Μake us preferred on Google Crete is attracting a new wave of large-scale tourism investments, as international hotel brands and major investment groups pursue luxury resorts, branded residences, marinas and leisure facilities across the Greek island.
Projects stretching from Kissamos and Triopetra in the west and south to Elounda, Sitia and Heraklion in the east are at different stages of development. The portfolio includes an operating resort, planned developments awaiting permits and acquisitions of existing hotel properties.
The six major tourism projects highlighted in the investment landscape have a combined estimated budget of more than €2.5 billion. Expectations surrounding the new airport under construction at Kastelli, scheduled to open in 2028, are also helping drive interest by promising easier access and greater international connectivity.
Major resort developments across the island
In Kissamos, the Ikos Kissamos resort opened in spring 2026 following an investment of more than €220 million. Its first phase includes approximately 400 rooms and villas. A second phase, scheduled to become operational in 2028, is expected to add another 100 rooms and suites.
According to figures released by the group, the resort recorded occupancy rates of more than 90% during its first season.
In Elounda, the Elounda Hills project is among the island’s largest integrated tourism and residential developments. Its estimated investment ranges from €600 million to €800 million, depending on the final development phases and infrastructure.
The project includes hotel facilities, branded residences and a marina, with its first phase already underway.
Another planned development in the wider area is Cape Tholos, backed by the Metaxa Group. With an estimated budget of €200 million, it is designed as a five-star integrated resort with a capacity of 1,014 beds.
Further east, the Sitia Bay Resort project is planned for a site covering approximately 2,690 acres, with an estimated investment of €300 million.
Iktinos has reached an agreement with CBE Capital, while a letter of intent has been signed with Auberge Resorts Collection regarding possible future management and branding. The project has therefore attracted significant investment interest, but the tourism development has not yet been completed.
In southern Crete, the Fotiadis Group’s Triopetra Bay Resort represents an investment of approximately €500 million. The plans include hotel facilities, residences and leisure infrastructure.
On November 3, 2026, environmental terms were approved for the residential component, which covers approximately 1,330 acres and is designed to accommodate up to 5,646 people. The approval marks a significant step in the permitting process, although a construction-start permit is still pending.
Sani/Ikos expands its presence in Heraklion
One of the latest moves in Crete’s tourism market is the Sani/Ikos Group’s expansion through two acquisitions in the Heraklion area.
The group purchased a 346-acre site in Gournes for approximately €72.5 million, as well as the Out of the Blue Resort in Agia Pelagia. It plans to develop an Ikos resort with approximately 600 rooms in Gournes.
The existing complex in Agia Pelagia will be renovated and upgraded into a resort with around 500 rooms and suites. The purchase price for the second acquisition has not been disclosed.
The group expects both new properties to be completed between 2031 and 2032.
Meanwhile, Hotel Investment Partners (HIP) has acquired the Phāea Cretan Malia Park. PHĀEA will retain its long-term management of the property. The transaction concerns an existing hotel rather than the development of a new resort.
Kastelli airport expected to boost connectivity
The new airport under construction at Kastelli is expected to become operational in 2028. The project is being developed through a partnership involving the Greek state, which holds a 45.90% stake, TERNA S.A. with 32.46%, and GMR Airports Ltd. with 21.64%.
The airport is designed to handle up to 15 million passengers annually.
The existing Heraklion airport handled more than 10 million passengers in 2025, while international arrivals across Crete reached 4.99 million. The island’s three airports recorded approximately 14.2 million passenger movements combined that year.
Crete also generated €4.34 billion in travel receipts in 2025, according to the Bank of Greece, underlining the destination’s economic importance.
The new airport is expected to expand the island’s capacity to accommodate flights and support the development of new markets and travel periods, adding to the appeal of the major tourism investments planned across Crete.
