Panel insights

A market gaining global attention

Among the sessions that stood out at Prodexpo 2025 was the panel on tourism real estate investment, bringing together international operators, investors, and institutional voices to discuss the evolving dynamics of the Greek market. The discussion, moderated by Kostas Panagakis, offered a grounded view of where Greece stands today, and where the most compelling opportunities lie.

International operators accelerate expansion

A clear signal of confidence came from Radisson Hotel Group, with Elie Milky, Chief Development Officer Greece, Cyprus, MENA, Radisson Hotel Group, outlining plans to open five new hotels across Greece in 2026, including projects in Athens, the Peloponnese, Paros, and Evia. Notably, the Evia project, exceeding 300 keys, was not part of the group’s original target list, highlighting how the investment map of Greece continues to expand beyond established destinations.

Milky positioned Greece as a market still in the early stages of institutionalisation. With only around 1% of hotels currently affiliated with international brands, the lowest share in the Mediterranean, the potential for growth is significant. Even a modest shift to 2% could translate into roughly 100 new branded properties. The implication is clear: as the market matures, competition will intensify, and the role of quality, branding, and operational expertise will become increasingly decisive.

Fragmentation as an investment opportunity

From an investment standpoint, Pygmalion Capital offered a complementary perspective. Luciano Scarfone, Investment Director, Pygmalion Capital, described Greece as the next logical step following activity in Spain and Italy, highlighting the fragmented ownership structure as a key attraction. In practical terms, fragmentation creates entry points, opportunities to aggregate, reposition, and add value through targeted capital expenditure.

Pygmalion’s focus on deal sizes between €20 million and €100 million reflects a segment where pricing inefficiencies and repositioning potential can align. Within this context, branding remains critical: pairing the right asset with the right operator can materially improve performance and valuation.

The rise of hybrid hospitality models

Expansion strategies are also evolving beyond traditional hotel formats. Wyndham Hotels & Resorts, as outlined by Vasilis Themelidis, Regional Director South & East Europe, Wyndham Hotels & Resorts, is actively exploring the growing segment of branded residential and serviced accommodation. Projects in Athens, Piraeus, and Halkidiki signal a broader shift: demand is no longer confined to high-end luxury but is extending into more accessible, quality-driven hybrid hospitality products.

This trend reflects a deeper structural change. As international demand for Greece remains strong, accessibility, both physical and commercial, becomes a defining factor in site selection. Secondary locations, particularly those with strong regional connectivity such as Northern Greece, are increasingly part of the conversation.

Institutional support and investment framework

At the institutional level, Enterprise Greece reinforced the broader investment narrative. As highlighted by Hilda Alisandratou, Director Investment Promotion, Enterprise Greece, Greece’s appeal is not only rooted in its natural and cultural assets but also in improving macroeconomic conditions and a more supportive investment environment. Tools such as the Fast Track programme aim to reduce friction for large-scale projects, signalling a more proactive stance in attracting foreign capital.

Key takeaways for investors

Across the discussion, several themes emerged with clarity. First, Greece remains a structurally underbranded market, offering significant headroom for international operators. Second, fragmentation, often seen as a challenge, functions here as a source of opportunity for investors able to navigate complexity. Third, the definition of “tourism real estate” is broadening, with hybrid models such as serviced residences gaining traction alongside traditional hospitality assets.

Perhaps most importantly, timing emerged as a key consideration throughout the discussion. The Greek tourism real estate market is transitioning, from opportunistic investment to a more competitive, structured environment. For investors and operators alike, the window remains open, but the conditions are changing. Success will increasingly depend not just on entering the market, but on entering it with the right product, the right partnerships, and a clear long-term positioning strategy.