the guidance you need for a memorable trip.
The app stands out for its accessibility. Available in 31 languages, including English, Chinese, Turkish, Arabic, Japanese, and many others, mAiGreece makes it easy for tourists from diverse linguistic backgrounds to navigate Greece with ease. This inclusivity ensures that language barriers are minimized, allowing travelers to focus on experiencing the beauty and culture of the country without worrying about miscommunication or confusion.
In addition to offering detailed information about tourist attractions, the app is equipped with practical data about essential services, such as hospitals, police stations, and consulates. This ensures that tourists are always connected to both the highlights of Greece and the vital services that make their stay safe and convenient.
How mAiGreece Uses Technology to Innovate
The development of mAiGreece was driven by a commitment to leverage modern technology to enhance the tourism experience. UBITECH, the team behind the app, faced several challenges, including the need to curate a vast amount of tourismrelated data while delivering a seamless user experience.
To tackle this, mAiGreece was developed using React Native, a cross-platform framework that allows the app to run on both Android and iOS devices. This multichannel functionality ensures that the app is accessible to the majority of smartphone users, regardless of the device they carry.
Another innovative feature is the app’s geolocation technology, which provides users with location-based recommendations and insights. As tourists explore Greece, mAiGreece delivers information that is relevant to their current location. Whether it's guiding them to the nearest archaeological site or offering real-time updates on events happening nearby, the app ensures that the journey remains smooth and informed.
Personalization and Location-Based Assistance
What makes mAiGreece stand out among tourism apps is its ability to offer a personalized experience. The app is not a one-size-fits-all solution; it is built to adapt to each traveler’s needs. Upon setting up their profile, users can indicate their preferences for activities-whether they are interested in art, history, nature, or leisure. This customization allows mAiGreece to tailor its recommendations to each individual user.
For example, if a traveler is particularly interested in Greek mythology, the app might suggest visits to archaeological sites such as Delphi or the Temple of Olympian Zeus. If a user is more inclined toward relaxing at the beach, mAiGreece can guide them to the nearest Blue Flag beach, recognized for its environmental quality and pristine waters.
The mobile digital assistant changing the way visitors experience the country
Enhancing User Experience Through Visuals and Social Integration
Travel is a sensory experience, and visual content plays a significant role in how tourists connect with their surroundings. mAiGreece enriches the tourism experience by integrating high-quality visual media throughout the app. From photos of historical landmarks to scenic views of Greece’s stunning beaches, these visuals offer users a preview of what they can expect during their travels.
The app also allows users to share their travel experiences directly through its social media integration. Visitors can easily post updates, photos, and recommendations to their social media accounts, connecting with friends and followers in real-time. This feature not only enhances user engagement but also promotes Greece as a top-tier travel destination across global social media platforms.
https://www.ubitech.eu
The Challenges Behind mAiGreece’s Development
Like any innovative project, the development of mAiGreece came with its own set of challenges. One of the most critical tasks was curating a large and accurate database of tourism-related content. Given the geographical diversity of Greece, ensuring that all regions were represented equally required extensive research and data collection. The content also needed to remain up-to-date, with changes to operating hours, seasonal events, and temporary exhibitions taken into account.
Another hurdle was data reliability, particularly with real-time information like weather updates. Inaccurate or outdated data could negatively impact the user experience, making it essential for the developers to implement robust systems for updating and verifying information in realtime.
Finally, ensuring consistency across 31 languages proved to be a formidable task. While machine translation can be helpful, the nuances of each language required careful attention, especially in terms of maintaining context and cultural relevance.
Looking Ahead: The Future of AI in Tourism
mAiGreece represents the future of AIdriven tourism, where personalization, realtime data, and cultural accessibility merge to create an unparalleled travel experience.
As the app continues to evolve, the potential for AI to reshape how tourists engage with destinations becomes increasingly clear. Whether through improved geolocation features, expanded content, or further integration with augmented reality (AR) to visualize historical sites, the future of mAiGreece is bright.
In the meantime, for those planning their next trip to Greece, mAiGreece is more than just a digital assistant-it’s a gateway to experiencing the country’s wonders in a way that is tailored, informative, and thoroughly enjoyable. The app not only simplifies travel but also enhances it, ensuring that each visitor leaves with unforgettable memories of their Greek adventure.
The Future of the Ionian Islands
Investing in Sustainable Tourism and Infrastructure - We are committed to creating a balanced approach to development that prioritizes environmental preservation, cultural heritage, and the well-being of the community
Christina Tetradis
Managing Director, Zante Hospitality Group; Vice President, Hellenic Chamber of Hotels; President, Zakynthos Hoteliers Association
The Ionian Islands, and especially Zakynthos, have long been celebrated for their breathtaking landscapes, rich culture, and vibrant tourism. From their crystal-clear waters and lush greenery to their historical sites and warm hospitality, these islands are a dream destination for travelers from around the globe.
As tourists increasingly seek more authentic and meaningful travel experiences, there is a great opportunity to further promote and develop thematic tourism in our region. The Greek government and local authorities are actively working to ensure that this development is sustainable, both environmentally and economically, while upgrading the tourism product to offer more diverse and meaningful experiences through thematic tourism.
“Infrastructural growth in Zakynthos is not just about buildings and roads; it’s about creating pathways to a future where sustainability and local traditions thrive hand in hand”
A key component of our vision for sustainable tourism is the enhancement of infrastructure. Local authorities, in collaboration with central governance, have been actively investing in critical infrastructure improvements to support this vision.
This includes enhancing water resource management, expanding renewable energy sources, and upgrading waste management systems. These actions are essential for protecting the island’s natural environment and ensuring it remains a top destination for eco-conscious travelers. By focusing on sustainability, Zakynthos is not only preserving its natural beauty but also enhancing the quality of life for both locals and visitors.
Beyond infrastructure improvements, the promotion of thematic tourism is central to the long-term development strategy for Zakynthos and the Ionian Islands. Themat-
ic tourism focuses on providing travelers with unique, authentic experiences that go beyond traditional beach holidays. In Zakynthos, this means tapping into the island's rich natural and cultural heritage to offer visitors more diverse and immersive experiences.
One of the island's most famous landmarks, Shipwreck Beach (Navagio), is a testament to the island's outstanding beauty and a symbol of its global tourism appeal. This stunning cove, with its turquoise waters and the rusted remains of a ship-
wreck resting on its white sands, is one of the most photographed sites in the world. However, with its popularity comes the challenge of managing the impact of mass tourism on such a delicate natural environment. The local authorities are taking steps to preserve this iconic site by implementing erosion control measures, regulating visitor numbers, and improving access and safety. These efforts will ensure that Shipwreck Beach remains a breathtaking attraction for generations to come.
“When we open our doors to travelers, we must also open our hearts to the responsibility of preserving our heritage and environment”
The Laganas - Zakynthos Hotel Association fully supports every action and initiative that aims to improve the everyday life of residents while enhancing the tourism experience for international visitors. By collaborating with authorities’ efforts and encouraging businesses to adopt sustainable practices, the association is playing a key role in the island's future as a premier tourism destination. We are committed to creating a balanced approach to development that prioritizes environmental preservation, cultural heritage, and the well-being of the community.
By focusing on quality over quantity, Zakynthos and the Ionian Islands can position themselves as premier destinations for travelers seeking authenticity, sustainability, and luxury.
In conclusion, the tourism development of Zakynthos and the wider Ionian Islands is heading in a promising direction-one that emphasizes sustainability, the preservation of natural resources, and the promotion of thematic tourism.
With the ongoing efforts of local authorities and the government, these islands are poised to offer not just beautiful landscapes, but also rich, meaningful experiences that cater to the modern, eco-conscious traveler.
The Shipwreck Beach (Navagio), one of the island's most famous landmarks.
