WHY NOW IN CRETE
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A combination of:
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New infrastructure capable of supporting 3 times the current number of visitors (ex. new airport, new highways)
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The emerging market of Luxury Tourism in Crete already attracting global companies like Marriott, Hilton etc.
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Government Support with Development Laws providing benefits for investors
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The current prices and availability of land / projects
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NEW AIRPORT IN KASTELI
The construction of the new airport in Kastelli, Heraklion, is already under way. The large scale modern airport will transform Crete into a highly desirable tourist destination; to a whole new level than the current one.
The new airport will become one of the biggest in Greece (equal to El. Venizelos International Airport in Athens) with the capacity to accommodate passenger traffic of 15 million travellers. The infrastructure which includes a large scale runway will accommodate the landing of large jumbo jet planes. This upgrade will enable new direct flight routes from / to transatlantic destinations and is expected to become a refueling hub for flights from America and Europe to Asia. Expected completion date is set to be in 2025.
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It is estimated that roughly €1 billion was provided for the investment in "Nikos Kazantzakis", the current international airport of Heraklion. Immediately after the opening of the new airport, the old one will be utilized for building tourist and commercial infrastructure.
A similar case including the abolition of an airport no longer being used and the massive urban planning of high-quality residential, commercial and tourist areas is the project "Elliniko" in the coastline of Athens. Drawing assumptions from that project, it is safe to believe that Heraklion will acquire state-of-the-art facilities as far as the tourism and entertainment sectors are concerned.
Area borders with the soon to be terminated new airport give more value to the use of the available options and a huge added resale value to the land.
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NEW HIGHWAY
In 2023 the construction of VOAK (Northern Road Axis of Crete), financed by the EU, is expected to begin. Over 300 km long, with a budget of over 2 billion euros, it will connect Chania (in the West) with Sitia (in the East).
The new road will provide quick access to the whole of the island and allow the emergence of new locations currently underdeveloped.
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FUTURE GROWTH & PROJECTION
“Small Hellenic” is currently being built by repurposing a former American base in Gouves, Herakleion. It will encompass a combination of a casino, a hotel, housing facilities, an exhibition & shopping center, a theme park, and a heliport. It is located only 10 km away from the capital city.
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The electrical connectivity between Crete and the continental regions of Peloponnese and Attica will fully solve the current energy deficit. The project valued at 1 billion euros will reduce the cost of electricity by up to 40%.
