6 billion projects move dozens of private investments in Crete

By Eleni Botas

Dozens of private investments are in the works in Crete, as a result of the large development projects that have been launched on the island.

In 2021 alone, a total of 27 tourist investments were subsidized on the island of Crete, either by the Region or by the Ministry of Development and Investment, which concern hotel units, while a series of large complex tourist developments are in the works.

Market experts see an explosion of investment interest in the coming years from both Greeks and foreigners, at a time when projects totaling 6 billion euros related to infrastructure and development of the island have already begun to be implemented.

One of the largest development projects underway on the island is the Northern Road Axis of Crete, with a total length of almost 300 km and an estimated budget of over 2 billion euros.

With the construction of the road axis is expected to achieve a significant reduction in travel time between the main poles of the northern front of Crete, improving travel comfort, offering a better and more attractive level of transport service to users and also reducing transportation costs of goods and products to total road network of Crete.

The construction of one of the largest development projects currently taking place on the island, by the joint venture of GEK TERNA with the Indian interests GMR Airports, is expected to contribute to the rise of the tourist flow. This is the new airport in Kastelli, with a total investment of 1.5 billion euros, which will replace “Nikos Kazantzakis”, the 2nd largest airport in the country, after “Eleftherios Venizelos”.

The front of the large projects also includes the dams of the area which are expected to be auctioned in 2022 and in particular the Tavronitis dam, the Platy dam and the Bramianou dam.

Also in the building works is ready the construction of the cluster of Court Houses of Crete in Heraklion and Chania as well as the reconstruction of the Court House of Rethymnon.

Investments

One of the largest investments planned on the island, over 200 million euros, is the utilization of the area of ​​the former American base in Gournes Heraklion by the Reds of the Ellactor Group, which has been declared a bidder with a bid of 40.2 million euros in electronic auction held by the HRDH.

The plan for Gournes under consideration is two hotel units, holiday homes, a conference center, shopping malls, a marina and a casino.

In the final stage of approvals is the large investment promoted in Crete by the Cypriot Group Patroklos concerning the project “Private Urban Development of approximately 70 acres, within the real estate of the Municipality of Malevizi (former Municipality of Gazi) in Aspros Ammotos Monafortis Heraklion, Crete “.

This is one of the largest complex investments promoted in the area, which envisages the development of homes, hotels, sports facilities and shopping malls as well as care units.

The project is part of the tourist facilities and urban development projects as houses are to be built to serve the housing needs of the area and a 100-bed hotel unit to serve seasonal leisure needs.

Also, two major tourist investments promoted in Crete are those of the Metaxas Group in Kavousi, Ierapetra, with a budget of 126 million euros, and include a tourist village, hotel units and a tourist shelter. The other investment, amounting to 303 million euros, is of the “Leptos” Group of companies, in Kissamos, Chania, and includes hotel units, a shelter and a golf course.

A budget investment of 125 million euros for the acquisition of a total area of ​​over 200 acres in Kissamos Bay, Chania and the creation of the first hotel complex under the Ikos Resorts brand on the island was recently announced by the hotel group Sani / Ikos.

The new Ikos Kissamos will have a total of 400 rooms, bungalows and villas spanning a 600-meter-long seafront. Its construction will begin in 2023 and its operation is expected in May 2025.

Finally, the implementation of the Elounda Hills project in Crete, one of the largest tourism investments in Greece, launched by Mirum Hellas, with a total amount of 400 million euros, enters the final stretch.

The project includes the development of luxury homes, apartments and three hotel units with a total capacity of 730 beds. Also planned is the construction of a marina, shops, theme parks, spas, catering infrastructure, sports centers, leisure parks.