Preserving Memories, Embracing Excellence
Zante Hospitality Group, boasting a long-standing reputation in the hospitality industry, owns and manages Zante Park Resort & Spa and Galaxy Beach Resort, two of the most prestigious hotels operating on the Ionian Island of Zakynthos. Along with the luxury premises, it matters to us all that our facilities and services are environmentally friendly, since our primary objective is to protect and enhance the natural wealth of the area, as evidenced by our “Green Key” international Ecolabel award.
Zante Park Resort & Spa
An elegant and intimate oasis
Nestled amidst beautiful surroundings, our resort, a proud member of Best Western “Premier Collection” offers an array of 5* facilities and services at your fingertips. Here you will find an elegant and intimate oasis, where you can relax and escape either from everyday life or from a busy day exploring the island.
From a vivid piazza with 2 swimming pools and a pool bar for the perfect Mediterranean sunbathing, to rejuvenating spa treatments, we have everything you need for a relaxed summer holiday. Here you will regain your vitality after a day in the beach or a night out.
Surrender to a pampering retreat at Zante Park Resort & Spa where stylish summer escape awaits you.
Galaxy Beach Resort
Where summer fun meets the seaside
Celebrate the joys of summer with your loved ones at Galaxy Beach Resort, where golden sand, sun and sea await. With direct access to the sandy beach of Laganas, our resort is a haven for all generations seeking to enjoy the great summer feeling From building sandcastles and collecting seashells, to swimming and searching for a glimpse of the famous and protected Caretta Caretta turtles, we offer a magical blend of relaxation and fun. In the evening you can either relax in our serene rooftop bar or have an evening exploring the nearby area. Come together, reconnect and embark on a summer journey, that will bond you and your loved ones for year to come.
Join us at Galaxy Beach Resort - where relaxed summer fun meets the seaside.
EPIRUS: AN ALL-IN-ONE DESTINATION
A unique region with substantial tourism growth potential, both in Ioannina and in the surrounding mountainous region, particularly in the areas of alternative-thematic tourism, city breaks, and cultural and religious tourism
By Vasso Vegiri vvegiri@naftemporiki.gr
The region of Epirus is an all-in-one destination, encompassing almost all the experiences a visitor could desire. Within just a short time, one can travel from the summit of the tallest peak to the blue-green waters of an attractive beach, then from modern architecture to classic architectural grandeur, and from intense or extreme activities to serene tranquility. Epirus is a developing summer destination and one of the top 12-month themed tourism destinations in Greece, thanks to its exceptional natural and cultural wealth, as well as the ivory beaches on its front in the Ionian Sea.
“The Region of Epirus has the advantage of being close to the beach and mountains, while producing a multitude of famously authentic local products that make up a special local culinary proposal and have their own share as a driver of further growth in the region’s broader tourism product,” the Regional Governor of Epirus, Alexandros Kahrimanis, told “N” in a recent
interview. The local culinary palette includes dairy products, honey and bee products, aromatic plants and herbs, traditional pasta, olives and olive oil, wine, tsipouro, etc.
Mr. Kahrimanis added that the Region of Epirus focuses on tourism development in specific markets, while it currently enjoys an increasing tourist traffic, with the majority of visitors coming from Germany, Britain, Poland,
Arachthos
Acheron
Valia Kalda Valley
Syvota
Voidomatis
the Balkans (primarily Romania and Italy), and Israel. However, he stressed that the region definitely needs further support, primarily from the Ministry of Tourism, as "there has been no adequate support over time," and in terms of infrastructure in general.
The regional authority has commenced or is planning several projects in the area, including a coastal cycling network from Preveza to
Parga, which is funded by the EU Recovery and Resilience Fund (RRF). The "Ionian Route" is a 58-kilometer network of coastal cycling trails that will connect the communities of Mytikas, Kanali, Kastrosykia, Rizon, Chimadi, Vrachos, Loutsa, Valanidorrahis, Tsouknida, Messopotamos, and Ammoudia.
The goal of the Valanidorrahi Roundabout, the Valanidorrahi-Kanalaki Roundabout on the National Highway, and several other projects is to enhance connectivity and promote areas like Ulysses Bay.
Thermal tourism
The regional authority pays particular attention to spa tourism. One of the Region of Epirus's biggest bets is refurbishing and operating Konitsa's thermal baths (Spa Baths of Amarantos and Kavasila), with the expectation that this natural treasure will lead to the area's revival.
In addition, the thermal baths of Hanopoulos (Arta) and Preveza have already been upgraded,
Tzoumerka
Ioannina
Zagorohoria
Igoumenitsa
Parga
Metsovo
forming a network of thermal springs that serve as a wealth-generating source for Epirus, attracting thousands of visitors annually.
The regional government states that the thermal baths in Amaranto-Kavasila belong to a distinct category and are now part of the Integrated Spatial Investment within the new NSRF Programming Period. The budget for the Amarantos thermal baths overhaul project is approximately 1.39 million euros, while Kavasila's project has a budget of 1.8 million euros.
The region’s thermal potential is limitless, including the nearby old Pyxaria baths and two caves on the road from Skordili to Kavasila, featuring ponds with thermal waters, which the Region intends to exploit, in addition to carrying out projects to improve the road access to Amaranto.
The thermal baths in Amarantos and Kavasila will be operational by next summer (2025), while the Integrated Spatial Investment includes a broader plan
Alexandros Kahrimanis, Epirus' Regional Governor: Our proximity to the mountain and the sea is advantageous.
for Mastorochoria as a whole. Specifically, there is a provision that increases the rate of subsidies for the establishment of new businesses under the segment of Private Investment, such as tourist accommodation, regarding the restoration and reconstruction of existing buildings. The provisions also apply for another two areas included in the investment plan, Souli and Tzoumerka.
Epirus is a destination with significant tourism development potential, as highlighted in INSETE's Action Plan 2030 for the specific region, both in Ioannina and the nearby mountainous region (Zagoro-
horia, Metsovo, Tzoumerka), focusing on cultural and religious tourism, city breaks, and alternative-thematic forms of tourism. Another area with great development potential is the so-called "Continental coast" (Igoumenitsa, Parga, Syvota, Acherontes), which is an emerging tourist destination.
Fascinating suggestions
Some of the most intriguing proposals and available options for visitors in Epirus include the following: paragliding over the narrows of the river Acheron, Vrachos beach of Preveza, Pamvotida, etc.; hiking in Tzoumerka; rafting in Glyki, Voidomatis, or Arachthos and in the beautiful Valia Kalda Valley, one of Greece’s most important and virgin forests resembling alpine landscapes; visiting wineries, with notable examples being the wines of the Zitsa region and the Katogi Averof winery; sailing in Lake Pamvotida in Ioannina; diving in Sivota, Parga or Preveza in the Ionian sea; and, truffle hunting in Eastern Zagori
Metsovo
Tzoumerka
Ioannina
Voidomatis
Sailing the Treasures of Thessaly: Explore the Pagasetic Gulf and the Sporades
Imagine a calm and inviting sea-the Pagasetic Gulf-paired with a cluster of beautiful islands-the Northern Sporades. With ideal winds, emerald waters, short distances perfect for island hopping, safe anchorages, it's a sailor's dream. But there's more: gorgeous beaches, picturesque villages, delicious food, and vibrant entertainment. Everything you need for an unforgettable sailing adventure awaits you on the seas of Thessaly!
While the Aegean Sea is beloved by sailors worldwide, its strong meltemi winds can sometimes present a challenge. In contrast, the northwestern part of the Aegean, along the coast of Thessaly, offers a gentler experience. The winds here are ideal for a relaxing voyage, without losing the thrill of the open sea.
