Greek Tourism Real Estate Outlook Positive, Piraeus Real Estate CEO Says



George Kormas, a senior manager in the Piraeus Bank Group and the CEO of Piraeus Real Estate, announced on Friday that Greek tourism, and the hotel sector in particular, have improved significantly in terms of quality and supply. The welcome news comes just before the much-anticipated tourist season of 2019 begins.

Addressing an event organized by the Spanish embassy in Athens, Kormas noted that the Greek capital is expecting an increase of 5,000 beds, while the capacity of five-star hotels in the city has increased an impressive 30 percent since 2011.

Referring to the investment outlook of the tourism sector, Kormas underlined that Greece has improved its position as one of the world’s top tourism destinations. At the same time, he noted that there were challenges facing the sector as its course depends on foreign demand.

This market is always subject to under economic pressure from international competition and an upgrade of the tourist product.

The event was attended by Spanish enterprises interested in the domestic real estate market. Kormas presented Piraeus Bank’s strategy in the real estate market, and said that Piraeus Real Estate was a top choice and strategic partner for any investor interested in the Greek real estate market.

Source: AMNA