Britons are choosing to holiday in Greece at unprecedented numbers. This has been extremely beneficial to the Greek economy. Plus, if you are planning on renting out a holiday home in Greece, British holidaymakers’ love of Greece could offer you lucrative yields.
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British holidaymakers just adore Greece
According to Greece’s central bank, last year saw an increase of 181% in people from the UK travelling to Greece. This amounts to an incredible near 4.5 million people being registered at Greek entry points. This is a record number and is an increase of nearly 3 million from the year before. Though as 2021 was in the middle of pandemic restrictions, we tend to refer back to 2019, when 3.5 million Brits visited Greece – so, still, a gigantic increase in tourism.
“But the data shows that Brits aren’t sacrificing their summer holidays.” – Vassilis Kikilias.
For a long time, Germany has been the top country to visit Greece. But now, Britain have overtaken them. Some are referring to this as “revenge tourism” in response to years of pandemic restrictions on travel.
Speaking to the Guardian, the tourism minister Vassilis Kikilias said, “Yes, there may be an energy crisis, and very high inflation and a war in the heart of Europe with households forced to make savings. But the data shows that Brits aren’t sacrificing their summer holidays.”
Tourism is vital to the Greek economy
Plus, British holidaymakers are massive spenders in Greece. Figures from the central bank show that they generated €3bn in tourism revenues in 2022.
This rebound in tourism helped the economy grow an impressive 5.6% in 2022.
Additionally, as 25% of Greece’s GDP is reliant on tourism, this influx has been hugely beneficial to the economy. This rebound in tourism helped the economy grow an impressive 5.6% in 2022. As the world-over reels from the financial consequences of the pandemic, Greece’s ability to make up for time lost over the last few years is a definite positive.
Will this continue into 2023?
Yes – the early bookings indicate that this year will be if not equally than even more popular with British holidaymakers. Moreover, budget-friendly airlines have introduced more flight routes from the UK to Greece. Not just in summer but also extending this into existing flights routes into late October, even November. For example, from 11th Match to 7th November, you will be able to take an EasyJet flight from all London airports to Crete.
Bring your plans to purchase a holiday home to life
There is definitely a way to make the most out of this influx in British holidaymakers into Greece. If you already have or are thinking about purchasing a second home in Greece, and you will only spend a limited amount of time in the year living in it yourself, then this is the opportune time to rent it out as holiday home. After all, these British holidaymakers need a place to stay! Whether you have a two-bedroom apartment in Athens that will enable holidaymakers to experience all the historical sites or a villa in Corfu by the sea, there will be enormous interest.
There are important things to bear in mind, such as that you will need to obtain an EOT licence for short-term rentals in Greece. To get this, you need to meet requirements such as rooms of a specified size and safety regulations around swimming pools.
Don’t get caught out! 5 things to be aware of renting out property in Greece