The city of Volos is the perfect starting point for your journey. This vibrant, modern city with a rich
history offers fantastic dining and entertainment, all with stunning sea views. Volos Marina is fully equipped with everything a sailor might need and offers a variety of rental boats, both skippered and bareboat, including popular sailing yachts, catamarans, and even traditional schooners. From here, you can embark on a short excursion in the Pagasetic Gulf or set off on a longer voyage to the enchanting Sporades
Navigating Serenity in the Pagasetic Gulf
The Pagasetic Gulf is a calm, yet exciting, sea-perfect for mini-cruises. Discover hidden gems like remote islets, secluded beaches, and charming coastal villages. On the western coast, explore quaint settlements such as Amaliapolis (also known as "Mitzela"), with its small harbor, or Achilleio, home to a larger port that can accommodate up to 30 boats. On the eastern coast, along the Pelion coastline, you’ll find Milina, Kotes, and the
postcard-worthy Tzasteni. The gulf is dotted with numerous tiny uninhabited islands, including the car-free Palio Trikeri, a slice of paradise with traditional tavernas and limited docking space for 6-7 boats. As you sail out of the Pagasetic Gulf, you’ll reach Agia Kyriaki, a port famous for its seafood taverns. With designated mooring spots conveniently placed in front of bustling restaurants, the helpful staff will guide you with docking.
Sailing the Pagasetic Gulf could be just the first leg of your longer journey to the Sporades.
Exploring the Sporades Archipelago
The enchanting Northern Sporades archipelago consists of three inhabited islands and numerous smaller islets. Renowned for their crystal-clear waters, stunning beaches, and safe anchorages, the Sporades are perfect for sailing. With short distances between the islands, typically no more than 15-20 nautical miles, they are ideal for island
The city of Volos is the perfect starting point for your journey.
hopping. While the narrow straits offer a brief taste of the Aegean's power, you’ll soon find yourself in calm, sheltered waters. A week is usually enough to explore the Sporades, though many seasoned sailors recommend two weeks for a truly relaxing experience
Each of the three main islands has its own unique charm. Skiathos, the most cosmopolitan, is known for its lively nightlife and its bustling port. We recommend stopping at the famous Koukounaries Beach and the small island of Tsougria on Skiathos' sheltered southern side, both great spots for anchoring. On the northern side, you'll find the impressive Lalaria Beach, accessible only when the weather is calm.
Mamma Mia’s Skopelos Skopelos, the largest of the Sporades, is perhaps Greece's greenest island. Less touristy than Skiathos, Skopelos gained worldwide fame in 2008 as
the filming location for the movie Mamma Mia!
Aside from the main ports, the island has many bays for safe overnight stays, including Blo and Panormos. Skopelos is dotted with pristine beaches, where pine trees reach the water’s edge. Some must-visit spots include Stafylos, Velanio, Milia, Kastani, and Hovolo.
Alonissos and the Marine Park
Alonissos is the Sporades' "alternative" destination, offering a tranquil escape and a haven for nature lovers. Less frequented compared to Skiathos and Skopelos, it’s ideal for those seeking peace and quiet. The island's Palio Chorio (Old Village) evokes the charm of "old Greece," while the main port, Patitiri, provides all the necessary supplies for sailors. You’ll also find safe anchorages in Votsi and Peristera Bay, just across from the island.
To the east of Alonissos lies a series of islets waiting to be discovered, including Kyra Panagia,
known for its perched monastery. This area is part of the protected National Marine Park, the largest marine park in Europe and a unique refuge for wildlife. Be mindful of restrictions, as tickets are required to enter, and special measures are in place to safeguard the area’s delicate ecosystem. If you’re lucky, you may even spot the endangered Mediterranean monk seal (Monachus monachus)-a rare and unforgettable encounter during your journey.
Why sailing the seas of Thessaly Should Be on Every Sailor’s Bucket List
If you're seeking Greece without the crowds and love to sail while immersing yourself in nature, the seas of Thessaly are a must. From the serene, sheltered waters of the Pagasetic Gulf to the secluded anchorages and rich marine wildlife of the Sporades Archipelago, this region offers a diverse and unforgettable experience. Sailing the seas of Thessaly should be on every sailor’s bucket list!
From the serene, sheltered waters of the Pagasetic Gulf to the secluded anchorages and rich marine wildlife of the Sporades, this region offers a diverse and unforgettable experience.
Prospects of new tourism markets in N. Aegean islands
The North Aegean islands this year welcomed increased numbers of visitors from Turkey as a result of the new visa rules as of spring 2024. By the end of the year, it is estimated that the number of visitors from Turkey, mainly on the islands of Lesvos, Chios and Samos, will reach as many as 500,000
Konstantinos Moutzouris
Governor, North Aegean Region
Greece’s neighboring Balkan states and Turkey are bordered by the beautiful regions of Macedonia and Thrace, and as a result of their proximity, the cities and coastal areas of Chalkidiki, Thassos, Pieria, Asprovalta, Alexandroupolis, etc., are flocked by visitors from these countries during the summer season and weekends.
The shores of Turkey and, to a lesser extent, the Greek regions of Macedonia and Thrace are quite close to the North Aegean islands of Lesvos, Lemnos, Agios Efstratios, Chios, Oinousses, Psara, Samos, Ikaria, Fournoi, and Thymaina. These islands thrived in the past during their increased economic interactions with the coasts of Asia Minor, Aeolis, Ionia, etc., and it is no coincidence that their capitals were built in antiquity on their eastern coasts, including Mytilene, Chios, Vathy, and Lemnos.
Therefore, it was only natural for us to focus our efforts on attracting visitors to the North Aegean islands from neighboring Turkey, which has a population of nearly 90 million. Our initial endeavor was in 2023, when we emphasized to the country’s Prime Minister during his visit to Mytilene our urgent request to expedite the issuance of visas to Turks upon their arrival on the islands rather than through lengthy bureaucratic processes in Turkey.
Our request was eventually satisfied, also with the consent of EU bodies, and the new visa rules went into effect in spring 2024 on 10 islands. As a result, the North Aegean islands this year welcomed an increased number of visitors from Turkey, even though for shorter vacations. By the end of 2024, it is estimated that the number of visitors from Turkey, mainly on the islands of Lesvos, Chios and Samos, will reach as many as 450,000 to 500,000. Notably, these visitors arrive on our islands throughout the year,
A Conference on Business, Cultural and Tourism Cooperation between the North Aegean Region and Turkey was organized in October in Mytilene.
but primarily during the long summer season. Bulgarian visitors, particularly, overcrowd the island of Lemnos due to their close proximity and the regular ferry connection with Thrace. Based on available forecasts, we are hoping that tourist flows from Turkey will keep growing.
In addition, to help boost visitor arrivals from Turkey, we recently organized a Conference on Business, Cultural and Tourism Cooperation between the North Aegean Region and Turkey, on 19.10.2024 in Mytilene, in cooperation with the Hellenic-Turkish Chamber and the Chamber of Lesvos. Distinguished speakers delivered addresses during the event, delv-
ing into various aspects of the issue. The conference was held in conjunction with a recent special event held by the North Aegean Region in Mytilene in honor of Rahmi Koç, one of Turkey's most prominent and wealthiest entrepreneurs. In addition to a holding in the Mytilene Marina and owing a home on Lesvos, Koç is soon to inaugurate a traditional coffee shop in the area of Perama, Lesvos. We anticipate that the above events will attract more visitors from Turkey to the North Aegean islands.
Lastly, the Region of the North Aegean, in collaboration with the Region of Eastern Macedonia and Thrace, is demanding from the Ministry of Maritime Affairs and Insular Policy to establish the operation of a ferry line connecting the North Aegean islands and Alexandroupolis. This, in addition to the already increased commercial operations with Thrace, will facilitate higher numbers of visitors from Thrace, Bulgaria, and Romania.
The North Aegean Region seeks to establish a ferry connection between islands and Alexandroupolis.
A cluster of fascinating islands induiding Lemnos, Agios Efstratios, Lesbos, Psara, Chios, Oinousses, Thymaina, Samos, Ikaria and Fourni
By Vasso Vegiri vvegiri@naftemporiki.gr
Agroup of stunning islands, some larger than others, in the northern part of the Aegean Sea, each with a long past lost to the ages, which are now gradually becoming more and more popular both among domestic and foreign visitors, these islands certainly do not at all neglect their strong roots in primary production, as evidenced by their globally recognized livestock farming and agricultural products.
