Greece has approved three major tourist investments worth over one billion pounds as Athens looks to cash in on a boom in the industry. Tourist numbers have rebounded spectacularly following the Covid pandemic, with Greece featuring as one of the hottest destinations in Europe.
Last year, the country welcomed a staggering 35.95 million travellers, a 9.8 % increase from 32.73 million in 2023. The growth in visitor numbers is expected to continue, with investors keen to take advantage of the boom.
Investors have been given the green light to develop major projects on the islets of Petalioi outside Evia, in Ermionida in the Peloponnese, and in Astakos, Western Greece.
Hydra Rock Real Estate Property S.A. will invest €474 million (£398m) in the creation of a sustainable high-end tourist resort in Ermionida.
While GH Hotel and Tourism S.A. will invest €224 million (£188m) to develop a luxury eco-resort and upscale holiday homes on Megalonisos, Petalioi, near Evia
Finally, Astakos Terminal International Trade & Services S.A. will invest €524 million (£440m) to convert the Port of Platygialos in the Astakos area of Aitoloakarnania into a world-class marina catering to mega yachts.
Tourism revenues set a new record in 2024, as Greece earned €21.7 billion (£18bn) from the sector, up from €20.6 billion (£17bn) in 2023, according to data released by The Bank of Greece.
However, not everyone within the industry is feeling the benefits from the surge in business and takings.
Tourism employees held a series of strikes last autumn, protesting long hours and low wages.
“We are asking for an increase of 12% for the next two years, that is 6% for each year,” Giorgos Hotzoglou, President of the Hellenic Federation of Tourism Employees, told Euronews.com in October.
He said workers were barely able to survive on their current wages, which do not track inflation.
Authorities have given the go-ahead to the construction of five new hotels on Santorini, Milos and Oreou Istiea.
In particular, Milos is attracting the attention of investors and developers, with 48 projects already under way.
Milos has often been touted as as an alternative to overrun Santorini just 2½ hours away.