- Despite being titled “Strategic Investments” and having been included in the fast track regime that promises to accelerate licensing procedures, three major tourism projects in Crete—Costa Nopia, Triopetra Bay Resort, and Cape Tholos—confirm the Greek pathogenesis of endless bureaucracy and successive approval phases that “freeze” investments for years.
These investments, totaling more than 1 billion euros, are in various stages of implementation, but none has yet begun construction work, despite the fact that they have been included in the strategic grid since 2019.
Costa Nopia: From 2019 to today… still at the beginning
Costa Nopia’s tourism investment in Kissamos, Chania, of 303 million euros, is the Greek “Costa Navarino of Crete”. Although it was included in the Strategic Investment regime in 2019, it took until mid-2025 for the relevant Presidential Decree for the Special Spatial Development Plan (ESCHASE) to be approved.
The project by Cretan Sun & Sea Developments (a subsidiary of the Cypriot group Leptos) includes two hotels, 830 holiday homes, a golf course, commercial infrastructure, a cultural center, a marina for 100 boats, a helipad, a waterway, and even a cable car and funicular. In other words, a complete tourist “village” on an area of ??1,130 acres.
Although it bears the label of fast-track investment, it took six years for the issuance of the ESCHASE. And now the next round begins with the wait for building permits, AEPOs, GNTO approval, and approvals from the Ministry of Culture for works in archaeological zones. It is estimated that construction will begin in 2026 or later, while the implementation schedule has been “stretched” over a 28-year period.
Triopetra Bay Resort: 500 million investment with a horizon after 2029
The second major delayed strategic investment comes from the Cypriot Photos Photiades Group and concerns the Triopetra Bay Resort, south of Rethymno. The 500 million euro project is being developed in two phases and has received environmental approval for the first, which includes a 600-bed hotel, golf course, spa, conference center, and residences.
The second phase, which envisages the creation of a tourist settlement of 5,646 residents, is still in the public consultation of the Environmental Impact Study. The total area reaches 1,330 acres, and according to estimates, construction is not expected to begin before 2030.
Cape Tholos: Six years to approve the PD
The case of Cape Tholos in Ierapetra, a 200 million euro investment by Metaxa Hospitality Group, also reflects the delays that effectively nullify the concept of the fast-track licensing strategy. It took from 2019 to 2025 for the relevant Presidential Decree that determines the uses and building conditions to be approved.
The project includes a hotel with 220 bungalows, 102 luxury residences, a spa, a conference center, four swimming pools, a marina, and a helipad. However, in order for construction to begin, the approval of the urban planning study and the Environmental Conditions Approval Decision are still required. According to the most optimistic scenario, the project will be implemented within the next six years.