Among the 13 Regions of Greece, the Northern Aegean islands are consistently ranked first in terms of Blue-Flagged beaches, featuring ports that welcome cruise ships and tourist marinas, shelters and moorings. These islands have a particularly rich inventory of monasteries, churches, archaeological sites, Byzantine and modern monuments and museums, in addition to featuring some UNESCO world cultural heritage monuments (Pythagorion and Heraion, Samos), natural biotopes of unique beauty, traditional settlements and natural springs for thermal tourism.
Visitors here can enjoy a multitude of unique experiences, including the mastic villages in southern Chios, the 18th century towers and the petrified forest on Lesbos, the village of Christos Rahon on Ikaria that "wakes up" at night, the traditional village of Vathi on Samos, and the castle of Myrina on Lemnos, in addition to tasting the sweet wine of Samos, renowned since ancient times, the famous ouzo varieties, the extra virgin olive oil, the dairy products of Lesbos, and the unique mastic and spoon sweets of Chios.
The local government of the North Aegean Region intends to further increase tourism on the region's islands while maintaining and boosting local industry and companies.
Express visa
The islands this year were greatly benefited this year by the seven-day express tourist visa granted to Turkish nationals wishing to travel to ten Greek islands (Lesbos, Lemnos, Chios, Rhodes, Symi, Kalymnos, Kos, Leros, Samos, and Kastelorizo). The express visa was granted following a request by Konstantinos Moutzouris, the Regional Governor of the North Aegean, who expressed his contentment during a recent interview with “N”.
According to Mr. Moutzouris, given that the neighboring country has a population of some 90 million, the Turkish market provides more potential visitors than all other neighboring and nearby Balkan states combined; therefore, it is imperative to prioritize attracting more visitors from Turkey in the years to come. Over 500,000 tourists are predicted to have visited the northern Aegean islands by the end of 2024.
According to Mr. Moutzouris, the Northern Aegean islands' potential
THE HIDDEN GEMS OF
Ikaria
Chios
Psara
Agios Efstratios
Lemnos
for five-star hotels may and should grow in the upcoming years as west European preferences continue to rise. Lesbos has two or three fivestar hotels, but Chios opened the island's first five-star establishment this year. In general, the hospitality industry is in need of infrastructure upgrades and improvements.
The local authority prioritizes several projects, including roads, showcasing the region's tourism potential. For instance, a recently-awarded contract for the "Maintenance - Improvement of the Skala Sykamia - Eftalo Road" will improve the connectivity of two of Lesbos' most popular tourist destinations while also demonstrating exceptionally high rates of EU fund absorption from the new NSRF 2021-2027.
However, to support further tourism industry growth on the islands, the Northern Aegean Region believes that ferry service between the region’s and Alexandroupolis is essential, in addition to the existing coastal connections with the ports Kavala and Thessaloniki.
Culture: Museums
A vast number of museums serve as a superb showcase for the Northern Aegean islands’ unique cultural wealth and traditions, as listed below:
• Samos: Archaeological Museum of Pythagoras, Archaeological Museum of Samos, Archaeological Collection of Pythagoras, Folklore Museum of the Spiritual Foundation of Nikolaos Dimitrios, Palaeontological Museum of Mytilene, Historical and Folklore Museum of the Municipality of Karlovasia, Folklore Museum of Pagonda, Folklore Museum of Koumeikos, Ecclesiastical Byzantine Museum of Samos, Museum of Pyrgos Lykourgou Logothetis, Aegean Natural History Museum, Karlovasos Tanning Museum, Silver and Gold Museum.
• Lesvos: Archaeological Museum of Mytilene (Old), Archaeological Museum of Mytilene (New), Museum of Theophilus’ Works, Theriad Museum-Library, Museum of Natural History of Petrified Forest, Archaeological Collection of Napi, Archaeological Collection of Eresos, Fournos Mesagrou, Digital Museum "Georgios Iakovides," Ecclesiastical Byzantine Museum, Vrisa Natural History Collection, Ambelikos Folklore Collection, Vareltzidaina Mansion, Mytilini Municipal Gallery, Mithymna Municipal Gallery, Museum of Refugee Memory 1922, Soap Making Museum, Ouzo Varvagiannis Museum, Ouzo Museum Isidoros Arvanitis, Olive Museum.
• Lemnos: Lemnos Archaeological Museum, Sponge Fishing and Maritime Tradition Museum, Folklore Museum, Gallery of Contemporary Balkan Art, Mudros History and Maritime Tradition Information Center.
• Chios: Byzantine Museum of Chios (Metzitie Mosque), Archaeological Museum of Chios, Maritime Museum of Chios, Folklore Museum of Argenti (Korais Library), Municipal Art Gallery of Chios, Museum of Nea Moni, Folklore Museum of Kallimasia, Ecclesiastical Museum of Kourounia, Folklore Museum of Kampochori Municipality, Physics Museum of History and Pharmacy, Historical Medical Museum, Mastic Museum of Chios, Archaeological Collection of Volissos, venue for periodic exhibitions of antiquities "Iustiniani Palace", Museum Collection of Nea Moni.
From Paros to Rhodes and from Nisyros to Naxos, foodie travellers are spoiled for choice
When it comes to Greece, one of the major drawcards for its 30-million plus visitors is the country’s cuisine. And in the South Aegean, which constitutes the Cyclades and Dodecanese islands, the array of culinary experiences available to visitors is as delightfully diverse as the islands themselves.
With its unique agricultural produce grown in mineral-rich earth, tasty fish and seafood sourced from the waters of the deep blue Aegean and countless homely traditional dishes, the South Aegean is a rich repository of Greek gastronomic heritage.
From the Cycladic isle of Kea at the west edge to the Dodecanese cousin Kastellorizo at the east edge, the impact of those who occupied the region over the centuries cannot be understated. Evidence of the Venetians, Romans, Byzantines, Ottomans and Arabs can be detected in many regional island dishes. These influences made their way into households and home cooks had to devise resourceful ways to turn humble ingredients into hyper-local specialities. Today, plenty of these classic dishes can still be found in tavernas, mezedopolia and ouzeries. At the same time, many restaurants in the region have put a 21st-century creative spin on the standards. Chefs take inspiration from traditional dishes or reinvent recipes from scratch, while maintaining the core
elements that distinguish them.
For Greeks, food has never merely served as sustenance. From slowly and lovingly preparing a meal, often with whatever one has in the pantry and fridge, to sitting down to share it with family and friends, dining is a communal celebration, one that is integral to the nation’s culture. And nowhere is this more evident than in the South Aegean.
The culinary connection to tourism in the South Aegean South Aegean Region Governor, George Hatzimarkos says that the Cycladic and Dodecanese islands’ successful evolution as tourism destinations is widely known. “What might be much less obvious is the fact that the region’s culinary offerings have served as a key factor in this success,” he says.
The work of those who produce local products, together with chefs and restaurants on the islands have made a significant impact on the course of tourism in the region, says Mr Hatzimarkos.
“Food and the experiences that surround the destination is a very powerful medium, one that creates life-long memories. It creates a desire to return, to explore more and share these experiences with others” he says.
In 2019, the South Aegean was named European Region of Gastronomy in recognition of its efforts to support local food heritage and position the archipelago as an attractive culinary destination. To achieve this distinction, the region worked to increase the number of certified and labelled key local
products, create local products from native ingredients that travellers can sample and enable young chefs to serve as global culinary ambassadors. Emerging talents have earned multiple wins for traditional local dishes in competitions such as European Young Chef. The region’s restaurants also figure prominently in the annual Greek Cuisine Awards.
