Greek hoteliers are scrambling to save their businesses, **forced to slash accommodation prices** at many of the country’s most popular destinations. This trend began intensifying in the last week of July, peaked after mid-August, and continues into September as industry entrepreneurs struggle to survive the unequal battle against **short-term rentals** and their uncontrolled market penetration.
Just days before October 1st – when the Tourism Ministry will implement new limits and regulations for short-term rental properties – the hotel market is entering a phase of intense correction, with accommodation prices taking a dive reminiscent of a stock market sell-off.
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Hotels: Bargain prices in Mykonos, Paros, Santorini, Athens from massive sell-off
A prime example is the dramatic price drop at a four-star beachfront hotel in **Mykonos** – literally facing the sea and just five minutes’ walk from the town center – that sold **three nights for 420 euros (including breakfast)**. Remarkably, this price applied to the mid-August period, the most sought-after weekend of summer.
In the same climate, the first ten days of September find a beachfront resort in **Paros** drastically cutting accommodation costs. Specifically, **a double bungalow** stay including breakfast costs just **50 euros**, compared to previous prices of 180-200 euros. Notably, September has become part of the high season in recent years as the tourist period has extended.
In **Santorini**, although hoteliers tried to reduce prices, no improvement has been observed so far, as the island faced not only competition from short-term rentals but also the crisis caused by recent seismic activity. Currently, through September 15th, a five-star sea-view hotel charges **650 euros for a 50 sq.m. suite** for two adults and five nights, including breakfast. Even more budget-friendly are many Santorini accommodations with sea views, pools, jacuzzis, and breakfast, where **five nights for two adults costs 200-220 euros**.
Even in **Athens**, many hotels have begun reducing costs. For example, a four-star hotel in Glyfada with sea views sells accommodation for 490 euros for five nights for two adults, including breakfast.
Numerous offers range from 300 to 550 euros in central Athens at many residencies classified as “Hotels.”
Greek hoteliers pessimistic about 2026 in letter to Kyriakos Mitsotakis
The imbalance caused by the distorted development of this hospitality model through non-primary accommodations not only squeezes hoteliers’ revenues but, as they warn, destabilizes the tourism market’s future.
The president of the Panhellenic Hoteliers Federation, Giannis Chatzis, sent a special letter to Prime Minister Kyriakos Mitsotakis just days before the Thessaloniki International Fair, outlining essential measures to protect the Greek tourism product. Among other points, Chatzis emphasized that tourism shows high price elasticity, and despite positive indicators, this year’s tourist season in most regions has shown signs of deceleration.
Similarly, early indicators for 2026 are not encouraging, as the market appears to be shifting from a Sellers Market to a Buyers Market, particularly in major partnerships with international travel organizations.
Once again, he emphasized the need for a comprehensive and strict operational framework for short-term rentals, which continue to operate uncontrolled despite recent initiatives.
