top of page

Greece experiences huge slump in short-term rental and hotel bookings

Following the Covid-19 global epidemic, Greece has suffered in both short-term rental and hotel bookings. Tour operators and short-term rental management companies are experiencing a large number of cancellations for the months following April, given the increasing measures against travelling and gatherings in most European countries.

Short-term rental management companies have reported an estimated decline of 70 percent on online bookings for short-term holiday rentals in Athens.

“We have recorded a reduction in arrivals and certainly many cancellations in bookings, particularly for the period until end-April. We estimate that the slump currently comes to 70 percent compared to the same period last year” says Nasos Gavalas, chief executive at short-term rental management company Mint (formerly EazyBnB).

Sector professionals have also observed that in the last few days, city destinations will take a much bigger blow than their counterparts in the countryside, where the spread of the virus is much slower.

Meanwhile, Greek hotels are experiencing booking cancellations for the months after April. TUI, and other major tour operators, are citing "force majeure" for its suspension of payments and the list of cruise operators and airlines cancelling their plans is growing.

TUI has sent letters to Greek hotel groups it cooperates with, informing them that due to reasons beyond its control, it is turning its guaranteed contracts into allotments, that is conventional bookings without deposit payments, which is the main source of revenue for hoteliers.

NavInvest Greece supports hotel and tourism accommodation investments in Greece, and has extensive experience in due diligence on tourism and property investments. Please contact us for more information relating to hotel and property investments in Greece.

Photo (c) Kathimerini Greece


Kathimerini Greece, 15 March 2020

Kathimerini Greece, 13 March 2020

bottom of page