Crete along with islands in the South Aegean have the most 5 star hotels in all of Greece, according to Bank of Greece (BoG) data.
As the data showed, the positive outlook for tourism appears to have led to a rise in investments for accommodation over the period 2010-2019 and and upgrade in the tourism product with a significant increase in luxury hotel beds.
In 2019 Greece had 9,917 hotel units with a total capacity of 430,402 rooms and 847,610 beds, with the average hotel unit having 43 rooms and 86 beds.
In the islands of the South Aegean, Ionian and Crete, the average hotel unit is larger, having 54 rooms and 107 beds, while 78% of the country’s total capacity is in five regions (South Aegean, Crete, Ionian Islands), Central Macedonia and Attica), which are also the main destinations for foreign visitors.
According to the data, Crete along with the islands in the South Aegean Sea, considered primary destinations for visitors, host the largest number of luxury hotels. The secondary destinations appear to be dominated by 3 and 4-star hotels, while some regions such as Western Macedonia and Epirus have low rates of hotel beds in all categories.
As the Bank of Greece report points out, tourism plays a key role in the growth of the Greek economy, since, apartt from its size, it is also a dynamic sector with particularly positive prospects. Its contribution to the country’s GDP is crucial, both directly and indirectly through its links to the rest of the economy.