Potential investors in the Greek hotel industry are currently taking a wait-and-see stance due to the prevailing feeling of uncertainty with regard to the local economy, as daily Kathimerini reports. According to Andreas Andreadis, president of the Association of Greek Tourism Enterprises (SETE), while a number of hotels are currently up for sale, no major transactions have been recorded so far, with few exceptions.
For instance, while about 15 hotels of all categories have gone on the market in the region of Thessaloniki in the last two years, only one sale was made, at a particularly low price. ”At this point in time, it is predominantly Balkan and Russian investors who are showing an interest in the purchase of tourist accommodation,” noted Andreadis. This is also due to the fact that certain areas in northern Greece are no longer defined as high-security border zones where foreigners are not able to purchase property.
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