Elounda Hills: Vitaly Borisov's mega project – 800 million euros in investments for boutique hotels and villas

Five of these villas will be built in collaboration with Ralph Lauren Home, which will undertake their interior decoration and is the first work of this company in Greece.

The project has a total investment of 800 million euros and in the first phase will be financed by bank loans and equity. According to the decision published in the Official Gazette (7/11/2024, Issue Four, Sheet No. 776), the holiday - tourist Village named "Elounda Hills" has a total area of ​​734,670.61 sq.m.

The tourist development will be implemented in five phases and includes three residential areas, organized into sectors and building blocks and a sub-area, in which exclusively shared/public spaces will be located.

The Hill Top hotel project is worth 300 million euros (excluding the purchase of the land) and will be financed by bank loans and equity.

Villas and boutique hotel next to the marina
As explained by Mirum CEO Angelos Angelidakis, in the context of the R&R Hospitality Forum held in Athens, the first phase, costing 300 million euros, includes:

60 pre-reservations for residences up to 13,000 euros per sq m.

The second phase concerns the creation of approximately 200 residences to the east of the area, it does not have a binding timetable, while the following phases (C’ and D’) provide for the creation of additional residences to the west. The addition of another hotel is also being considered, on the 770 acres of Elounda Hills.

The prices of the houses are set from 9,000 euros/sq m. for the apartments and from 12,000-13,000 euros/sq m. for the villas.

The financing of the second phase as well as the following ones will be done from equity and the sale of the houses. Already, 60 pre-reservations have been made, while 4-5 preliminary agreements have been signed, with another 15 to follow. The prices of the houses are set from 9,000 euros/sq m. for the apartments and from 12,000-13,000 euros/sq m. for the villas.

A magnet for investors from all over the world
The project attracts investors from all over the world, with particular interest from the United Kingdom, the USA and Asia. Mirum estimates that the new airport in Kastelli, which is being developed by an Indian company, will further boost demand, especially from Indian investors.

It should be noted that Mr. Angelidakis clarified that the company is a developer (real estate development) and therefore at some point everything will be sold, including the hotel, after operating for at least 5 years. In any case, the project is expected to upgrade the destination and set new standards for luxury tourism in Greece.