Interest for big investments in Crete
Signal for the implementation for investments in tourism real estate of total budget that may exceed 7 million, is given by the provisions of the multi-legislation that has to do with the promoting of such investment.
The areas of Crete, are featured in the first place in the preferences mainly of Russians and Israeli investors with information for the purchase of large land areas like Chersonissos and Sitia.
Recently confirmed are the rumors about the implementation of a large investment of 500 million euros in Chersonissos, Crete, with the mayor Mr. Doxastakis confirming that he has come into contact with Israeli investors.
Simultaneously, large Greek and foreign companies, as published by the newspaper "Ethnos", waited too long to clarify the applicable rules conserning the creation of complex tourist accommodation, such as the construction of luxury hotels along with furnished cottages, which could be sold or hired.
Already, at a recent trip to Russia and Israel, the minister of tourism, Peter Geroulanos received great interest from investors in Greece. Specifically, interest in purchase of holiday homes showed Russians who want to do their holiday in our country and maintain a permanent holiday home. On the other hand, in recent years are on paper investments that could change the form of Greek tourism.
The lack of consistent standards, the lack of land for tourism, the vast bureaucracy and mistrust of investors towards the Greek state, are key factors in halting investment activity, as reported in the newspaper "Ethnos", while giving examples of two investments in Crete, the have been "stuck" because of the above mentioned reasons.
The investment of the "Minoan Group" on the property of the monastery Toplou in Sitia Crete, has gone through several waves, and in fact a few months ago a study conserning the environmental conditions was canceled. However, the English company came back depositing new folder with changes to the master plan, an investment that may exceed the amount of 1.2 billion euros.
Furthermore, a few days ago the Court of Appeal of Chania acquitted 8 defendants in the case, the abbot of the monastery and 7 experts, accused of fraud as a mass. Company executives expressed optimism that the investment will be disengaged conserning the creation of a large tourism development to approximately 26,000 acres with whole holiday villages, 5 star hotels, 3 golf courses, convention centers, sports facilities, 950 homes with 730 swimming pools, shopping centers, marinas, etc.
Two projects in Crete have been proposed by the Cypriot group Leptos, one at the bay of Kissamos in Chania, over 300 million in luxury residences, and one in Paleochora, of another 120 million. Also, the "Emerald Development", the Cypriot company, has an area of Rethymnon, which has planned an investment of 150 million.
These assurances, however, by the Government to unblock investment for years stuck in the Greek bureaucracy, but also the country's economic situation that requires new investment project, have rekindled the interest of foreign investors to implement ambitious plans real estate.