Greece Tourism 2023: Visitor Arrivals Hit a Record High
March 11, 2024 · Greece · 11 min read
Greece tourism 2023 in numbers: nearly 33 million visitors and close to €20.5 billion in tourism revenue, further underscoring tourism’s role as a mainstay of the Greek economy.
Greece tourism 2023 in numbers: nearly 33 million visitors and close to €20.5 billion in tourism revenue, further underscoring tourism’s role as a mainstay of the Greek economy.
Greece has long ranked among the world’s leading travel destinations, featuring consistently in respected rankings and earning a steady stream of international tourism awards and accolades over many years. The appeal of the land of the gods has not faded; if anything, it continues to grow. Sustained attention to and investment in tourism in recent years, together with effective promotion of the country’s image, have delivered record results for the economy as a whole and made 2023 an exceptional year for Greek tourism in particular.
A record-breaking year for Greek tourism
According to preliminary data released by the Bank of Greece in February 2024, more than 32.7 million international visitors arrived in Greece in 2023, despite the heatwaves and wildfires that swept southern Europe during the year. The figure surpassed the previous record of 31.3 million arrivals set in 2019, before the COVID-19 pandemic. Tourism revenue also hit a new high, with travel receipts of nearly €20.5 billion, up from €18.15 billion in 2019.
Arrivals from the EU rose 15.6% and arrivals from outside the EU rose 20.8% compared with 2022, particularly from the United States. According to the European Travel Agents’ and Tour Operators’ Associations (ECTAA), Greece is a favorite destination for many European travelers. ECTAA also emphasized that, with a strong recovery reflected in higher arrivals and revenue above pre-pandemic levels, 2023 was a turning point that sets the stage for further growth in Greek tourism.
Over the past 5 years, Greece’s hotel sector has attracted a wave of investment, with more than 150 hotels newly built or renovated, most of them 4- and 5-star properties. The number of 5-star hotels rose 119% over the past 10 years, from 2013 to 2023. According to Greek media reports, short-term rentals in Greece also saw a surge in demand, both during the peak summer season and afterward, making Greece one of the best-performing markets among Europe’s leading destinations in 2023 and helping it rank among the fastest-growing economies in Europe.
Tourism momentum lifts the Greek real estate market
Countries today place strong emphasis on promoting their national image through tourism, as it helps attract trade, investment, and visitors while raising their profile and standing internationally. Greek authorities have accordingly worked to build the country’s image as a safe destination open to everyone, while steadily improving the quality of its infrastructure and services.
Because tourism spans many sectors of the economy, a thriving tourism industry builds momentum for economic recovery and growth in general, and for the property market in particular. Residential property prices in Greece have continued to rise sharply as the economy regains strength and demand from foreign investors grows, driven in particular by the Greece Golden Visa program.
According to the Bank of Greece, net foreign direct investment (FDI) inflows into Greece reached €7.9 billion, the highest level since 2002, with inflows into real estate hitting a record €1.97 billion. The first two quarters of 2023 were the strongest for the Greek housing market in two decades, with growth of more than 11% year-on-year. In the first 7 months of 2023 alone, Greece recorded more than 112,000 real estate transactions, compared with 139,000, 105,000, and 75,000 for the full years 2022, 2021, and 2020, respectively.
FDI inflows into Greek real estate by year (Source: Bank of Greece)
A notable trend in Greece’s residential property market is rising demand for rental homes. This has pushed rents higher, creating attractive opportunities for investors who own property in the country.
Greek property investment: a route to European residency and Schengen travel
Greece’s increasingly stable economy and steady progress have given investors greater confidence in plans to obtain European residency by buying property in Greece. The Economist recently ranked Greece as the best-performing economy of 2023, and the Greek residency-by-investment (Greece Golden Visa) program was also reported to be the world’s most popular residency-by-investment program in 2023.
Beyond the positive outlook for Greek real estate, investing in property from €250,000 (approximately US$280,000; the minimum at the time of publication) makes investors and their families eligible to apply for a Greek Golden Visa residence permit, with a range of advantages and benefits:
- The entire investment and application process typically takes about 6–8 months and can largely be handled from your home country.
- Access to healthcare, education, and other benefits in Greece.
- Visa-free travel across the 29 Schengen countries, with stays of up to 90 days in any 180-day period.
- After 7 years of residence, holders may become eligible to apply for Greek citizenship, and with it EU citizenship, subject to the naturalization requirements. Family members who become citizens can then live in any EU member state. The Greek passport offers visa-free access to 185 destinations.
IMM Group currently offers projects to suit different investor criteria, from the student housing project Arish Wonderwall at the €250,000 qualifying investment level applicable at the time of publication, to the premium apartment project Iliso Suites in Athens, and the resort apartment and villa project Aphrodite on the island of Crete. All projects are developed by established developers with long track records and are selected with both the residency application and the value of the investment in mind.
Arish Wonderwall project
Iliso Suites project
Aphrodite II project
If you are interested in Greek residency by investment, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your application’s prospects. We are committed to keeping your personal data confidential and will use the information you provide only to advise on your family’s application.
IMM Group
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- Greece residency by investment
- Greece Golden Visa
- European citizenship
- European residency
- Greek residence permit
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