In Crete, sale of former US military base Gournes draws strong interest

Investors are showing strong interest in the privatization of a prime beachfront property on the north shore of Crete – one of Greece’s most eagerly awaited property sales – with more than half a dozen companies from Europe, the U.S. and the Middle East expected to bid.

The 345,000 square meter plot at Gournes is located on the site of a former U.S. military base near Crete’s largest city and port, Heraklion, and has been approved for development as a mixed use casino and resort facility. Greece’s privatization agency, the Hellenic Republic Asset Development Fund, has set Oct. 15 as the final date for submitting binding offers.