First and foremost, let’s define what “big tourist investment” means. If we take the example of investments that are slowly emerging, like the Sitia Bay Resort with an area of 2.7 million sqm (270 hectares) and a budget of €300 million or the Atalanti Hills with 12 million sqm (1200 hectares) and a budget of €1.5 billion, then as a ‘ big investment ‘ we can set a minimum area of 1 million sqm and a minimum budget of €200 million.
Based on the example of such investors, we realise that as a model, they have opted for complex tourist mixed use projects. And they chose it against other – traditional models such as hotel complexes, pure residential complexes for tourist exploitation or special tourist infrastructures such as Golf courses, conference centres, Thalassotherapy centres, ski resorts etc.
Why are complex tourist accommodation the best choice for large tourist investments?
Let’s look at their comparative advantages:
1st fact: Complex tourist accommodation includes:
- Accommodation 5 *
- Tourist furnished residences
- Special tourist infrastructures
In fact all the above!
2nd fact: In the last 25 years the Greek legislation has been modernised to attract such investments. As a result, the COMPLEX TOURISTIC PROJECTS is the most appropriate option as it is supported by legislation, provides favourable licensing procedures, and can shape the sizes of a large investment.
The main trait, however, that makes them attractive is the possibility that the law gives to sell the houses inside the property. In other words, the legislation provides that independent furnished residences can be built alongside the property, which:
- They will have the special accreditation of the Greek National Tourism authority- EOT,
- will be legally autonomous
- And will be available independently for sale or long-term lease on the completion of the project.
In addition, to receive the special accreditation of the Greek National Tourism authority- EOT, an investors needs to construct at least one house inside the complex. The rest can be built gradually.
Their advantage is that not only can they be sold independently but that they can be served throughout the year by the infrastructure of the hotel accommodation.
Because these infrastructures (such as restaurants, spas, gyms) are considered as communal spaces for residences, which is ensured by a notarial act of the Regulation of operation.
Putting in the equation the current law provides specific maximum allowable coverage, building factors, area of residences etc it is strongly perceived as the best option for creating large tourist facilities with buildings ranging from 150.000 to 1.5 million SQM for areas from 1.000 to 10 sq kilometres (10.000 stremmata) respectively. While within these areas can be constructed 22.500 to 225.000 sqm of furnished houses ie. 110 to 1100 residential units of 200sqm average surface.