 Due to the planned and proposed development of golf courses and other tourism developments, several property hot spots exist for the serious investor. These areas are marked in red on the map to the left, clicking on it will show a large scale map. We expect prices in these areas to double in the next two years as development gets under way. Prices, even in these areas are currently still significantly below prices in West and Central Crete. We do not expect this situation to last much longer.
We have several uniquely positioned plots of land that are not currently shown on this web site. They vary in size from 80,000 to 1,200,000 square metres. We are uniquely positioned to help you take advantage of the investment opportunities that exist due to our business relationships with top lawyers, architects and engineers. However unless you want to develop sympathetically, please do not contact us, as we will not do business with anyone who does not respect the environment. |
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09 May 2008 - Minoan appeal hearing over Cavo Sidero environmental approval postponed
LONDON (Thomson Financial) - Minoan Group Plc. said the hearing of an appeal lodged against the Greek government regarding environmental approval for the company's Environmental Impact Assessment for the Cavo Sidero project in Crete has been further postponed by the court until Nov. 7.
2 May 2008 - Cavo Sidero Protestors Gather 6000 Signatures - from ekathimerini.com
Two academics, an American and a Briton, who are spearheading a petition opposing the construction of a massive tourism complex in northwestern Crete, had managed to collect nearly 6,000 signatures by yesterday. Oliver Rackham, of Cambridge University, and Jennifer Moody, of the University of Texas, are trying to drum up support for their cause ahead of next Friday when the Council of State is to hear the case of local residents and ecologists against the Cavo Sidero project. Protesters argue that the project is "unsustainable" as it will demand "huge quantities of water."
You can view the petition at http://www.thepetitionsite.com/1/Save-the-Cretan-landscape
New Flights from the North of England
Budget airline Jet2.com has announced eight new routes from its base at Leeds Bradford. Beginning next May, the latest destinations will include package holiday favourites such as Crete
Thomsonfly also start a service from Robin Hood Airport Doncaster in May this year on Sundays.
Top 10 Easter Destinations
With Easter often bringing about the first real chance of the year to get away from it all and enjoy an extended weekend away, the Association of Independent Tour Operators (AITO) has taken the opportunity to list its top ten Easter getaway destinations.
Top billing is given to Lucerne, in Switzerland. Located amid mountains and a major lake, it boasts a relaxed atmosphere but has more than enough life about it to enthral the traveller.
Next in line are the more familiar appeals of Crete, which sets sun against mountaintop snow at this time of year. As a warm-up to the summer, this can hardly be a bad choice of destination.
The Caribbean island of St Lucia - perfect if you want to dash over to the region for the latter stages of cricket's World Cup - completes the top five alongside Mallorca and Tunis, which boasts sense-assaulting souks alongside incredible remains such as those of Carthage.
Making up the remainder of the top ten are the Netherlands, the Azores, Muscat (the capital of Oman), the famous Canadian winter sports resort of Whistler and the eternal city, Rome.
Blue Flag BeachesAmong the Greek islands, Crete was found to have the greatest number of suitable beaches, gaining 92 Blue Flags, followed by Corfu with 32 and Rhodes with 31. East Crete single handedly beat the other islands with 33 Blue Flags.
Investors pick sites in Crete's giant holiday resort projects
By NIKOS ROUSSANOGLOU - Kathimerini
Investments of more than 1.6 billion euros for the development of tourism resorts and housing are about to be implemented in Crete, following years of planning.
They concern integrated complexes which combine holiday houses, hotels, golf courses and complementary installations such as restaurants and sports facilities. The aim of the project is not just to attract high-income tourists, but also to prolong the tourism period.
The biggest and most complex development concerns a plot of 25 square kilometers on the Sidero peninsula on the northeastern tip of Crete. This is one of the most debated-over projects due to the size of the investment, estimated to come to 1.2 billion euros.
The plot belongs to the Toplou Monastery, with the development and operation undertaken by a British investment group, Minoan Group (former LoyalWard), since 1995 for the next 80 years.
After 11 years of trying, the company late late month received the official approval of its environmental study, opening the way for the first infrastructure projects to start, scheduled for this May, while this fall the construction of buildings will begin.
The plan provides for the building of just 1 percent of the whole plot, with the creation of six tourism villages of holiday houses, three four- and five-star hotels and some supplementary sports and cultural facilities. The resort will have a total capacity of 7,000 beds, although originally the plans had provided for 12,000 beds. The total construction will reach 255,000 square meters, 65 percent related to houses.
Cavo Sidero is expected to start operating in 2009, but works will continue until 2017, when it will be completed. It will also include two golf courses, which will support the resort's effort to operate throughout the year. The project's funding will be made exclusively through bank loans, while Minoan has already invested 40.3 million euros for the development of the project (in the form of successive share capital increases).
Another important investment, although significantly smaller, has been planned since the end of the previous decade by Iktinos Technical and Tourist, which will develop a tourism resort of 2 sq.km. at Faneromenis Bay, near Sitia in Crete, budgeted at 130 million euros.
Evangelos Haidas, the firm's chairman, suggested that the company's environmental study and construction plan had been approved. Works are expected to begin in late 2008. The plan includes the creation of a five-star hotel with 700 beds, a marina hosting 85 yachts, a 500-people conference hall and 300 holiday houses. The second stage of the project includes the creation of an 18-hole golf course and a new holiday village of 500 houses.
Cypriot company DolphinCI Thirteen Ltd participates in the development as a main investor and shareholder. It is a 100 percent subsidiary of Dolphin Capital Investors, listed on the London stock market's Alternative Investment Market (AIM). Dolphin controls 80 percent of Iktinos Hellas's subsidiary, Latirus Enterprises Ltd, which control Iktinos Technical and Tourist, the owner of the plot in Siteia.
Another important investment is that of the Fotiadis group from Cyprus at Aghia Galini, south of Rethymnon in western Crete, on a 1.6 sq.km. plot. Emerald Developments, a Fotiadis subsidiary, will invest 310 million euros in the development of a resort with dozens of holiday houses, two five-star hotels and a golf course.
It will also include a conference center and more sports facilities.
Another investment at Cavo Plako in Eastern Crete by EAAK SA is at a preliminary stage. It concerns a 4 sq.km. plot owned by Dakis Joannou, one of the main shareholders of J & P Overseas construction firm.
Its planning includes hotels, houses and a golf course.
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