More than 450 new five- and four-star hotels and another 244 three-star hotels have started operating in the last five years, corresponding to three new hotels almost every week since 2019.
This is a very rapid pace of growth, which, although having significant positive impacts on Greece’s economic activity, also creates serious challenges related to the location of these units, the infrastructure required to support them, as well as their footprint on the environment and local communities.
The value of these investments, for the construction of buildings or the upgrading of existing ones, is estimated at around 2.5 billion euros per year, or about €12 billion over five years.