No, you’re not just imagining it: Hotel prices are going through the roof everywhere and increasingly it seems that the Greek islands are no exception.
The big news to emerge from the Virtuoso travel confab in Vegas last week is simply a confirmation that the situation is out of control. According to data they presented, the daily rates at “luxury” properties on Greek islands are now 131% higher than they were in 2019.
Since Virtuoso travel advisors make money off of commissions. they try to explain the price gouging away by putting it down to an increase in the global population of those with assets over $30 million. What they fail to report is the even higher number of people with no assets, thanks to the kinds of corporate marauders who tend to not mind spending $3,000 a night for a room at a Four Seasons or arrive on an island that has no airport by private helicopter.
The problem in Greece is the same as it is in the south of France or Miami Beach for that matter, despite some geographical nuances. Extortionate pricing at the high end of the market puts pressure on mid-range hotels, so that even a one-night stay at a Motel 6 in Santa Barbara now costs what it should cost to stay at your average Four Seasons.
As the market for late season and fall travel grows, there is new pressure on hotel inventory too—which props up hotel rates that are already exceedingly high across the board.
A similar picture is beginning to emerge with international airfares.
