Greece has enjoyed a strong brand name as one of
the leading global tourism and hospitality destinations. Tourism accounts for 20 percent of Greece’s GDP and employs around 900.000 people in Greece.During its recovery period from the financial and economic crisis (2011-2018), Greece has successfully introduced significant reforms in this sector to remove market restrictions, meet modern demand (integrated resorts, marinas, cruise embarkation ports) and facilitate major investments.
Connectivity has been also improved. Public infrastructure developments are underway, including the upgrade of the AIA and regional airports, road upgrades, implementation of 5G networks, construction of water airports and upgrade of marinas. All such projects and those to come under the umbrella of the Recovery Fund, are creating a further positive impact on attracting significant capital for tourism- related investments.
With the country having set on the path of recovery and growth, international and domestic investment interest had been attracted and major investment projects have been announced across the country.
The Covid-19 pandemic has temporarily affected the pace of such interest, but the potential remains strong and expectations are high as soon as this pandemic ends. Mobility of investments is expected to return to previously high rates.
With market fragmentation and capex deprivation having been the drivers of investment activity during the previous period, the investment landscape in Greece is expected to be more structured and sophisticated in the post- pandemic era.
Recovery of the investment activity is expected to come sharp given the huge potential and the strong declared interest, which has been put on hold, awaiting to be reactivated and transformed into transactions once the market returns to normality. Investment interest is expected to be driven by major developments.
The major traditional ‘sea and sun’ destinations (such as Crete, Rhodes, Kos, Corfu, Zakynthos) and the ultra-luxury destinations (Mykonos, Santorini) will win the highest investment, whereas Athens, especially the Athenian Riviera, is expected to significantly improve its position. Athens has started to represent a significant trend and potential as a worldwide leisure & business 365- day tourism destination in the East Med (MICE, city break, holidays, cruising, wellness tourism, etc.). Sustainability- rated projects, whether in planning, development, or operation of tourism assets are also expected to attract strong interest.
The Covid-19 pandemic has made us reconsider our everyday life, and the ways we would like to live, work, shop, be entertained and holiday. People’s needs for space, openness and sustainable way of living are key to the new urban living and will guide the hospitality industry towards the ‘new-normal’.
In LAMDA development, we believe that the post- pandemic era, hospitality assets will focus on safety, cleanliness, personalization, high customer experience and technological excellence. These elements will attract considerable investor and consumer demand.
Our project, the Hellinikon Project, will be a new well- connected community encompassing several traditional and hybrid tourism uses, all at the forefront of that demand.
Sustainability in tourism development and management, branded residence and serviced apartment concepts, healthcare tourism, targeted residences, are in the very heart of our project development.
Within Hellinikon, a holistic hotel and tourism approach is being used, developing hospitality assets in direct connection with leisure and entertainment uses, such as the the Metropolitan Park, the marina, the public beach, the sports facilities, sustainable shopping centres, the Integrated Resort Casino, harmoniously combining both public and private interests.
The demand currently experienced for the Hellinikon Project is really a testament of that expectation, displaying the demand levels that will be expressed beyond covid-19 recovery.
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