Central to the region’s efforts is the Aegean Cuisine (aegeancuisine.org), a quality control programme and network embracing producers and restaurants.
The Cyclades: Islands brimming with flavour
One look at its sandy beaches and sparse, rocky landscapes bathed in sunshine and lashed by summer’s cooling meltemi winds, one could be forgiven for thinking that the Cyclades are lacking in agricultural products. On the contrary, the islands are brimming with wonderful raw ingredients. Each island has its own microclimate, which has played a key role in the evolution of traditional local dishes. It is precisely this harsh geological distinctiveness, much of it borne from volcanic activity and minimal rainfall, that blesses the earth with minerals which lend an incomparable richness of flavour to produce.
The Dodecanese: A multi-ethnic mashup
Characterised by soaring mountains, fertile hillsides and rugged rockfaces painted in hues of rust, terracotta and ochre, the landscapes of the Dodecanese reflect the warmth and verve of their inhabitants.
In the Dodecanese, farm-to-table comes with the territory. Restaurateurs often maintain their own gardens or own a fishing caique, sourcing only what is in season and letting nature dictate the day’s menu.
Foodie experiences
Throughout the South Aegean, devout foodies can sample the region’s delicacies in myriad ways. Take your pick from shopping at farmers’ markets, indepth food tours, tastings ranging from olive oil to wine, fishing trips where you can cook your catch and cooking classes. One of the best ways to fully immerse yourself in the local culinary culture is to time your visit with a festival. Communities gather together to celebrate the harvest of specific produce, seasonal fish or a traditional beverage and guests are always more than welcome.
Wherever your travels take you in the South Aegean, be bold in your explorations of the region’s vast culinary offerings. Ask questions, strive to seek out traditional products and dishes and encourage chefs experimenting with innovative iterations of the classics. Supporting small-scale farmers, fishermen and food artisans in this remarkable region is a critical lifeline for the long-term survival of the South Aegean’s inimitable gastronomic heritage.
After all, the beaches, sunsets and mountain landscapes have drawn millions of visitors from every corner of the planet to its shores.
Gastronomy, however, is one of the many reasons they will keep them coming back.
At Novotel Athens, Your Time is Your Way!
Novotel Athenes is a destination place itself; this is the reason why is ensured each guests to be able to choose between relaxing moments using in-house services, or socially energizing by exploring the city and the Athenian Greek nightlife. Member of ACCOR Group, Novotel Athenes is located in the city center of Athens, walking distance from the closest metro station, from where anyone can fully discover the Greek Culture and live like a local.
At Novotel Athenes quality, time is about making everyday moments matter. Choose one of the 196 rooms and dive into the comfort of the unique bedding, Live N Dream. Come and explore a new way to travel: enjoy the Rooftop Garden with its breathtaking view of Acropolis and Lycabettous Hill. Relax and reenergize under the Greek sky in the outdoor pool, looking 360° around Athens or to the ground floor near the Botanic Garden. Finally start a unique journey full of flavors, by tasting Internation-
al or Mediterranean specialties and cocktails in one of the two restaurants.
If you are traveling for business, for successful business meetings, allow Novotel Athenes meeting specialists to provide expert guidance for your conferences, meetings, and seminars. With 8 meeting rooms from 20-620m² with or without natural day-light, which can host until 1265 persons, the experience teams driven by your needs and desires can offer faultless organization, highest-technology equipment and wide-ranging expert advice.
For Family memorable moments do not forget the unique Novotel & Family policy: Free lodging and breakfast for 2 children under age 16, who share the same room as their parents or grandparents.
Take time to rest and relax - for you or your loved ones, to refresh, reset and feel good.
Make time for those you know or do not know, to get together, to try something new or just have fun.
Alone, as a couple, with your family or for business, live life to the fullest.
So much to live at Novotel Athenes!
With a distinctive and multifarious tourism profile, the region of Central Macedonia attracts thousands of visitors each year, coming to enjoy the area's vast and ivory sandy beaches in Halkidiki, Pieria, Strymonikos Gulf, and Kavala. These, together with the area's picturesque lakes, are combined with a rare archaeological wealth and history bringing to life the epic of ancient Macedonia and Alexander the Great. Other tourist attractions here include the monastic community of Mount Athos - the cradle of Eastern Orthodoxy, Mt. Olympus - the home of the ancient Greek gods and the most popular hiking summit in Greece and one of the most popular in Europe, several famous Byzantine temples, and the city of Thessaloniki, a major commercial crossroads of SE Europe and co-capital of the modern Greek state.
Sustainable tourism development is set as the main strategic objective of the Central Macedonia Regional Authority for the promotion of tourism and the area's unique treasures.
In this direction, Vicky Hatzivasiliou, the Deputy Regional Director for Tourism, told "N" in a recent interview that the authority has established a dynamic planning system for the tourist product. This system takes into account the unique characteristics and comparative advantages of the region, along with the prevailing international tourism trends to enable the selection of appropriate programs for further tourism growth and the optimization of the offered tourism product. She added that the authority will harmonize these programs with the existing NSRF program guidelines to secure funding.
The main axes of action focus on the extension of the tourist season in all of the region's seven geographical units, accessing new, high-quality tourist markets, the introduction of alternative experiential forms of tourism, and the continued development of the cruise sector. These actions aim to enhance tourist satisfaction with the destination and bolster local community revenues.
As Ms. Hatzivasiliou noted, attracting high-quality tourism and extending the tourist season should also be a top priority for travel agencies. This is because, in contrast to other regions, Central Macedonia does not only offer "sun & sea," but also a plethora of other touristic interests, allowing it to respond optimally to this type of tourism while also demonstrating sensitivity to environmental issues.
Central Macedonia encompasses a wide range of tourist destinations with unique characteristics that cater to all modern themed forms of tourism. This, along with the uniform circular distribution of the six geographical units and their proximity to Thessaloniki (just 60 minutes), makes it the only tourist area that can attract and satisfy all the requirements of every visitor throughout the year.
"We emphasize that Central Macedonia, a tourist destination with a 2300-year history, welcomes visitors who come to admire the numerous sights, explore the picturesque landscapes, taste the distinctive gastronomy, local wines, and excellent Macedonian
CENTRAL MACEDONIA A CHARMING PLACE TO VISIT YEAR-ROUND
In contrast to other regions, Central Macedonia does not only offer "sun and sea," but also a plethora of other tourist attractions while also demonstrating sensitivity to environmental issues
By Vasso Vegiri vvegiri@naftemporiki.gr
products, and above all, enjoy the warm hospitality of the locals." In Central Macedonia, visitors have the opportunity to create their own unique experiences by organizing their own programs and experiencing their own greatness, while also benefiting from the diverse range of tourist products offered across the seven geographical units, she stated.
For this reason, targeted action is being taken in collaboration with local bodies, organizations and the respective chambers of all seven units, aimed at highlighting the special features of each one, including cultural heritage (Vergina), themed tourism (Mt. Olympus), religious tourism (Mount Athos), etc. Special emphasis is placed on using digital platforms for promotional activities (social media, etc.).
This year's ongoing tourist season is so far regarded as very successful, as shown by tourism indicators, Ms. Hatzivasiliou said, adding that in addition to an increase in road traffic, there is also a traffic increase in all other points of entry, such as arrival numbers
Vicky Hatzivasiliou,
Deputy Governor of
Tourism, Region of Central Macedonia: In Central Macedonia, visitors have the opportunity to create their own unique experiences.
at Thessaloniki's "Macedonia" airport, cruise visitors (82 cruise ship arrivals, with 20 overnight stays in port with an average duration of 27.7 hours), as well as conference tourism.
For its part, the Regional Authority of Central Macedonia aims to boost quality tourism by targeting markets with increased economic potential. These markets seek and can afford the upgraded services offered in many areas of the region. Some countries beyond Europe are indicated as examples, such as the United States, Canada, Japan, South Korea and Egypt, which are targeted by the Region's promotion campaign by attending fairs and shows, organizing events and activities, promoting local products, etc.
