Tranio-MR&H survey: Cyclades islands top hoice for hotel investment in Greece
The island group of Cyclades is the top hoice for hotel investment in Greece according to a joint report conducted as a collaborative project between Tranio and MR&H with the aim to explore international investors sentiment in the Mediterranean resort and hotel real estate market.
The survey analysed the responses of more than 60 participants over the period of one month. The survey was taken by real estate agents, investors, developers and industry experts in the region, all partners of Tranio and MR&H.
Key findings from the report
- The majority of respondents (86%) note that the activity of international investors is increasing in the region
- Spain, Greece and Italy top the ranking as the most attractive countries for investors
- The main factors contributing to a country’s popularity among investors area stable economy and low bank charges (Spain, Italy, France), residency or citizenship by investment programmes (Spain, Portugal, Cyprus), and a growing market with high yield prospects(Greece).
- 55% of the respondents named the Cyclades Islands: Thirа (Santorini), Mykonos and Paros as the most popular locations among investors in Greece
- 39% of the respondents believe that the Costa del Sol and other locations on the Andalusian coastline (Malaga, Marbella, Benalmadena, Torremolinos, Fuengirola) are particularly attractive
- 3/4star hotels and resorts are the most popular investment types among international investors
- The two main motivations for investing in hotel real estate are for personal use (as holiday/second homes), as well as portfolio diversification of investors
- 72% of respondents believe that an investment in hotel real estate in the Mediterranean becomes unprofitable because of ineffective asset management
More than half of the respondents surveyed by MR&H (57%) believe that resort and hotel real estate is the most popular, or one of the most popular, categories of investment properties in the Mediterranean region. At the same time, only 34% of Tranio’s respondents share this opinion, and about half of the respondents indicate that interest in resort and hotel real estate is at an average level versus other types of income property. In both cases, only a small proportion of those surveyed consider this category unpopular.
The factors which make a country popular among investors are a stable economy and low bank charges (Spain, Italy, France), the residence permit for investment programmes (Spain, Portugal, Cyprus), and a growing market with high yield prospects (Greece). According to some respondents, investor interest in Spain temporarily stopped increasing after real estate prices hit rock bottom and bank charges began to rise. And if we take Greece’s case, one of the respondents noted that “investors in Greece are buying up distressed assets for redevelopment or conversion, but shy away from any greenfields. The investment environment is complicated by protracted judicial procedures.
Nevertheless, if the whole bureaucratic climate improves, so will investment.” As to the locations popular among investors in Greece, 55% of the respondents named the Cyclades Islands, namely Tyrа (Santorini), Mykonos and Paros. Many also consider Athens (36%) and Crete (27%) promising, while some respondents mention Rhodes and Halkidiki. In Spain, 39% of the respondents believe that the Costa del Sol and other locations on the Andalusian coastline (Malaga, Marbella, Benalmadena, Torremolinos, Fuengirola) are particularly attractive. Barcelona is preferred by 22% of those surveyed, and the Balearic Islands (primarily Ibiza) and Costa Brava are among the other locations mentioned. Finally, Rome, Milan and Puglia were each named by 18% of the respondents as preferred destinations.
Answering the question of who are the top nationalities investing in Mediterranean resort and hotel real estate, respondents said that nationals from Russia, the United States, China and the Arab countries, and other countries of the former Soviet Union, top the list. However, both Tranio and MR&H respondents differ in their views as to the ranking of the investors regarding their nationality. According to the respondents, in Greece, real estate funds from the United States, as well as British private equities, stand out among investors.
The most popular types of resort and hotel real estate are 3/4star hotels and resorts. Hotels top the list of Tranio respondents (33% of the votes), while resorts lead the MR&H rating (38% of the respondents’ votes).
One of the respondents said that “the concept of vacations has completely changed over the last few years. Tourists are searching for new destinations in the Mediterranean peninsula, looking for a more authentic and "local" experience. So, traditional "big" hotels are facing a challenge whereas the new type of hotels like serviced apartments, which offer a more authentic experience most of the time, are gaining ground. It is worth mentioning that a number of traditional hotels have changed into serviced apartments.”
Almost half of the respondents (46%) believe that the main reason for buying resort and hotel real estate in the Mediterranean is a desire to have their own housing where they can take a vacation. However, almost the same number of the survey participants (41%) think that investors are buying such properties to diversify their portfolios.
