Greek hoteliers earned more by raising prices. Have they hit the ceiling?

Greek hotels improved their financial results in the first half of 2026, but the main driver was higher prices rather than a sharp increase in demand. A study by GBR Consulting, covering about 8 million overnight stays, found that hotel revenue rose 10.1% year on year from January through June, while the number of nights sold grew just 0.6%.

The figures suggest that prices are playing an increasingly important role in hotel performance. GBR Consulting said hotels maintained occupancy despite continuing economic and geopolitical uncertainty, indicating that higher costs did not drive guests away. Future revenue growth, it said, will depend on travellers’ willingness to spend, the ability to attract wealthier customers, limited growth in competing accommodation, airline capacity and how tourists compare Greece with other Mediterranean destinations.

The consultancy cautioned that stable occupancy could point to either a healthy, mature market or the early stages of reaching a price ceiling. It said there is not enough data to determine which scenario will develop.

Revenue per available room increased in both Athens and Thessaloniki, although growth was stronger in the capital. Athens occupancy remained stable at 74.3%, while the average daily room rate rose 6.9%. May was especially strong for room prices, helped by several major events in the capital. In Thessaloniki, occupancy fell 2.6% from the first half of 2025. The average daily rate rose 3.3%, but revenue per available room improved only slightly.

Resort hotels produced more mixed results. Cumulative occupancy rose 0.5% year on year through June, while total daily revenue per available room increased 11.2%. Official data also showed that hotel and campsite arrivals rose 0.7% in the first five months of 2026, compared with a 20.9% increase in arrivals recorded by the Bank of Greece. GBR Consulting attributed the gap to more land travel and greater use of short-term rentals, private homes and stays with friends or relatives.