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The European luxury edifice marketplace saw a robust €10.95 cardinal successful transactions crossed 137 deals involving four- and five-star hotels successful 2024, arsenic reported by Global Asset Solutions. Despite a volatile economical climate, the assemblage maintained beardown momentum, with Greece lasting retired for its high-quality offerings contempt less transactions.
With a surge successful strategical investments, the state added 12,000 new hotel rooms past year, including 8,500 successful four- and five-star properties, according to information from the Hellenic Hoteliers Federation processed by INSETE Intelligence.
The European luxury edifice marketplace saw a robust €10.95 cardinal successful transactions crossed 137 deals involving four- and five-star hotels successful 2024, arsenic reported by Global Asset Solutions. Despite a volatile economical climate, the assemblage maintained beardown momentum, with Greece lasting retired for its high-quality offerings contempt less transactions.
Greece’s High-Value Deals
Greece recorded €438 cardinal successful investments crossed conscionable 4 transactions, accounting for 4% of the EU’s full edifice concern market. The state achieved the highest mean transaction worth in Europe at €109.5 cardinal and an awesome price-per-room of €332,000, surpassing nations like Sweden and Germany. A full of 1,321 rooms changed hands, with a absorption connected premium properties.
The standout woody was the acquisition of the Grand Hyatt Athens, a 548-room spot that marked Europe’s largest edifice transaction by country number successful 2024. This woody underscored Athens’ increasing entreaty arsenic a hub for luxury hospitality investments. Other premier destinations like Mykonos and Santorini also attracted important interest, reinforcing Greece’s estimation for “trophy assets” – iconic properties with premium valuations and beardown maturation potential.
Record-Breaking Room Additions
The Greek hotel assemblage saw unprecedented growth, with 24,649 caller rooms added implicit 2023-2024, shattering erstwhile records. In 2024 alone, investments successful caller constructions and renovations reached €2.805 billion, a flimsy 0.4% summation from €2.795 cardinal successful 2023. After accounting for imported goods and services, nett home investments stood astatine €1.688 cardinal successful 2024, up 0.3% from €1.683 cardinal the erstwhile year.
The broader tourism sector, including non-hotel accommodations similar villas, contributed €5.063 cardinal successful investments successful 2024, with €2.440 cardinal successful home value-added spending. Hotel revenues besides roseate by 8.8% to €11.5 billion, driven by unchangeable high-season request and increasing off-season tourism, boosting occupancy and rates successful year-round hotels.
A Bright Future for Greek Tourism
Greece’s absorption connected high-quality, strategically located properties has positioned it arsenic a mature marketplace for luxury hospitality. The country’s quality to pull selective, high-value investments highlights the resilience of its high-income tourism sector. As planetary investors proceed to oculus Greece’s iconic destinations, the federation is poised to support its competitory borderline successful Europe’s luxury edifice landscape.
Source: INSETE
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