Greece is experiencing an economic downfall and the whole country feels it. Even its tourism industry is greatly affected. Most recently, Daily Mail has reported that it is now possible to own a hotel in Greece for as low as £190,000.
It has been reported that more than 480 hotels in Crete, Macedonia and Chania are listed for sale in the past month. But what caught the attention of the market is that some of those hotels were sold for only £190,000 -- cheaper than a two-bedroom house in London. To add more to that, even the Hotel Vatera Beach has gone up for sale as well. The Hotel Vatera Beach is rated as 4.5 stars on Trip Advisor.
Ekathimerini reported that hundreds of hotel owners are trying to sell their assets for the last 40 days or so. Around 5 percent of the hoteliers have already placed ads on popular websites just to get a good deal. And apparently, the number of sellers increased significantly compared to the ads that were published last year. There are still other hotel owners who are making drastic efforts just to advertise and promote that their hotels are for sale. It seems like the owners are willing to take on different means just to make a sale.
Reportedly, since December 2015, around 482 ads of hotels for sale were noted. And the total value for those properties would only account for over €1.7 billion (£1.3 billion).
What is happening in the hotel industry in Greece shows the other side of the country's tourism industry. There may be a great number of visitors that came to the country last year that benefited other tourist destinations and hotels. But still, small- and medium-scaled hotels are greatly affected with the economic crisis.
Meanwhile, Greek Reporter shared that Deputy Minister for NSRF Alexis Charitsis said that Greece is willing to make the necessary effort to make use of every funding mechanism that is available in order to help the country's economy.
Charitsis said, "The Connecting Europe Facility (CEF) contributes to the establishment and development of infrastructure projects in the areas of transport, energy and telecommunications, giving member-states the ability to develop a modernized single web that will facilitate partnerships and entrepreneurship."
He added, "Greece will make every effort to utilize any financing mechanism which can contribute additional resources to the Greek economy."
