With the exception of an investment of 267,7 million euros, planned by the Minoan Group in Sitia, which appears to be moving into it’s final stage of approval by the Council of State, only a very few big tourism investments are estimated to make any progress, this year.
According to the Strategic Growth Department of the Ministry for the Economy, of the six in large investments in the planning pipelines, which amount to a total in value of 1.385 billion euros, the schemes which have been integrated into a fast-track system, are mostly at the stage of environmental surveys and permissions. In addition, one has unofficially been cancelled.
This leaves 4+1 investments, with that at Cavo Sidero in Sitia, being in the most advanced stage of the process. The mixed tourist investment by the Minoan Group, will create a resort with 1,936 beds that will be come out of five smaller developments, within the complex and construction is estimated to begin in 2018.
Of the other investments, the Mirum Ellas Consortium, is of interest to our area. The “Elounda Hills” Resort, with a budget of 408 million euros, is at the environmental stage of approval, but is progressing well and proposes for the 840 stremma (297,5 acres) of land, the construction of approximately 375 luxury villas and three hotel complexes with a total of 730 beds in all. The project will move forward in six phases, over a period of eight years.
The importance of the construction of pareallel infrastructure is also highly important, but the only plans which have been budgeted and are progressing, are those for the new International Airport in Kastelli, which is anticipated will start construction in 2018 and be handed over to the State and the public in 2022.