In order to achieve the best results and proper planning, she concluded, there must be continuous and close cooperation between the respective tourism agencies of the Regional Authority. All tourism agencies involved, municipalities, chambers, organizations, businesses and employees, should realize
that only through a comprehensive joint effort - that will not only aim at personal promotion and the ephemeral prosperity of economic indicators - but on the improvement of services provided, a continuous upgrading of existing facilities, the attraction of quality tourism, respect for the environment, harmonious coexistence with local communities and a fair distribution of income, will facilitate building the foundations for a sustainable development of quality tourism without seasonality.
The planning of the tourism industry must be the result of continuous updating, providing modern means of communication for information and promotion, activating funds from EU programs, and taking measures to adapt to the prevailing conditions at any given time. This will contribute to the improvement of the tourist satisfaction index, ultimately leading to an increase in tourist flows. This will benefit local communities, in addition to a higher contribution to Greece's GDP
Mt. Olympus, the home of the ancient Greek gods and the most popular hiking summit in Greece.
The renowned monastic community of Mount Athos.
Pelicans at the port of Alyki, Pieria, Central Macedonia.
New investments in the hospitality industry by the H Hotels Collection
The hospitality group H Hotels Collection is rapidly evolving within the industry, with notable milestones including new hotel acquisitions, grand renovations, and the upcoming construction of a new resort
Marketing Director and member of H Hotels Collection Board of Directors
We make moments matter.
The H Hotels Collection | Hatzilazarou Group has been a prominent name in Greek hospitality for over 30 years. What began as a family business in the tourism sector has now grown into a distinguished portfolio of eight luxury hotels, soon to become nine, reflecting the group’s continued success and evolution.
In January 2024, we proudly expanded our portfolio with the acquisition of two prestigious hotels: Rhodes Bay Hotel & Spa and Elite Suites by Rhodes Bay, located in the beautiful Ixia area in northern Rhodes.
These two renowned 5-star hotels have now been incorporated into the luxurious core that defines the H Hotels Collection. From now on, they will operate as a single entity under the new name, Amus Hotel & Spa.
This strategic investment is particularly significant for our group, as it marks the first addition to our collection outside of South Rhodes.
It represents a key milestone in our journey, symbolizing the beginning of a new era of growth and expansion. By extending our presence to northern Rhodes, we can diversify our offerings and attract a broader range of travelers, further solidifying our position as a leader in luxury hospitality.
A few weeks later, we proudly acquired Titania Hotel Athens, a 4-star city hotel ideally situated in the historic city center of Athens. This acquisition marked another major milestone for H Hotels Collection,
The primary goal of our group is to promote Rhodes and Athens as destinations for all types of travelers.
as it is our first expansion outside of Rhodes, allowing us to broaden our offerings in a new and vibrant destination. Athens, with its rich history and cultural significance, is an iconic location that draws visitors from all over the world. This investment is crucial for the evolution of H Hotels Collection as we strive to provide exceptional experiences in diverse settings. With the upcoming renovations we have planned, which we will announce soon, we are set to redefine hospitality standards in the heart of Athens. Our goal is to enhance guest comfort and elevate the overall experience, ensuring that every visitor feels the warmth and luxury that our brand represents.
Meanwhile, several significant renovations are planned for the off-season. Specifically, Princess Andriana Resort & Spa will undergo a major upgrade, including the addition of a new waterpark and two new restaurants.
Overall, the hotel will adopt a more family-oriented focus, offering a unique 5-star family experience.
Additionally, major renovations will begin this winter at Lindos Princess Beach Resort & Spa, starting with the rooms and extending to some common areas and facilities. These updates will elevate our iconic 4-star family resort to a whole new level of excellence.
Lastly, construction on our new luxurious resort will commence shortly, and we can’t wait for you to see what’s coming!
The primary goal of our group is to promote Rhodes and Athens as destinations
for all types of travelers.
The past season, starting from July, was particularly challenging for us and for the entire island due to the devastating wildfires that affected southern and central Rhodes. Despite the hardships we facedranging from visitor hesitation to damage and destruction to some of our hotels-this season has been remarkably strong for the Hatzilazarou Group, and we are very optimistic about the upcoming 2025 season. In conclusion, 2024 marked a turning point for H Hotels Collection, highlighting the beginning of a new era for the group. Our passion for hospitality is evident and is the driving force behind our progress.
We are delighted to expand and enhance our offerings, allowing us to attract higher-quality tourism-something deeply important to us as we care profoundly for our homeland. This expansion also enables us to create more job opportunities, contributing to addressing the serious issue of unemployment that has plagued Greece in recent years.
Over the years, our group has achieved numerous goals, and we remain committed to continuing along this path of growth and excellence.
We are dedicated to evolving, pushing boundaries, and bringing new projects to life, always with the vision of enhancing the guest experience and setting new standards in hospitality. With every milestone, we reaffirm our promise to innovate and create a brighter future for both our company and the destinations we serve.
Andriana Hatzilazarou
The Heartbeat of Athens Hospitality
In the bustling city of Athens, a luxury hotel rises above expectations, weaving culture, art, and modern Greek elegance into an unforgettable experience. Athens Capital Hotel - MGallery Collection is a story of impeccable hospitality with every detail meticulously crafted
“Athens, as a destination, has a soul that intertwines ancient history with modern vibrancy, and Athens Capital HotelMGallery Collection is positioned right at the heart of this dynamic city. But more than just a place to stay, Athens Capital Hotel represents a cultural journey-one where luxury meets heritage, and service is elevated to an art form.
Our hotel is more than a building; it’s a gateway to the very essence of Athens. With 177 meticulously designed rooms, including our exquisite 18 suites and the illustrious Presidential Suite, we aim to provide not only comfort but also an experience that reflects the richness of Greek culture. From the moment guests step into the hotel, they are embraced by an environment inspired by the artistic and historical treasures of Greece.
The vision behind Athens Capital Hotel was clear from the beginning: to create a space where guests feel connected to both the past and the present. Art plays an integral role in our identity.
Through collaborations with renowned Greek artists, such as the iconic "Mappemonde" installation by Georgios Lappas, we have curated spaces that inspire and captivate. Our lobby becomes a gallery, our hallways a canvas, and our guest rooms an intimate retreat filled with elegant expressions of Cycladic art. Each corner of our hotel tells a story, and we invite our guests to be part of that narrative.
At the core of our hospitality philosophy is personalization. In a city like Athens,
Luxury redefined in the vibrant core of Athens, where tradition meets contemporary artistry.
known for its rich history and vibrant culture, we understand that every traveler seeks something different. Whether it is a guest here on business, a couple celebrating a special occasion, or an explorer eager to discover the city’s hidden gems, our team goes above and beyond to tailor the experience. This dedication extends from the moment of arrival, to the very last detail of our guests' stay.
Culinary artistry is another pillar of our hotel experience. Athens is a city that thrives on flavors, and we have embraced this through our dedication to exceptional dining. At MFlavours, our signature restaurant, we take guests on a gastronomic journey, blending traditional Greek ingredients with contemporary techniques. From fresh seafood to local olive oil, every dish is a celebration of Greek terroir. For those who seek a different atmosphere, our rooftop pool bar offers a breathtaking view of the Acropolis, where guests can unwind with a signature cocktail, watching the sun set over the ancient city.
But our commitment to excellence doesn’t stop at cuisine or aesthetics. It’s about crafting an all-encompassing experience. The hospitality industry is all about details, and I believe it’s those small touches that make a big impact. Whether it’s providing a curated selection of local guides for our guests, organizing private tours of the Acropolis, or even offering personalized art tours within our hotel, we strive to create moments that resonate deeply.
