The hotel market of Athens is now moving at different speeds, with the divergence in prices between individual areas reaching even threefold, at a time when the wave of new hotels being added to the market is creating new data.
From the Athenian Riviera, where the average annual offered price in the sample of SPEAK Research’s Hotel Market Report reaches 449 euros, to Syntagma with 318 euros, Syngrou with 260 euros, Omonia with 167 euros and Piraeus with 149 euros, the picture shows that hotel Athens does not operate as a single market, as the deviations between the individual areas reach up to threefold.
At the same time, the survey records signs of market maturation, with growth now coming more from price and less from the increase in occupancy. This trend coincides with the entry of new hotel supply, with SPEAK describing 2027 as an “absorption year.”
Different picture
The Hotel Market Report 2026 by SPEAK Research seeks to capture the different picture by area.
At the top is the Athenian Riviera with an average annual offered price of 449 euros, about three times the 149 euros of Piraeus. In between are Syntagma at 318 euros, Syngrou at 260 euros and Omonia at 167 euros.
According to the relevant analysis, the Athenian Riviera now has the characteristics of a distinct resort market. The sample includes Four Seasons Astir Palace, One&Only Aesthesis and The Margi, while offered prices in the area range from 213 to 680 euros.
In Syntagma, where a significant part of the center’s luxury hotel product is concentrated, the corresponding range reaches from 130 to 580 euros. The sample includes, among others, Grande Bretagne, King George and Electra Metropolis. In Syngrou, on the other hand, prices range between 140 and 410 euros.
The case of Omonia
One of the areas where the changes are more visible is Omonia. SPEAK describes the area as the most dynamic point of redevelopment in the Athenian hotel market, recording, among other things, the transition of Skylark, Adia and Anise to Hilton’s Tapestry and Curio brands, the acquisition of Great Athens Hotel by Leonardo Hotels and the scheduled opening of Radisson Theatrou Square, with a capacity of 173 rooms, in the first quarter of 2027.
Average offered prices show significant deviations here as well. Gatsby Athens is recorded at 298 euros, Athens Capital MGallery at 258 euros, NYX Esperia Palace at 237 euros and Adia Aluma/Curio at 206 euros, while at the lower end of the sample Candia Hotel stands at 87 euros. The report specifically notes that the rebranding under Hilton’s brands already appears to be functioning as a pricing catalyst.
It is noted that the analysis for Attica is based on a fixed sample of more than 25 4- and 5-star hotels, whose available prices are monitored monthly by SPEAK Research through booking platforms such as Booking, Hotels.com, Expedia, Kayak and Tripadvisor.
These data are combined with occupancy and RevPAR data from the survey of the Athens - Attica and Argosaronic Hotel Association and GBR Consulting. It is clarified that the sample prices are offered prices and not the average prices ultimately recorded by the hotels.
The “ceiling” of prices
The strong rise in prices in recent years has now also brought to the forefront the margins for their further increase, as the Athens market shows signs of maturation.
In 2025, average occupancy in Athens stood at 77.1%, with the average room rate at 177 euros and average revenue per available room (RevPAR) at 137 euros. The average daily rate (ADR) increased by 2.5% and RevPAR by 3.4%.
Of particular interest is the period April - October 2025, when occupancy declined by 1.2%, while price increased by 2.7%, with SPEAK describing this development as a mature market pattern, where growth now comes from price and not from volume.
In the same context, the report refers to GBR Consulting, according to which the stabilization of occupancy may reflect either a healthy, mature market or the early signs of a “pricing ceiling,” without there yet being sufficient indications as to which of the two prevails.
The forecast for 2027
Added to this new condition is the significant increase in hotel supply that is underway in Athens.
In the pipeline recorded by SPEAK are included, among others, Radisson RED on Mitropoleos with 109 rooms, Radisson in Theatrou Square with 173 rooms and, on the Riviera, Mandarin Oriental Athens with 123 rooms and 17 branded residences, while in Elliniko the Hard Rock Hotel & Casino Athens, with a capacity of 1,100 rooms, is being launched.
SPEAK describes 2027 as an “absorption year”, forecasting a gradual deceleration in the rates of price increase after 2026 as new accommodations are added to the offered hotel capacity.
For Attica it forecasts an ADR increase of 3.7% in 2026 and 2% in 2027, while for RevPAR the corresponding forecasts are 4.5% and 1.5%. The most critical period for price performance at the micro-market level, especially for the Omonia area, is identified as the period from the first quarter of 2027 to the second quarter of 2028.
Especially for the Riviera, the report estimates that the new developments in Elliniko will create new demand, while the short-term absorption of the additional supply is expected to put pressure on pricing during 2027.