The Greek government is poised to approve three landmark tourism investments totaling €1bn, a move that promises to revitalize key regions and further cement Greece’s status as a top luxury destination. The Interministerial Committee for Strategic Investments will convene on Monday to review these projects, which span from the picturesque coastal area of Vlacheika to the celebrated islands of the Petalioi complex, and the port city of Astakos.
The first project, managed by Hydra Rock a stakeholder led by Ioannis V. Vardinoyannis is a €475m investment focused on developing a luxury tourist and residential complex in the Vlacheika area. Covering nearly 1,750 acres (with most of the land under the Municipality of Poros), the project aims to meet strict sustainability certification standards. It envisions a state-of-the-art development combining high-end accommodation and residential spaces with exclusive amenities, positioning the area as a premier destination for discerning travelers.
The second project, spearheaded by Grivalia Hospitality, is set on Megalonisos the largest island in the Petalioi complex, often dubbed the “Greek Maldives.” With a budget of €235m and spanning 550 acres, the development will feature a luxury hotel, 75 villas, 20 branded residences, along with gyms, restaurants, and a beach club. Already signed on for hotel management by international chain Six Senses, the project will be rebranded as Six Senses Megalonisos. It is expected to generate around 800 construction jobs and 400 permanent roles once operational.
The third initiative is a €250m project in Astakos, Aitoloakarnania, designed to transform the area into a major hub for mega-yachts. Covering approximately 1,800 acres, the plan includes the creation of a large marina with berths capable of accommodating yachts over 30 meters long. The development will also encompass luxury residences, a five-star hotel, and commercial spaces, thereby positioning Astakos as one of the largest and most prestigious marinas in the eastern Mediterranean. The project is being executed in collaboration with Archirodon and a consortium of shipping investors.
These investments are set to usher in a new era for Greek tourism, with additional proposals such as the expansion of the Elounda Hills strategic plan by Mirum Hellas also on the agenda. With the Elounda project slated to evolve in phases until 2032 and boasting a budget exceeding €700m, Greece is clearly determined to capitalize on the growing demand for luxury and sustainable travel experiences.
