New Market Research Report: Greece Tourism Report Q2 2016

Traditionally, Greece has been a popular and well established holiday destination due, in no small part, to its favourable climate, excellent beaches and historical impor tance. This has produced a well- developed tourist sector. Over the past few years the country has experienced a significant fall in tourist arrivals as sustained economic insecurity and the recent refugee crisis have deterred many potential visitors. We do, however, forecast growth for the tourism sector over the short- and mid-term, as many tourists look to exploit the favourable exchange rates brought about by Greece's financial problems. This growth will also be strengthened by tourists who may have previously visited destinations in the Middle East but now look to Greece as a similar option with a lessened threat of terrorism.

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Greece has a strong accommodation sector, comprising of many of the major international hotel chains, and good travel links with important source markets throughout Europe and further afield however, new development in both areas will be important as tourist numbers begin to pick up once more. This increase in demand could lead to potential investment opportunities. Greece has recently toughened its border control in the light of the vast number of migrants attempting to access Europe through the country and this could negatively affect the growth of tourism by persuading holiday makers to choose alternative destinations.

Key Updates A nd Forecasts

In January 2016 meetings took place between officials from Greece and South Korea with a view to developing tourism relations between the two countries. Discussions centred around promoting Greece as a destination to the dynamic, emerging Korean market as well as strengthening tourist flow between the countries.

In February 2016, the Greek Tourism Ministry held extensive discussions with Israeli government officials and leading tour operators on new strategies to market travel packages to Greece. The Ministry also declared its intention to improve and develop flight links between the nations.

Greek authorities have begun simplifying the visa application process in Russia by relaxing slightly the documentation requirements. They have also declared that in 2016 Greek visa centres will be present in at least 20 Russian cities and will have more staff on hand. Russia has been a key source market for Greece and these measures are hoped to ensure this continues.

By 2020 we forecast total arrivals to hit 19.9mn. This is slightly less than previously estimated due largely to the effect of the migrant crisis and the negative impact this is expected to have on tourism.

The lower arrival rates will also affect the total international tourism receipts with this now forecast at USD19.2bn by 2020.

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