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GREECE: Big tourism investment in Crete by Russians

posted onNovember 27, 2017
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A foreign investment worth €408 million planned for the island of Crete has been approved by the Interministerial Committee in Greece that oversees “strategic investments. Mirum Hellas consortium, a Russian real estate company,  intends to realize a tourist investment which aims to create a Luxury Resort called “Elounda Hills” in the south-east town of Agios Nikolaos, Elounda, Crete. The project involves the development of luxury holiday villas, a five-star hotel, a marina, shops, utility infrastructures, spa, restaurants, sport facilities and entertainment parks. 

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.

Mirum
Vitalii Borisov, Chairman of Mirum Hellas (left) and  Dimitri Papadimitriou, Greek Minister of Economy and Development

The construction phase of the project will start at the beginning of 2018, Vitalii Borisov, Chairman of Mirum Hellas told the Greek Minister of Economy and Development Dimitri Papadimitriou during his recent visit to Crete.  At the same time, the investor has pledged to provide rewarding benefits to the local and wider area, such as public utility grants, scholarships and practical training for young people in the local community as well as use the services of local businesses and utilize local products.

"I am very happy for the decision of the Committee which approved the inclusion of my investment in the fast track procedure. I believe the next decade will be Crete’s decade and greece’a decade for investments," AMNA News Agency quoted  Vitalii Borisov, Chairman of Mirum Hellas as saying.

According to the Russian investors' business plan, the tourism project will be completed in about eight years and will be financed by shareholders' equity and bank borrowing.

About Mirum
The Mirum group of companies is a leading player in the area of upscale suburban housing development. Mirum specializes in creating custom-made cottage communities, in which each house is an original work of architecture.Mirum cottage communities are virtual mini-towns, offering their residents everything they need for a comfortable life. All properties have fitness centers, indoor and outdoor pools, saunas, spa clinics and children’s sports centers. 

Sources: Hellenic Broadcasting Corporation (ERT), AMNA