Our location, in the center of Syntagma Square, gives our guests unrivaled access to Athens’ top cultural attractions. Within
walking distance, one can visit the National Garden, the Parthenon, or the bustling markets of Plaka. For our guests, we arrange private visits and unique tours that explore the city beyond its touristic facade, revealing the authentic heart of Athens.
At Athens Capital Hotel, we view hospitality as an extension of the Greek concept of philoxenia-a tradition of welcoming guests with open arms. This ancient concept lives on in every interaction our team has with visitors. We aim to make each stay exceptional by embracing our guests as part of our story and by creating an environment where they feel not just like travelers, but like family.
In this journey of hospitality, it is also crucial for us to honor sustainability. As a luxury establishment, we are conscious of our environmental footprint. We’ve implemented initiatives such as reducing energy consumption, waste management, and sourcing ingredients from local producers to ensure that we not only preserve the beauty of Athens but also contribute positively to our community.
In conclusion, Athens Capital HotelMGallery Collection is more than a place to stay; it’s a living tribute to the cultural and artistic heritage of Greece. With our deep roots in this city and our commitment to providing unparalleled service, we invite every guest to not just visit Athens but to truly experience it. Here, in the heart of Athens, we offer more than just a room. We offer a connection-a connection to art, history, culture, and the authentic spirit of Greece.”
Evripides Tzikas
General Manager, Athens
Capital Hotel - MGallery Collection
Your best way to Greece!
Everything you need to know about:
• The Greek economy
• The opportunities it offers across all sectors
• Taking advantage of investment opportunities
• But the tourist destinations too
THEMED TOURISM FORMS GAINING GROUND
With climbing, diving, gastronomy and religious tourism lately drawing increasing numbers of sophisticated visitors to Greece, themed tourism offers ample growth potential
By Fanis Zois fzois@naftemporiki.gr
With the growing popularity of climbing, diving, gastronomy, and religious tourism in Greece, alternative tourism has significant growth potential.
Bodies and agencies involved in the specific sector intend to join forces to achieve the goal of updating themed tourism’s footprint while preserving the allure of the country's "heavy industry" for future foreign visitors.
Diving progress
In this context, the municipality of Apokoronos in Crete's Ombrosgyalos area will establish a diving park starting in the summer of 2025. Already, 44 artificial reefs have been sunk in Ombrosgyalos' sea region aimed at renewing marine life. In addition, 7 special buoys and 4 beacons will be installed.
In essence, the sinking of two historic and decommissioned navy ships will enhance the
Apokoronos diving area over time, with these reefs serving as its "yeast". Artificial reefs and ships must remain on the seabed for a few months in order to integrate into the marine environment and become "selected" as habitats for marine organisms.
The Hellenic Marine Research Center created the artificial reefs following years of research into creating the best possible "nests" for marine creatures.
In any case, diving enthusiasts will be able to access the diving park in the summer of 2025. The park will develop three diving routes for both advanced and beginner divers.
Research indicates that diving tourists are interested in seeing particular Mediterranean species, primarily large fish. For this reason, some artificial reefs were developed, which will have been completely assimilated into the marine ecosystem after three to six months of submerged time. It should be highlighted that the park will ►
A diving park will be ready in Crete's Ombrosgyalos area, in the municipality of Apokoronos, as of summer 2025.
Diving tourists are interested in watching particular Mediterranean species, primarily large fish.
“The promotion of monuments and locations of religious relevance can also aid in the geographical and temporal spread of tourism around the country.
be monitored for both the safety of its underwater visitors and to safeguard it from vigilantes. In fact, each reef will have a system of underwater cameras capturing all movements in the surrounding region.
Religious interest
Religious tourism is also of particular importance because many Greek tourist locations blend customs and traditions with the summer's most important holy feast, the Dormition of the Virgin. The promotion of monuments and locations of religious relevance can also aid in the geographical and temporal spread of tourism around the country.
Along with the general effects of the Covid-19 crisis, the war in Ukraine had a particular impact on the decline in Orthodox tourism from Russia, Ukraine, and other countries, particularly during the summer months when, in addition to their holidays, they also visited various religious monuments and participated in various ceremonies.
Despite the fact that visitor traffic flows are favorable and that travelers here spend less, Greece's relevance as an international destination for religious tourism has dropped in recent years. However, many religious monuments are also culturally significant, with architectural and artistic characteristics, a unique natural setting, and a significant role in the evolution of the nation's history that can be highlighted in a variety of ways.
In the recent past, the imposing landscape and holy monasteries of Meteora primarily attracted Chinese and neighboring Balkan visitors, while Russians came to Greece to visit Mount Athos. Europeans found the customs and traditions interesting and participated in litanies and festivals, particularly on Greek islands, many of which have churches dedicated to the Virgin Mary.
In the context of showcasing tourism qualities and experiences, it is intended to promote the unique religious identity of Greek destinations. It is evident that visiting religious sites aligns with the principles of sustainable development and tourism, as it is a year-round activity that is environmentally friendly and compatible with local religious traditions.
Generally speaking, religious tourism falls under the cultural tourism umbrella. However, it is fundamentally distinct from other forms of tourism. Religious tourism has specific traits that set it apart from other types of tourism. In religious tourist travels, combining “the utile with the dulci" is not a sin, even when it is not the intended objective.
Tourism and religion go hand in hand, promoting beautiful Byzantine cathedrals, countless chapels, monasteries, and metochias, holy pilgrimages and
religious locations, and a plethora of religious festivities, anniversaries, and traditions held throughout the year. During a religious or tourism trip, one can enjoy places of worship that blend sanctity and history both inland and on the islands. However, monuments must be highlighted for their unique qualities and history. Among Greece's UNESCO Cultural Monuments, various recognized religious sites can be further promoted, including the New Monastery of Chios, Mystras, the Monastery of Daphni, Thessaloniki’s Byzantine monuments, etc.
Greece also boasts monuments of worship from various denominations and religions, coexisting in the country's historical and cultural mosaic. The tourist clientele of religious monuments can include, among other particular groups, scientists, academics, art enthusiasts, nature lovers, and educational institutions, in addition to worshipers, pilgrims, and ordinary visitors. Religious conferences are also held; however, they are rarely promoted to tourists for attendance.
There is a long list of advertised and featured religious monuments to visit in Greece, including the following: the Monastic State of Mount Athos, the Holy Monasteries of Meteora, the Cave of the Apocalypse, the Monastery of Saint John the Theologian on Patmos, the areas where the Apostle Paul preached, as well as the pilgrimages to Panagia of Tinos, Panagia Sumela, Panagia Ekatontapyliani, Panagia Hozoviotissa, and countless other monuments and places of religious interest, which can be easily highlighted in collaboration with the local church authorities.
Traditionally, the 15th of August marks the pinnacle of the Greek tourism season, after which the drop in tourist activity begins. The goal is to transform the 15th of August into the commencement of the second dynamic autumnwinter-spring high season of Greek tourism by activating themed tourism and all other Greek comparative advantages.
Climbing wealth
Climbing is a new, themed form of tourism that is on the rise following the Covid-19 pandemic, creating an unprecedented reality also in Greece, and a new tourism trend.
Nearby mountain ranges and mountain trails as potential leisure destinations for most Europeans have been highlighted as a result of a range of factors, including the lack of options, restricted family incomes, travel restrictions, the fresh air and feeling safe from Covid-19 in the countryside, fear of long flights, etc.
Obviously, climbing tourism is nothing new
The Greek islands are dotted with countless chapels. In the photo, the chapel of the Seven Martyrs on Sifnos.
Culinary tourism is a rapidly growing form of tourism, in
“The region of Thessaly, with its distinctive mountain masses, offers a wide range of climbing tourism activities.
since this form is already one of the most well-liked types of alternative travel overseas. Germans alone typically spend over 7.5 billion euros annually on vacations in places that provide opportunities for mountain tourism. Climbing tourism primarily occurs in mountainous regions, where outdoor leisure and tourist-related activities, such as mountain hiking on paths and crossings, dominate.
