The current euro crisis raises questions for many, including prospective travelers. Is this a good time to visit Greece for the budget-minded traveler?
One Hopper scientist by the name of Tyler Hanson crunched the numbers after comparing recent price data to historical trends, and this is what he learned.
Greece Economic Instability and Airfare Prices
Prices to Greece trended upward in the month of June last year and this year. However, last year prices increased by 15.8 percent and this year they increased by 12.5 percent.
So, it looks like the current economic instability had some effect but really, prices were in line with most of the European countries. But the real question is how were prices affected once the referendum was announced on June 27?
Effect of Referendum on Prices
The referendum announced on June 27 had a direct financial impact on the cost of travel. Prices fell 4.8 percent in the week from June 29 to July 6. For the same time period in 2014, prices had actually gone up 3.4 percent.
In fact, according to Hanson, if prices followed last year’s trend we would be looking at hikes of 8.6 percent. However, airfare to Greece went the other direction falling almost 5 percent.
This leads to the question on peoples’ minds. How long can this downward trend be expected to continue? The problem is there is no clear answer because there are still unknown factors to be determined.
Other Travel Related Costs
Now is also the time to save on hotels and resorts. According to Greece’s tourism confederation, Greece has seen a 30 percent drop in late bookings, which traditionally make up about one-fifth of reservations.
However, Andreas Andreadis, chairman of the confederation, said, “We believe that a swift conclusion to the Greek government’s negotiations with the country’s creditors would still give us sufficient time to make up for the loss – as far as possible – in last-minute bookings.”
Many people have already made their plans for a summer getaway, but late bookings to Greece can yield big savings this year. Some tour operators are slashing prices by as much as 50 percent in an effort to fill unfilled rooms.
This is a fluid situation, though, and could change for the better or worse rather quickly. For those who have always dreamed of visiting Greece but couldn’t afford it, now may be the time to book and save.