New resort plans worth €1 bln
Investments in the development of tourism complex accommodation combining hospitality services and residences, available for sale or utilization, are increasing across Greece, with three projects set to see construction start this year adding up to almost 1 billion euros.
The end of the pandemic and the positive forecasts for tourism in the country in the coming years are pushing more and more investors to speed up the procedures for starting their projects.
Within the next two months, Mirum Hellas, belonging to Israeli real estate investor Vitaly Borisov, is expected to start its Elounda Hills project. This investment is expected to exceed €500 million and concerns the development of a total area of 950,000 square meters acres at Elounda in eastern Crete. The project is in the process of completing its necessary permits.
The total buildable area will amount to 130,000-140,000 sq.m., which corresponds to approximately 0.2% of the total area.
The first phase of the investment foresees the utilization of 550,000 sq.m., where Mirum Hellas is planning the creation of a luxury hotel with 137 rooms, 66 branded villas and 81 branded apartments, beach clubs, restaurants and a marina. A small boutique hotel of 15 rooms will also be created in the marina area.
The operation of the hotels and residences has been undertaken by the American chain 1 Hotels.
The second half of 2023 will also see the start of the construction of the investment worth €270 million by the British-headquartered Minoan Plc at Kavo Sidero, in Sitia, eastern Crete. In full operation, the investment at Faneromeni Bay will generate annual revenues of over €100 million from the operation of the hotel and the rental of residences. Based on the presidential decree and the relevant cabinet decisions, the construction of just 0.5% of the total area of 25 square kilometers is allowed.
Finally, by the end of the year, RND Investments is expected to start the development of the luxury resort of Varko Bay at Palairo, in western Greece. This is a project of €182 million that is set to start operating by 2026.
