Land For Sale in Crete

For Sale

Call for Price

Type Land
Status For Sale
Area Size 1,506,946 ft2  (140,000m2)
City Elounda
Region Crete
Country Greece

In the middle of the distance of 4 km that separates Elounda from the famous and picturesque village of Plaka, opposite Spinalonga Island, a property with a surface of 140.000m2 approximately, is available to any serious investor who has the willingness and the strength to go on a large and innovative tourism investment of "class and style", addressed to prospective customers of the highest income class.

Development Scenario I:
According to the relevant preliminary studies, the construction of 20.200m2 building¢s area is permitted to be built in the property. The construction is planned to be developed in the following format:
One (1) 5* Hotel, up to 200 beds, area of 14.200 m2, with all the necessary infrastructure
Forty-five (45) High Luxury Residents, area 120-165 m2.

Development Scenario II:
Alternatively, a relative study has been drawn up for the growth of a layout of an area of 13.800 m2. The development of this of this area is planned by the construction of ninety five (95) residences of high luxury, with areas from 130m2 to 180m2, in the frame of a "green" standard holiday village with infrastructures of high opulence. It's up to the Investor to reduce the number of residences in order to create a commercial - social space, with surface of 1.000 m2 approx.

The real estate is located in the settlement of "Tsifliki" and particularly in a distance of 200m away from the buildings of Tsifliki which are characterized as historical preserved monuments and for which there is a surrounding protection zone of 100m.

Existing high-standards tourist infrastructure
Both the wider area of Agios Nikolaos ? Elounda and that of the costal settlement of Plaka host a variety of tourist infrastructure and facilities of high standards and quality, as very famous personalities of Greek and foreign business environment have selected those areas for the development of luxury tourist investments.

High Demand
The international publicity and recognition of the book "The island" by Victoria Hislop has created a very intense interest for the real estate of the wider area of Elounda. The intense promotion of those areas has created a huge demand for large investments, mostly regarding tourism. Elounda is the "upcoming power" in the real estate business.
In the future it is expected that a number of large construction companies are going to expand their business by creating large resort centers and hotels with model function for the preservation of the natural beauty of the area.
The main reason for the high demand of real estates in the area is the variety of possibilities that can be exploited for the planning and implementation of innovative ideas in tourism.

Alternative Tourism
The rich natural and cultural environment of Crete and the ideal combination of mountains and the seaside have contributed to the creation of infrastructure regarding maritime and sports tourism. The investor that will select the property in the area of Elounda, will have the opportunity to exploit various options. Characteristic examples are horse-riding, hiking, climbing, parapende, sailing etc. while in that area a number of world class athletic events take place.
Free scuba diving in magnificent seabeds are offered by hotels already in the area. The European path A4 Alpine, runs almost the entire mountain range of the island, with trails which offer unique experiences to lovers of nature and hiking. For the most adventurous, climbing in a number of places of the island can provide them with unforgettable and unique experiences whereas the mountain biking and the paragliding can be a real challenge.

The property is supported by the existence of large and integrated access infrastructure and service of its residents and visitors.

Road Connection:
14 Km from Agios Nikolaos Crete,
4 km from Elounda.

Plane Connection:
40´ from Heraklion international airport "Nikos Kazantzakis".

Sea Connection:
50´ from Heraklion city port,
15´ from Agios Nikolaos city port.
370m from the shore (on a straight line).

High protection network of the urban space.

14 km from Agios Nikolaos hospital.

Related Infrastructures:
Extended network of 5* hotel units.

Surrounding Environment:
Unparallel natural beauty,
Infrastructures and constructions of high luxury.

According to the economical feasibility study, developed by the internationally renowned firm HVS, the profitability of investing in two (2) development scenarios is moving at a very high level and the internal rate of return (IRR) exceeds 20%.

The property is placed into an ASRU Zone (Area Specific Regulated Urbanization), which allows the development of a Private Urbanization Business Plan, in accordance with Article 24 of Law 2508/1997. According to the existing legal status, the ability of a private urbanization of the property has been approved, which allows the preparation, approval and implementation of Urban Study whereby plots to be created can be built with a building coefficient of 0.2 and for the 50% of the urbanized surface. The remaining 50% will be left for the interior roads, public utililties areas, parks, etc. Under current law, the development of the property can only be done after the construction of infrastructure, ie road networks, water supply, sewerage (stormwater and wastewater), green spaces / parks, renovation of public utilities areas, Wastewater Treatment Unit, road lighting, telephone networks, etc.

According to the business plan (under development) of the project, made by the company that manages the property, the entire infrastructure of the area is designed to be constructed in accordance with the methods and standards of GREEN GROWTH.
Infrastructure of:
Storage and Utilization of rainwater
Exploitation of geothermal and solar energy
Integrated waste recycling of the future residents
Integrated waste water treatment
Infrastructure such as:
Green" Roofs
Projects organized private plantation
Electromechanical installations and shell materials prescribed by the Rules of bioclimatic design of future buildings, houses, etc.

In Spinaloga Green Resort-Villas identity of a PROTOTYPE GREEN SUMMER INFRASTRUCTURE and will ensure the maximum energy saving functions of the region, contributing to the overall objective of GREEN GROWTH of GREEN BUSINESS and SUSTAINABILITY.

For the maturation of the Bussines Plan ALL the necessary approvals and permits from the authorities have been granted. The prospective investors are able to finilize the planning data, as well as the technical and economic characteristics, sizes etc of the project, based on the draft preparation of the relevant studies. Accordingly, the property's ownership, according to the existing titles, is indisputable. Finally, it is granted by the property's owner, in the steadfast manner, to the managing company the right to represent the property and the right to negotiate on how to develop it with interested investors.

The property is available in the investment market for development while there is an open "agenda" for the manner of its exploitation. More specifically, the property is available for sale or joint operation or codevelopment under the terms that can be agreed as appropriate, subject only to create a viable and attractive investment scheme and to ensure conditions for mutual benefit of all parties to be involved, including ownership. Accordingly, the phase of "maturity" of the operating procedures of the property (approvals, permits, etc.) allow any form of change in the investment assets of the Business Plan while the main core remains firmly focused on the field of tourism investments. The nature and characteristics of the investment will determine both the cost and status of public aid (grants, tax credits, etc.) and the eligibility of the investment in the legal system to facilitate and accelerate the development processes, eg Law 3894/2010 «Fast Track» (No G.G. 204 A'/12.2.2010), Law 3908/2011 «Development Law» (No G.G. 8A/01.02.2011).

Sea view

Print Date 20-Jan-2022
Updated 01-Oct-2021
Property Ref. WWPC-80631
Department Sales :: Development

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