Boutique hotels in the center of Chania, on the island of Crete, are drawing the interest of international investors with an eye on Greece’s strong tourism market, according to a report prepared by brokers Danos Melakis.
The brokerage said that a third of the nine largest tourism projects being built in Greece are located on Crete, worth more than 4 billion euros.
“The investment interest includes existing tourist hotel units of medium or large size and large seaside plots mainly in Northern Eastern Crete. At the same time, boutique hotels in the Venetian Harbor of Chania continued to attract the investors’ interest this period as well,” said the report.
Strong tourism numbers on the island, in line with broader industry growth in Greece, has helped add interest to hotels on the island, Greece’s largest.
Among the large projects taking place on the island is a new hotel to be built in Ierapetra by German tourism group TUI. ELOUNDA HILLS is Agios Nikolaos is another project, worth more than 400 million euros. It includes the construction of 380 houses, three 5-star hotels and other infrastructure projects, according to Danos Melakis.