About Tranio
Tranio is an international real estate platform with a dedicated and independent team of analysts and real estate investment experts. The company publishes daily news, local property market reports, analysis on overseas property investors, expert advice for first-time buyers and investment tips.
About Questex Hospitality Group
Questex Hospitality Group serves the worldwide hospitality, travel and related industries that together contribute over $6 trillion to global GDP. Through our innovative platform of targeted solutions, the group serves the sector’s entire ecosystem from tourism and hotel development and investment to hotel design, purchasing, management and operations. The Questex Hospitality+Travel Group serves every B2B segment of the industry via our proven demand generation, learning, loyalty and rewards solutions as well as our network of live events. For more information visit https://www.questex.com/markets/hospitality.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: pixabay.com
- 1) Greek Tourism Minιster meets Hellenic Chamber of Hotels
- 2) Wyndham Rewards’ Member Month offers 5 weeks of deals, discounts, and bonus points
- 3) Wyndham: New growth cycle in Greece for the largest hotel chain franchise in the world
- 4) Highest bidder for Sani property in Greece's Chalkidiki announced
22/04 22:33
'Nature Positive' peport highlights new collaborative era in travel & tourism
22/04 21:25
22/04 20:37
Greek and Turkish delegations discuss Confidence Building Measures for 2024
22/04 18:29
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
22/04 13:40
19/04 01:29
Athens State Orchestra presents 'St. Matthew's Passion' by Bach on April 30th
18/04 21:49
Greek Climate Change Minister signs memorandum for Attica fire protection zones
18/04 20:32
'Easter Basket' and 'Godparents basket' to be put into effect next week in Greece
18/04 20:17
18/04 17:40
17/04 21:06
Thessaloniki Port: Performance growth for 2023 with record container throughput
17/04 20:57
Traffic regulations imposed in Athens for the 41st Peace Marathon on Sunday
17/04 20:52
17/04 18:15
Greek Foreign Minister addresses the 9th Our Ocean Conference in Athens
17/04 17:12
16/04 21:02
NHM hosts the Trial of Pericles at the Harris Theater in Chicago on April 17
16/04 20:17
Greece will invest $830 million to protect marine biodiversity
16/04 01:46
New York Greek Independence Parade honors 1821 and solemn Cyprus Anniversary
16/04 01:35
Olympic Games Paris 2024: Olympic Flame to be lit at Ancient Olympia in Greece
16/04 00:29
European Committee of Regions and UN release study on Rural Tourism
15/04 20:41
15/04 19:58
Minister: Greece is transforming into a hub for exporting quality agri-food products
15/04 18:51
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
13/04 00:13
UN Tourism and Croatia to launch Research Centre for Sustainable Tourism
12/04 00:03
2024 marks a critical year in the enduring strength of Greek-German relations
12/04 00:00
11/04 22:07
Ambassador: US committed to upgrade of Greek military and support NATO's SE flank
11/04 19:40
Hellenic Pride on display at rainy Chicago Greek Independence Day Parade
11/04 02:06
Delphi Economic Forum IX: Energy collaboration a 'key' in Greek-Bulgarian relations
11/04 01:58
UN Tourism launches investment guidelines for Albania sector
10/04 19:01
Greek FinMin: New package of economic measures in 2025 to lower taxes, raise pensions
10/04 18:25
Greek city of Nafplion hosts Mediterranean Yacht Show for ninth year running
09/04 23:57
Greek PM on Tilos: Innovative projects for a cyclical economy are of key significance
09/04 23:55
UN Tourism members promote agenda for Europe as region leads global recovery
09/04 23:46
HFS presents 1968, Rousing Docudrama about Greece’s First European Cup April 21
09/04 22:48
Stolen 7th-century BC oenochoe returned to Greece by Hanover museum, municipality
09/04 22:42
Greek civil servants confederation ADEDY to strike on May 21
09/04 21:55
Greek Migration Minister meets Senior US Coordinator for Lawful Migration
08/04 23:48
08/04 23:41
Elliniko-Argyroupoli Mayor marches in Greek Independence Philadelphia Parade
08/04 21:53
Project Voria casino complex in Maroussi moving ahead after environmental report
08/04 21:36
Minister: Up to 120 delegations to take part in 9th Our Ocean Conference in Athens
08/04 19:22
