Corfu, Greece – A significant number of hotels and tourist accommodations across Greece, including a notable presence in Corfu, have been listed for sale in the past month. This development, which has seen 143 units nationwide and 39 in the Ionian Islands alone put on the market, raises concerns among industry stakeholders despite the country’s record-breaking tourism figures.
A Growing Trend: Hotels for Sale Across Greece
Data from the Panhellenic Real Estate Network E-Real Estates reveals that within the last 30 days, 143 hotel units and tourist accommodations have been advertised for sale through real estate listing websites. The distribution across various island regions is as follows:
- Dodecanese: 12 listings
- Cyclades: 22 listings
- Crete: 46 listings
- North Aegean Islands: 15 listings
- Sporades: 5 listings
- Argo-Saronic Islands: 4 listings
- Ionian Islands: 39 listings
This marks the fourth consecutive year of a high volume of properties for sale, sparking debate and concern within the market, as it contrasts sharply with the record-high tourist arrivals in Greece.
Focus on Small and Family-Run Units
The majority of the available properties are smaller hotels, typically with 10 to 30 rooms. These are often family-run businesses that have operated for decades, forming a crucial part of the small and medium-sized enterprise sector and, by extension, the backbone of the Greek economy.
Many of these units, both on the islands and mainland, have already faced or are expected to face foreclosure proceedings.
Economic Pressures Driving the Sales
Themistoklis Bakas, president of E-Real Estates, attributes this trend to a confluence of economic challenges. “The financial obligations of entrepreneurs, the successive crises of recent years, loan liabilities, long-term payment arrangements, increased energy costs, and inflation, combined with price increases across the entire supply chain, have reduced profit margins and significantly increased operating costs,” Bakas explained.
He further noted that “this development may lead to significant changes in the ownership structure of a part of the Greek tourism market, with the country’s ‘heavy industry’ gradually passing into new business and investment hands.”
Foreclosures on the Rise
Foreclosure data also indicates increased activity. In 2025, 256 hotel and tourist accommodation foreclosures were recorded, following 293 in 2024 and 273 in 2023, according to figures from the eauction.gr platform. For the current year, 166 foreclosures have already been scheduled, compared to 135 in the same period last year.
Corfu Leads in Listings and Value
Corfu stands out with the highest number of available units and the highest total asking price. Specifically, 8 hotels in Corfu are on the market with a combined asking value approaching 31.55 million euros. These include properties in Corfu Town, Lefkimmi, Benitses, Achilleion, and Ereikoussa, with one unit alone having an asking price of 14 million euros.
Foreign Funds as Key Buyers
Simultaneously, new investment capital, from both foreign and domestic interests, is increasingly targeting the Greek real estate market and the tourism sector. “Their strategy is not limited to direct property purchases but extends to acquiring hotel units through loans facing increased credit risk, the so-called ‘pink’ loans,” Bakas stated. These are primarily businesses struggling to meet their loan obligations and nearing non-performing loan status.
These funds either acquire the loans and collateral through agreements with significant write-downs of claims, offer new financing in exchange for shares and assets of the businesses, or implement combined acquisition and refinancing schemes. Refinancing or transferring loans to investment funds has become a common practice for many owners of large hotel units in prime tourist destinations.
Source: https://www.iefimerida.gr
