Crete launches €2.5 bn luxury resort wave and new airport slated for 2028
Six mega‑resort projects worth more than €2.5 bn are under way across Crete, boosting luxury tourism and expanding regional capacity. The new Kastelli International Airport is scheduled to open in 2028, enhancing global connectivity for the island’s growing high‑end market.
In this story
At a glance
- What changes
- Six luxury resort projects exceeding €2.5 bn launch across Crete
- Timing
- Projects roll out from 2026 to early 2030s, airport opens 2028
- Who is affected
- Luxury travellers, hospitality investors and airlines
The details
Scale and scope of the new developments
Crete is witnessing six major tourism investments that together exceed €2.5 bn. The projects span Kissamos, Elounda, Sitia, Triopetra, Cape Tholos and Heraklion, delivering luxury hotels, branded residences, marinas and extensive leisure facilities aimed at international visitors.
- Ikos Kissamos opened spring 2026 with 400 rooms and villas, 90 % occupancy
- Elounda Hills targets €600‑800 m, combining hotel, residences and a marina
- Cape Tholos proposes 1,014‑guest capacity with a €200 m budget
- Sitia Bay plans a 2,690‑acre site for up to 5,646 guests
Construction progress and approvals
The projects are at different stages. Some, like Ikos Kissamos, are already operating, while others await construction permits or further regulatory clearance. Triopetra Bay secured environmental approval for its residential component on 3 November 2026, though a building permit is still pending.
- Ikos Kissamos phase 2 expected 2028 with 100 additional rooms
- Triopetra Bay environmental terms approved, construction‑start permit pending
Kastelli International Airport and future connectivity
Kastelli International Airport is slated to begin operations in 2028, designed for up to 15 million passengers per year. The project is a partnership between the Greek state (45.90 %), TERNA S.A. (32.46 %) and GMR Airports Ltd. (21.64 %). The new hub is expected to broaden flight options and support the island’s luxury tourism growth.
- Airport capacity of 15 million passengers annually
- Ownership split: Greek state 45.90 %, TERNA S.A. 32.46 %, GMR Airports 21.64 %
What this means for travellers
Trip planning
- Travelers can now consider new luxury resorts in Kissamos, Elounda, Sitia and Triopetra for future bookings
- The 2028 airport opening may enable additional direct flight options to Crete
Cost and documents
- No new visa or entry fee changes are mentioned in the announcement
- Booking costs will reflect the premium pricing of the new luxury properties
What you need to do
- Monitor resort opening dates to align travel plans with availability
- Watch airline announcements for new routes serving Kastelli Airport after 2028
Who this affects
-
Luxury leisure travellers
New high‑end resorts and marinas are being built to attract premium international visitors
What to do Consider these properties when planning upscale Mediterranean holidays
-
Hospitality investors
Six projects represent over €2.5 bn of investment opportunities across Crete
What to do Evaluate partnership or acquisition prospects in the emerging resorts
-
Airlines and charter operators
Kastelli International Airport will increase passenger capacity and potential routes
What to do Assess feasibility of new services to Crete once the airport opens in 2028
Frequently asked questions
What are the six luxury resort projects announced for Crete?
Six projects are under development: Ikos Kissamos, Elounda Hills, Cape Tholos, Sitia Bay, Triopetra Bay and a new Ikos resort in Heraklion, together exceeding €2.5 bn in investment.
When will Kastelli International Airport open?
Kastelli International Airport is scheduled to begin operations in 2028, providing capacity for up to 15 million passengers annually.
Which resort opened in Crete in spring 2026?
Ikos Kissamos opened in spring 2026, offering around 400 rooms and villas with occupancy above 90 % in its first season.
Has any environmental approval been granted for the new resorts?
Yes, on 3 November 2026 environmental terms were approved for the residential component of the Triopetra Bay development.
How much investment is planned for Elounda Hills?
Elounda Hills is valued between €600 million and €800 million, combining hotel facilities, branded residences and a marina.
What is the ownership structure of the new Kastelli Airport?
The airport is owned by the Greek state (45.90 %), TERNA S.A. (32.46 %) and GMR Airports Ltd. (21.64 %).
