Tourist Investment in Crete Approved by the Greek Government

A foreign investment worth €408 million planned for Aghios Nikolaos in the island of Crete has been approved by the Greek government.

The project, known as “Elounda Hills” by the Mirum Hellas consortium, has been evaluated and recommended by the Enterprise Greece agency.

The strategic investment includes the creation and operation of a high-end resort in the south-east town of Agios Nikolaos and foresees the development of hotel complexes, conference center, marina, spa, sports facilities, restaurants, shops and holiday homes.

The total cost of the investment amounts to €408,49 million, of which €50.4 million concerns the land purchase that has already been paid. The remaining €358,09 million concern the resort’s construction and infrastructure costs.

According to the Greek Economy Ministry, the investment project is expected to bring a series of direct and indirect positive economic and social impacts, both at national and local level. A significant number of jobs are expected to be created during the construction phase. At least 763 new eight-month job positions are expected to be established during its operational phase.