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An entire village with over 350 villas and apartments and two hotels comprises the Mirum investment project of businessman Vitaly Borisov, in Elounda, Crete, known as Elounda Hills.
Five of these villas will be built in collaboration with the collaboration of Ralph Lauren Home, which will undertake their interior decoration and is the first work of this company in Greece.
The project is a total investment of 800 million. euros and in the first phase it 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 with the name “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 (without the purchase of the land) and will be financed by bank loans and equity.
Villas and boutique hotel next to the marina
As the Managing Director of Mirum, Angelos Angelidakis, explained in the context of the R&R Hospitality Forum held in Athens, the first phase, costing 300 million euros, includes:
- The delivery in 2027 of the beach zone, with a 64-berth Marina capable of accommodating mega yachts, managed by Camper & Nicholson, a 15-key boutique hotel and Beach club.
- The completion of the Hill Top hotel with 129 keys, under the international luxury brand One Hotels as well as 134 branded residences, villas and apartments in 2028. And the branded residences will be operated by One Hotels as well as the “small” hotel of 15 of keys next to the marina. The project is worth 300 million. euros (without the purchase of the land) will be financed by bank borrowing and equity.
60 reservations for homes up to 13,000 euros per sq.m.
The second phase concerns the creation of approximately 200 homes 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 homes to the west. The addition of one more hotel, on the 770-acre Elounda Hills site, is also under consideration.
The prices of the houses start at 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 reservations have been made, while 4-5 preliminary agreements have been signed, with another 15 to follow. The prices of the houses start at 9,000 euros/sq.m. for the apartments and from 12,000-13,000 euros/sq.m. for the villas. 
Magnet for investors from all over the world
The project is attracting investors from around the world, with particular interest from the UK, US 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 (property development) and therefore at some point everything will be sold as well as the hotel after it has been 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.
Source: ot.gr
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## Elounda Hills: A New Era for Greek Luxury Tourism
**Introduction:**
Welcome to World Today News. Today, we’re delving into the ambitious “Elounda Hills” project, a sprawling luxury development transforming the landscape of Crete. We have two distinguished guests joining us today to shed light on this exciting venture. Please welcome Mr. [Guest 1 Name], a leading real estate analyst with expertise in the Greek market, and Ms. [Guest 2 Name], a tourism expert specializing in luxury travel.
**Section 1: The Scope of the Project**
- **Host:** Let’s start with the big picture. Mr. [Guest 1 Name], can you give our audience a sense of the scale and ambition of the Elounda Hills project?
– **Guest 1:**
(Discuss the size, scope, and key components of the project, referencing the 350+ villas, hotels, marina, and branded residences.)
– **Host:** Ms. [Guest 2 Name], from a tourism perspective, how does this project compare to other luxury developments in Greece and internationally? What makes it stand out?
– **Guest 2:**
(Highlight the unique aspects of Elounda Hills, such as the collaboration with Ralph Lauren Home, the waterfront location, and the focus on high-end amenities).
**Section 2: Investment and Financing**
– **Host:** This project represents a significant investment. Mr. [Guest 1 Name], can you elaborate on the financial aspects of Elounda Hills?
– **Guest 1:**
(Discuss the €800 million total investment, the financing sources, and the phased development approach)
– **Host:** Ms. [Guest 2 Name], how do you see this project impacting the local economy and creating employment opportunities in the Elounda region?
– **Guest 2:**
(Analyze the potential economic benefits of the project, considering job creation, tourism revenue, and support for local businesses).
**Section 3: Targeting the Luxury Market**
– **Host:**
The article mentions significant interest from international investors. Mr. [Guest 1 Name], who are the primary target demographics for this development?
– **Guest 1:**
(Discuss the appeal to high-net-worth individuals, specifics about international investor interest, and what attracts them to this project).
– **Host:** Ms. [Guest 2 Name], how does Elounda Hills plan to cater to the discerning needs and expectations of this luxury market?
–
**Guest 2:**
(Elaborate on the curated experiences, upscale amenities, and personalized services designed to attract luxury travelers).
**Section 4: Long-Term Impact and Sustainability**
– **Host:** Looking ahead, what are the long-term implications of this project for Elounda and Crete?
– **Guest 1:**
(Discuss potential challenges and opportunities, such as managing growth sustainably, preserving the natural environment, and ensuring equitable distribution of benefits.)
– **Host:** Ms. [Guest 2 Name], how can Elounda Hills contribute to responsible and sustainable tourism while maintaining its exclusivity?
– **Guest 2:**
(Address sustainability initiatives, community engagement, and the potential for Elounda Hills to set a benchmark for eco-conscious luxury tourism.)
**Closing:**
**Host:** Thank you both for providing such insightful perspectives on this fascinating project. It’s clear that Elounda Hills has the potential to reshape the landscape of luxury tourism in Greece.
