Investments in the development of composites are “increasing”. tourist accommodationwhich combine hosting services and residencesavailable for sale or exploitation. The end of the pandemic and positive forecasts for the development of tourism in the country in the coming years are pushing more and more investors to speed up the procedures for launching their projects. During 2023, at least three of them are expected to be launched. attachmentsfor a total amount of 950 million euros.

Gulf of Varco

In this context, by the end of the year, the development of the luxury Varco Bay resort on the Varco peninsula, in Palairo of Aktiu-Vonitsa Municipality. As Mr. Leon van der Heyden, head of RND Investments, the operator of the €182 million investment, said this week, following the recent approval of a presidential decree on urban development on the 181-acre site, efforts to secure the building are allowed.

One must be created on the property hotel block Banyan Tree network of the Accor group, and 30% of the area will be occupied by branded residences, which will be put up for sale. A total of 116 “keys” and 45 residences will be created. The built-up area will not exceed 27,000 sq.m. Investors plan to commission Varco Bay by 2026.

Elounda Hills

Mirum Hellas’ investment in Elounda, Crete will exceed 500 million euros.

It is expected that within the next two months it will be able to launch another important investment in the field of integrated tourist accommodation. This is Elounda Hills promoted by Mirum Hellas, the interests of Russian-Israeli real estate investor Vitaly Borisov. The investment is expected to exceed 500 million euros and concerns the development of a total area of ​​950 acres in Elounda, Crete.

According to the forecasts of the managers who undertook the “break-in” of the investment, the start of work is expected in the second half of 2023, since the process of issuing the necessary permits is completed during this period. The total built-up area will be 130,000-140,000 sq.m., which corresponds to approximately 0.2% of the total area.

The first phase of investment involves the use of a total of 550 acres. There, Mirum Hellas is planning a 137-room luxury hotel, 66 branded villas and 81 branded apartments, beach clubs, restaurants and a marina. At the same time, a small boutique hotel with 15 rooms will be created in the marina area.

The management of hotels and residences was taken over by the American chain 1 Hotels, created by the children of the American founder of the Starwood hotel group, Barry Sternlicht. Selling prices for branded homes start at around 1.5 million euros and can go up to over 7.5 million euros.

Sitia

In the second half of 2023, the construction of a €270 million investment project promoted by the British Minoan Plc. is scheduled to begin at Cavo Sidero, in Sitia, Crete. In full, tourism investments in Faneromeni bay will generate an annual income of more than 100 million euros from the operation of the hotel complex to be created and from the rental of houses for tourists. To date, on the basis of the issued presidential decree and the relevant resolutions of the Council of Ministers, the construction of 108,000 sq.m. buildings, i.e. only 0.5% of the total area of ​​25,000 acres.

Trouble in Kilada Hills

On the contrary, the construction of the Kilada Hills complex, a resort that will combine a golf course with residences and a hotel, in the Ermionida Valley in Argolis, in the immediate vicinity of Porto Heli, seems to be on hold, at least for the time being. existence. The reason, of course, is the “feud” that erupted a few weeks ago between Dolphin Capital Investors (DCI) and Mr. Miltos Cambouridis of Dolphin Capital Partners. Significantly, Mr. Kambouridis’s side says that work is stopped until a solution is found, while the DCI side says that the development of Kilada Hills, a project worth more than 400 million euros, is going well. On an area of ​​870 acres, the construction of a golf course has begun (indeed, the project has advanced up to 50%), infrastructure work has been completed and, in the subsequent period, the construction of a club house on the adjacent beach will also continue.

Conversely, the withdrawal of DCI from another project that both parties have promoted in Jia, One & Only means that the luxury complex will be completed without any unforeseen circumstances. Some private events will take place in July, with the $150 million complex (comprising a hotel, 75 villas and up to 40 branded residences for sale) scheduled to be fully operational in 2024.