Greek Tourism to Enter New Era with 11 Key Projects

Alimos Marina. Photo Source: HRADF

Eleven major investments in cruise, marina, and airport infrastructure are expected to take Greek tourism to the next level after Covid-19, according to a report released this week by Axia Ventures.

Titled “Greece: Post-Covid Perspective”, the report’s analysts forecast better and faster-than-expected tourism recovery after the pandemic subsides.

“For Greece, we believe that recovery will come sooner rather than later, given that demand for destinations with ‘sea & sun’ will be high on the list of those who will travel after the pandemic,” said the report.

It goes on to add that strong demand in 2022 may reach 2019 levels, provided the tourist season is extended to include spring and autumn. Axia analysts expect the robust demand for Greek destinations to continue in the coming years as well as increased spending, which will be a direct result of upgraded tourism services and products.

Greece is set to benefit from people’s desire to go on vacation, particularly in view of key infrastructure projects that will help upgrade Greece’s brand name, the report notes.

An impression of the Kastelli Airport. Photo Source: GMR Airports Limited

More specifically, listed in the report are the following projects, investments and privatizations:

– Hellinikon on the Athenian Riviera, which includes an integrated casino resort;
– a new cruise terminal at Piraeus port expected to be operational by 2023;
– a new marina at Alimos;
– the new Heraklion airport in Kastelli, Crete;
– the expansion of the Naxos and Chios regional airports;
– the new marina in Monolithos, Santorini;
– the privatization of a number of ports countrywide;
– the privatization of Athens International Airport;
– the upgrade and increased connectivity of the country’s train/rail network;
– modernized road networks including Crete’s North Road Axis;
– and finally, the framework for the operation of some 150 waterways.

Axia estimates that this year will be better than last “but the Covid-19 crisis is not over and it is not yet clear when the 2019 figures will return”. An ambitious forecast sees tourism revenue in 2021 achieving almost half of the revenues in 2019, which came to 18.2 billion euros. This positive performance hinges on the success and reach of vaccination rollouts in Europe, and on development of the virus, said Axia.