An increase in demand of 2.2% was recorded in October for the first time after a five-month period with a negative sign in the occupancy rate of Athens hotels, compared to the corresponding month of 2023, thus setting a positive sign for the 10-month period of 2024 (+1.6%). According to a statement by the Athens-Attica and Argosaronic Hotel Owners' Association (EXAAA), in terms of average room rates, October 2024 was better by 9% compared to October 2023. Similarly, at the 10-month level, the average price increased by 8.9%.
Athens' average occupancy rate in October 2024 (2.2%) compared to competitor cities is as follows: In Madrid, average occupancy increased by 3.1%, in Rome by 3.3%, in Istanbul by 9%, and only in Barcelona, occupancy decreased by 3.7%. In terms of average room rate (ADR), comparing the average price of Athens in October 2024 against October 2023 (+9%) and against competitor cities, it can be seen that the average price of Madrid increased by 5.2%, Rome by 2.7%, while Istanbul and Barcelona remained at the same level.
At the 10-month 2024 level, comparing the Mediterranean cities of Rome, Barcelona, Madrid, and Istanbul, Athens' occupancy increased slightly (+1.6% compared to the same period last year), while occupancy in Madrid and Istanbul increased by 4.7% and 6.6%, respectively. In Rome and Barcelona, demand and occupancy remained at the same level as last year. In terms of average room rate (ADR), Athens recorded an 8.9% increase in ADR in 10 months (2024/23), while Madrid continued to record double-digit growth of 14.5% and Barcelona 8.1%. Rome gained a modest 1.4% increase while Istanbul saw a 7.6% decline in ADR.
Athens, as the data shows, is going through an interesting time for its popularity and has managed to improve its position against its competitors considerably compared to previous decades. "This popularity of Athens, which has a positive impact on demand, competitiveness, prices, revenues and therefore on the economic results of the city and the state, clearly needs to be preserved as 'the apple of the eye' but also strengthened," says EXAAA.
This, according to the association, happened on the one hand because it was achieved with a lot of effort and through the enormous patience and endurance shown by the hotel industry and the tourist world in crises, and on the other hand because the state itself must return part of its "tourism" revenue to society, businesses, and destinations.
"We therefore want to believe that the various fees (municipal fees—accommodation for visitors—which have been increased, for example, in the Municipality of Athens, or 'climate change resilience' etc.) and the contributions of all types that hotels deposit serve in principle this philosophy—contribution and reciprocity," stressed the same statement.
It is also stressed that the tax bill "measures to boost income, tax incentives for innovation and business transformations, and other provisions" submitted to the Parliament and promotes, among other things, the increase of the resilience fee: "it is possible to budget accurately the amounts that will certainly be collected from hotels of all categories, but not the amounts that may be collected—perhaps not collected—from rooms of unknown number and from short-term rental beds.".
"At the end of next year, we will all be here, in the valuation—both of the revenues collected and of the projects that will be launched/announced "in order to cover the costs of prevention and rehabilitation of natural disasters, climate change adaptation projects, and infrastructure improvement costs to support the country's tourism product" as described in the bill," EXAAA underlines.
