Despite Greece’s booming tourism sector and record visitor numbers in 2024, a troubling
Despite Greece’s booming tourism sector and record visitor numbers in 2024, a troubling trend is casting a shadow over the country’s idyllic island destinations: a wave of hotel foreclosures and sales that threatens the survival of small, family-run tourism businesses.
According to data from E-Real Estates, more than 120 hotel units and tourist accommodations have been listed for sale across Greece within just 30 days — a sharp indicator of the strain faced by the sector. The majority of properties are small-scale operations, with fewer than 30 rooms, located in key destinations like the Cyclades (40 listings), Crete (23), the Ionian Islands (23), the Dodecanese (12), and other regional island clusters.
While tourism demand continues to soar, these numbers point to a growing disconnect between national tourism performance and the sustainability of local hospitality enterprises.
A Surge in Foreclosures
Beyond simple sales, foreclosure activity is on the rise. Between January and mid-April 2025, 99 hotel properties have already been scheduled for auction — following 293 foreclosures recorded throughout 2024. This year is expected to reach similar levels, with 135 hotels already set to go under the hammer.
This surge reflects a wider pattern: for the fourth consecutive year, listings and foreclosures in the
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