Greece Approves Huge Luxury Development and Marina Projects



The Greek government on Tuesday gave the green light to three tourism investment projects totaling 240.5 million euros ($272.85 million) on several Greek islands.

The grand plans include the construction of hotels on Mykonos, a tourist resort on the island of Crete and a marina on the volcanic island of Santorini.

The international conglomerate “AGC Equity Partners” plans to invest a total of 50.85 million euros on the tourist hotspot of Mykonos Island. Their investment plan includes the construction of two hotel units, a marina and sports facilities. The projects are expected to create at least 200 seasonal and permanent jobs.

In addition, the Metaxa Group intends to build a high-end resort in Lasithi, Crete, called “Cape Tholos Luxury Resort.”

The Lasithi investment of 149.6 million euros includes the construction of a village of 208 homes plus two hotel units with a capacity of 300 beds each. It is expected to create at least 216 full-time and seasonal jobs.

The Greek government also gave the go-ahead to an investment of 40 million euros for the construction of a marina in Santorini, which would have a mooring capacity of up to 350 private yachts.

The government also green lighted the construction of a shopping and recreation mall on the outskirts of Athens, which is budgeted at 93.4 million euros.

Greek governmental authorities said in a statement that the four projects are expected to create a total of approximately 1,200 jobs, including full-time and seasonal employment.