Direct flight from Shanghai to Athens offers access to key tourism market for Greece
08/04 18:31
AI conference to attract distinguished speakers to Thessaloniki on April 25-27
04/04 23:28
City of San Jose marks March 25 with 16th Annual Greek Flag Raising Event
04/04 22:16
Urban plans published for seven townships in Thessaloniki and Attica of Greece
04/04 17:24
FinMin: The new EU economic and fiscal framework is good for Greece
04/04 15:30
Greek PM meets with the chiefs of the international pharmaceutical manufacturers
04/04 00:15
Deputy Minister for Macedonia-Thrace meets US Embassy Deputy Mission Chief
03/04 20:12
Syracuse AHEPA Chapter 37 marks March 25th Greek Independence Day
03/04 18:10
Greece's Delphi Economic Forum on April 10-13 to focus on 'The Great Transition'
03/04 16:42
Minister: Industrial production has returned to the pre-crisis levels in Greece
02/04 18:06
30/03 23:21
Eleni Gatzoyiannis scholarship offered to Greek students at Boston University
29/03 16:44
3rd edition of 'This is Athens - City Festival' with 250+ events from May 1 until June 2
29/03 15:53
Athens Metro station Aghia Varvara to stay closed on Saturday and Sunday
29/03 13:55
Greek Foreign Minister for Economic Diplomacy concludes visit to Montenegro
29/03 12:00
29/03 11:51
28/03 18:41
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
28/03 17:32
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
28/03 15:46
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
28/03 14:44
IPTO announces framework agreement tender for undersea power cables in Greece
28/03 11:49
IOBE: Construction sector in Greece records robust growth and good prospects
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
19/03 20:57
19/03 20:25
FinMIn: Moody’s analysis records significant progress in the Greek economy
19/03 11:15
Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
18/03 22:20
American Hellenic Educational Progressive Association honors Past Supreme President
16/03 13:01
Greek Deputy Foreign Μinister meets her Slovenian counterpart in Athens
16/03 12:56
Greek-Canadian Diaspora to welcome Greek Prime Minister to Toronto
16/03 11:28
Greek Migration Minister visits refugee hosting facilities in Kavala, Drama and Serres
15/03 21:50
Greek Minister announces conference on defence ecosystem in Athens from Lithuania
15/03 13:45
PM: More than 80 hospitals and 156 health centres being upgraded in Greece
15/03 12:55
Piraeus Port and Genoa Chambers of Commerce ink memorandum of cooperation
14/03 23:43
President of Hellenic Republic meets Prime Minister of Slovakia in Bratislava
14/03 22:58
American Express report highlights Global Travel Trends during 2024
14/03 22:52
Four hospitals in Attica Region already organizing afternoon surgical procedures
14/03 22:49
US Ambassador to Athens: More flights from the United States to Greece and Thessaloniki
14/03 22:43
Greek archaeologists discover ten ancient shipwrecks off Aegean island of Kasos
'Nature Positive' peport highlights new collaborative era in travel & tourism
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
Greek and Turkish delegations discuss Confidence Building Measures for 2024
'Easter Basket' and 'Godparents basket' to be put into effect next week in Greece
Greek Climate Change Minister signs memorandum for Attica fire protection zones
Athens State Orchestra presents 'St. Matthew's Passion' by Bach on April 30th
8th Delphi Economic Forum to be held in Central Greece on April 26-29
Greek Deputy Transport Minister flies in first test seaplane flight from Lavrio port
Greek supermarkets record rise in value and decline in volume of FMCG sales
Greek Minister of Culture: Revenues from visitors to the Athens Acropolis rise in 2023
Greek Tourism Minister concludes meetings with luxury travel officials in New York
Holiday opening hours for shops resume in Greece on Wednesday
United Nations Tourism opens calls for Best Tourism Villages 2024
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
30th Agrotica inauguration: Agriculture Minister issues invitation to farmers to sit at talks
AEGEAN concludes transfer of stake in Animawings to Memento Group
Public transport, ferry and taxi strikes in Athens on Wednesday
Trapped rack-railway passengers returned safely to Diakopto in Peloponnese
CEO: The goal is for PPC to become a leading player in Southeast Europe