Greek tourism real estate outook positive, Piraeus Real Estate CEO says

Greek tourism and the hotel sector, in particular, have improved significant in terms of quality and supply, with Athens expecting an increase of 5,000 beds, while five-star hotels are up around 30 pct since 2011, George Kormas, a senior manager in Piraeus Bank Group and CEO in Piraeus Real Estate, said on Friday addressing an event organided by the Spanish embassy in Athens.

Kormas referred to the investment outlook of the tourism sector and underlined that Greece has improved its position as one of the top tourism destinations, while noting that there were challenges facing the sector as its course depends on foreign demand and particularly markets currently under economic pressure from international competition and an upgrade of tourist product.

The event was attended by Spanish enterprises interested in the domestic real estate market. Kormas presented Piraeus Bank’s strategy in the real estate market and said that Piraeus Real Estate was a top choice and strategic partner for any investor interested in the Greek real estate market.


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