The region of Thessaly, with its distinctive mountain masses, can provide a wide range of climbing tourism activities, thanks to its existing paths that are fit for both novice and expert climbers. Among the options available to climbing tourists are the trails of the Thessalian Mt. Olympus, Mt. Kissavos, Mt. Gentikithe hidden mountain of Larissa with the green stone, Mt. Agrafa, and Mt. Pelion. Even the Sporades Islands can provide tourists with a singular experience of the sea and mountain trails.
Local communities in many parts of the country significantly contribute to the growth of climbing tourism by maintaining and promoting both old and new paths and trails. The investment of local communities and organizations in promoting climbing tourism has significant benefits for the towns and their local population, as mountain tourism is a growing trend with a lot to offer.
The gastronomy pillar
Culinary tourism is another rapidly growing form of tourism, in addition to wine and archaeological tourism. This specific form in Greece has already made significant progress and is now one of the most essential cornerstones of the country’s tourism product.
With the initiatives, programs, and activities pertaining to themed tourism, the future appears incredibly bright. The Greek National Tourism Organization's (GNTO) priority is to promote the country's destinations, including the nation's lesserknown gems, while also offering top-notch services to draw in increasing numbers of guests who wish to have a holistic and experiential journey.
The sector now treats gastronomy and wine as a single constituent in the country's tourism product. They are both major components of the Greek tourist experience, and the country invests much in the international promotion. They are Greece’s ambassadors! Both culinary and wine tourism have the capacity to grow in tandem, resulting in a unique mix that defines the authenticity and distinct individuality of the country's destinations. Greece’s comparative advantages are not only on the agenda but also the focus of the country’s international advertising campaign
Climbing, a relatively new, themed form of tourism, is on the rise in Greece following the Covid-19 pandemic.
addition to wine tourism.
Sailing in the Pagasetic Gulf, a unique experience.
MEDICAL TOURISM CAN ADD TO GREEK GDP
It is estimated that the country can draw in at least 100,000 medical travelers annually in the next five years, generating annual revenues of over 400 million euros
By Anthi Aggelopoulou aaggelopoulou@naftemporiki.gr
With millions of patients traveling to other countries for medical services, medical tourism has now become a strategic sector of the global economy. The global market size of this form of tourism is forecast to reach $346.1 billion by 2032, growing at an annual rate of 11.59 percent. Medical tourism revenues in 2023 rose to approximately $35 billion, given that medical tourists spend 60 percent more money than holiday tourists. Greece currently holds a share of 3 percent in this market, but is predicted to enjoy dynamic growth in the next few years.
According to data presented at the one-day conference “Medical Tourism - Future Prospects”, annual global health and wellness tourism is up 6.5 percent, compared to 3.2 percent for general tourism, while it is the second largest form of tourism, following cultural tourism. In fact, wellness tourists spend 60 percent more than average tourists.
International surveys show that 56 percent of patients worldwide seek better treatment, while 22 percent look for foreign destinations outside their countries of residence with the aim of lower costs. In addition, 18 percent seek treatment options that are not available in their countries, and 10 percent require treatment as soon as possible, where this is internationally accessible.
Greece ranks 9th in Europe
Greece currently accounts for a mere 3 percent of the world's medical tourism, according to the experts,
who believe that the specific sector in the future will play a major role in the growth of Greece's economy.
In a study by the Medical Tourism Magazine for the Medical Tourism Index 2020-2021, Greece ranks 34th out of a total of 46 countries worldwide and 9th in Europe as a destination for medical tourism. Internationally, medical tourism is among the fastest-growing industries, combining medicine and wellness therapy with vacations. Greece, beyond the advantage of holidays, also offers an abundance of health services and scientists.
According to a Glasgow Research & Consulting report, growing demand could represent a huge opportunity for healthcare institutions and clinics around the world in the coming years, while the total value of the global medical tourism market could grow by 9.7 percent by 2025, with some 44 million people moving across borders for healthcare annually.
Prospects and challenges
As explained by Dr. Dimitris Batakis (Ph.D., professor at the Technical University of Crete, Financial Laboratory Engineering, M.Sc. LSE International Health Policy, M.Sc. Health Economics and Management), even though Greece currently holds a share of only 3 percent in global medical tourism (compared to countries such as Turkey, Poland and the Czech Republic accounting for 13 percent and Belgium for 8 percent), it is estimated that the country can attract at least 100,000 medical travelers annually in the next five years, generating revenues of over €400 million each
year. He expresses great interest in these numbers, particularly for Greece, which anticipates tourism to contribute over 43 billion euros to its GDP.
Health tourism growth is a major challenge for Greece, as the country enjoys several comparative advantages to beef up its position in the global market. In addition to a large number of medical and nursing personnel, Greece has sufficient infrastructure with 160 hospitals (public, private and military), while its main advantages include the climate, cultural heritage, Mediterranean diet, direct interconnection with most countries of the world, affordable prices, and the country’s security.
In addition, Greece has another major advantage, which relates to the cost of providing health services. Estimates show that Greece offers lower healthcare costs by 60-90 percent and shorter waiting lists compared to its counterparts in the UK, Canada or the United States. For example, an IVF in Greece costs around 3000-5000 euros, while in the US and Canada it costs around 20,000 euros and in the UK 8000 euros.
However, as Dr. Batakis explains, Greece should boost medical tourism through actions related to the development law, the operation of primary health units within four- and five-star hotel units with specific certifications and specifications, the Registry of Health and Wellness Tourism Providers, as well as the licensing of Day Care Facilities and other specialties beyond those that can currently be licensed. Finally, special care must be given to resolving
the medical visa problem (MediVisa), which will be a short-term visa granted solely for the purpose of medical treatment.
Common treatments
The most sought-after procedures in medical tourism include cosmetic surgery, dental treatments, in vitro fertilization, orthopedic and cardiac procedures, healing therapies, etc., with the majority of patients originating from the United States, Canada, the United Kingdom and Western Europe. A very positive fact is that the vast majority of those who visit the destination countries are satisfied with the quality of care they receive during their medical trip at a rate of over 90 percent. According to estimates from Patients Beyond Borders, Medical Tourism Association, and Deloitte, the medical tourism industry contributes more than 100 billion dollars annually to the global economy, indicating a significant economic benefit.
The positions of ELITOUR Proposals for the development of medical tourism in Greece, with state contribution, have been put forth by the president of the Athens Medical Association and president of the Greek Health Tourism Council
(ELITOUR), George Patoulis.
In particular, Mr. Patoulis has put forward the following set of proposals:
Streamlining of legislative framework and procedures.
Visa issuance outside Schengen.
Allowing the operation of Primary Health Care (PHC) within hotels.
The activation of KAD (Tax Office Activity Codes) and the Health Tourism Registry will enable medical tourism providers to receive the benefits outlined in the development law.
Public and private sector cooperation by creating a PPP.
Promotion of Greece as a medical tourism des-
tination in collaboration with the Greek National Tourism Organisation (EOT) and private doctors interested in participating in the national register of medical tourism service providers.
Creation of a digital platform to include a map of available medical tourism providers.
Participation in international medical tourism fairs to promote the comparative advantages of Greece, and organization of international medical tourism conferences in Greece.
Capability of certification of provided services and health structures, and upgrading medical equipment with an NSRF grant.
Capability for offering grants for advertising of the agencies abroad and offering discounts on air travel and hotel costs.
Cooperation with patient associations abroad to enhance the visibility of Greece, as well as with the ministries of: Health, Tourism, Development, and Digital Governance.
Utilization of expatriate Greeks and Greek doctors abroad
Proposals by George Patoulis, president of the Greek Health Tourism Council (ELITOUR), include the streamlining of the existing legislation on the provision of medical tourism services.
Dr. Dimitris Batakis, professor at the Technical University of Crete, believes that Greece enjoys several comparative advantages to beef up its position in the global market.
