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Greek Island hotel prices plunge

- by Archimedes

Greek Island hotel prices plunge.

Greek austerity measures have triggered a drop in Greek Island holiday hotel prices, according to latest reports.

It makes a late Greek Island break even cheaper this year and helps offset rises in petrol and food prices.

Hotel prices across Greece fell an average 7% in August with some Greek islands notching up price falls of more than 50%.

The holiday price drop comes in the wake of a major fall in domestic tourism as hard hit Greeks decide to cut holiday costs this year and stay at home.

Hotels have responded to empty rooms and intense competition with some major reductions in a bid to attract overseas visitors for late summer breaks.

Tour companies say the average price of a double bed room in Greece is now €112 – down 7% on the same period in 2010.

The biggest price drops were recorded in the popular holiday island of Mykonos where the average price of €140 is down 51% on last year.

Room prices on Naxos are down 43% to an average €62 and it is a similar tale on Skopelos where a holiday double room this year costs 40% less at an average €71.

The big price falls on the Greek islands have been offset, however, by price rises on the Greek mainland.

An overnight holiday stay in an Athens hotel will cost 15% more than in 2010 with an average charge of €105.

In Thessaloniki the cost of a hotel room has jumped 23% on last year to an average €102.

The Greek island prices compare to the average cost of an overnight stay in a hotel room across Europe of €136.