Photo: Amit Cotler Hotels in Greece survived the first half of 2026 without a significant impact on bookings and the annual forecast is optimistic, according to the Central Bank of Greece (NBG) in a special report dealing entirely with the industry.
The data points to cautious optimism. Hotel sales in Greece are expected to increase by about 3% in 2026 (compared to 4.5% last year). This is a conservative estimate, as the industry's confidence index is steadily improving as conditions on the ground stabilize. Greece's resilience relies largely on the existing market structure, about 90% of overnight stays come from the European market, which has shown a clear preference for classic "sun and sea" summer vacations in the Mediterranean.
However, the report emphasizes that the crisis has exposed the country's weakness: connectivity based almost exclusively on aviation. Due to Greece's geographical distance from target markets, any prolonged disruption to aviation poses an existential threat. The rise in oil prices to $120 per barrel in April doubled fuel costs and increased inflationary pressures in Europe. About 80% of hoteliers reported cost pressures, and about half of them experienced a hit to demand and investment planning.
The bottom line is that while Greece is advancing infrastructure reforms and its hotels are expressing a willingness to invest in local upgrades, the report makes it clear that without a national emergency framework to protect the airways, including flexible incentives and a reduction in airport fees during a crisis, the country's tourism model could be damage.