Greece has been a hotbed of airport privatization for over two decades, with multiple sell-offs having taken place. It started with Athens International Airport (ATH) from the time of its construction as a greenfield BOOT (build-own-operate-transfer) project, and opened in 2001. That process peaked with an IPO, and the government selling a 30% stake early last year.

In the intervening period, the Greek state also awarded 14 regional airports to Fraport Greece in 2017—a joint venture between Germany’s Fraport and Greece’s Copelouzos Group—via a 40-year concession with a EUR1.53 billion (USD1.8 billion*) upfront fee, plus annual payments of 28.6% of EBITDA, according to the Hellenic Republic Asset Development Fund (HRADF).

The airports, though regional, are some of the principal international tourist gateways to Greece. They include: Thessaloniki, Mykonos, Santorini, Rhodes, Kos, Corfu, Zakynthos, Skiathos, Samos, Chania, Kavala, Kefalonia, Lesvos, and Aktio.

The government also finally shifted the Kalamata Airport concession. AirportIR reported on the launch of expressions of interest (EOI) for this asset back in 2021, yet the final award was only made at the end of last year. Fraport and its Greek partners—Delta Airport Investments (Copelouzos Group) and Pileas Holdings (Constantakopoulos Group)—secured the deal with a bid totaling EUR45.2 million (USD53.1 million).

Forced Infrastructure Sales

State sell-offs of infrastructure were among the bailout terms imposed on Greece following the Global Financial Crisis in 2008 and its long-term repercussions. As the worst-hit market in the European Union, Greece was subjected to strict austerity measures from the European Commission, European Central Bank, and International Monetary Fund (IMF), whose bailout totaled EUR260 billion (USD306 billion).

While the situation at the time was dire, the Greek economy is less vulnerable today as conditions have improved significantly. However, the Bank of Greece put public debt at over 160% of GDP at the start of 2025, which is still high, but it has been falling. Meanwhile, other economic indicators, including record tourism receipts, are improving and, in some cases, ahead of many EU markets.

Below, we examine how Greek airport privatizations have fared, with a particular emphasis on ATH, which is now fully privatized and in the process of new expansion. We will also look at prospects for the 22 regional airports that still have to come to market.

Investor Insights