Study Reveals Athens 2019 Hotel Occupancy Rates Dropping

Athens, Greece. Photo Source: Visit Greece / Y. Skoulas

A recent boom in accommodation options in the Greek capital appears to be impacting the hotel market, reveals a recent study carried out by GBR Consulting on behalf of the Athens-Attica & Argosaronikos Hotel Association.

According to the findings, despite the increase in tourist flows, occupancy levels in the first eight months of the year – which includes the summer peak season – stood at 78 percent compared to 80.3 percent in the same period in 2018.

In the same period, revenue per room came to 83.21 euros from 84.57 euros last year.

Meanwhile, the average room rate rose by 1.3 percent from Januray to August 2019 to 107 euros against 105 euros last year.

Occupancy rates marked a modest 1 percent rise in August with all other months ranging from -0.8 percent to -9.2 percent.

Indicatively, passenger traffic through Athens Airport rose by 5.2 percent in August to 3.04 million passengers with international arrivals up by 8.1 percent.

Athens hoteliers were expecting the decline, with occupancy levels and revenue per room at hotels in Athens in the first half of the year down by 3.8 percent and 2.9 percent, respectively.

The association is citing the increasing number of accommodation options through sharing platforms as well as an over supply in hotel rooms following the opening of dozens of boutique hotels in the capital.

It should be noted that in the first half of 2019, more than 40 new hotels opened their doors in Athens, with 20 new hotel ventures in the pipeline.

Photo: GTP

The surplus in accommodation choices is also reflected in Airbnb figures which appear to be slowing down, according to recent data. An E-Real Estates survey found that revenue in the first seven months of the year dropped by 25 percent compared to the same period a year ago, while average occupancy levels in May 2019 stood at 65.9 percent, down by 3 percent against May 2018.