Greek tourism to attract €4.1bn in investment

The tourism industry in Greece is set to benefit from investment of €4.1 billion, with projects budgeted at €3.2 billion already under way.

Some 250 project plans – budgeted at €900 millon – have been submitted to the economy ministry, while a series of projects budgeted at €3.2 billion are in the pipeline awaiting approval, all of which will boost the country’s tourism offering.

More than 195 investment plans have been submitted to the tourism ministry so far this year, including 125 hotels, one tourist resort, five conference centres, two golf courses, 10 ski resorts, three theme parks, 24 hot spring facilities and 25 mountain resorts.

The proposed developments reflect a growing confidence in the tourism industry, but also the need for it to maintain its growth. According to the Greek Tourism Confederation (SETE), travel receipts are expected to reach €14.5 billion in 2017, while its research unit, InSETE, suggests new investment of around €5-7 billion over the next four years is required for the sector to continue its healthy course of growth.

Another sign of Greece’s improving reputation includes the growing interest of major international players, with brands such as Wyndham, TUI Group, Four Seasons and Marriott all looking to expand their presence in the country.