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Greek Hotels on Sale Despite Record Tourism Year

mouragia corfuA survey shows that despite the increase of tourism in 2013, many hotel owners in Greece put their units up for sale at the end of the season.
The survey by the newspaper Kathimerini, involving a leading real estate agency, found that during the November-December period there were 125 for sale advertisements for mostly small and medium-sized hotels at 19 Greek islands.
The overall price sought by the owners of those 125 hotels was 378,5 million euros. The prices for the majority of small and medium-sized units were up to 3 million euros.
Bigger hotel units were found for sale on islands with a higher hotel bed capacity. The price of a hotel with 220 beds on the island of Rhodes was amounting to 22 million euros, while on Corfu the price of two hotels with 110 and 155 beds was reaching 15 and 16 million euros.
Apart from Rhodes and Corfu, other popular Greek destinations where hotels have been put on the market are Milos, Santorini, Paros, Antiparos, Andros, Tinos, Serifos, Syros, Myconos, Naxos, Sifnos, Ios, Patmos, Kos, Crete, Cephalonia and Zakynthos. Corfu and Santorini are the islands with the highest number of hotel for sale advertisements. On Santorini, there were 29 units for sale for 64,5 million euros, while the hotel owners of the 28 units for sale on Corfu are asking 134,7 million euros.
Although the options are many, transactions in the hotel sector are few. According to market experts, the buyers are waiting for prices to drop further. Experts believe that hotel transactions will increase in the next few years as tourism is expected to reach a new record in 2014 . It is also estimated that banks will buy indebted units in order to resell them to the private market.

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