The large investment of the Mirum group in Crete for the Elounda Hills is in full progress. In the first two phases of the project, around 260 branded homes (apartments and villas) will be built for sale. For 42 of the residences of all types and sizes, reservations have been made with corresponding advance payments, as noted in Capital.gr Mirum’s Global Sales Director Ricardo Severini.
Interview with Vicky Kourlibini
– At what stage is Mirum’s investment for Elounda Hills?
The project as a whole will occupy a total area of approximately 90 hectares (950 acres), with its completion definitely placed before 2032. The first phase of the project is progressing smoothly, while by 2027 a significant part will be completed, including the marina . The reconstruction of Elounda Hills, which started in 2022, is divided into two phases.
The first phase is pivotal to the development and is divided into two parts, the first of which is expected to be completed by the end of 2027. In particular:
– The first part of Phase I includes the construction of a luxury hotel, on top of the hill with 135 rooms, the marina hotel with 13 rooms, the construction of the marina, branded villas and apartments, roads, networks and facilities.
– The second part of Phase I includes branded villas, branded apartments, non-branded apartments and villas, a botanical garden, amphitheater, roads and public utility networks.
In the first two phases of the project, around 260 branded homes (apartments and villas) will be built for sale. Both the residences and the 5-star luxury resort hotel will be managed by the 1 Hotels chain. It is a new, age-old brand that represents a new school of thought and a philosophy, where sustainability, sustainability, responsibility occupy a central position.
Through this partnership Mirum will gain access to the US audience and 1 Hotels will strengthen its presence in Europe.
The estimated cost of the total investment (including reinvestments) is around 800 million euros, and is based on Mirum’s own funds, bank lending and pre-sale of houses, which has already started.
– How is the sale of private homes progressing?
Mirum Group, which has undertaken the construction and development of the luxury resort Elounda Hills in Crete, has secured a remarkable €100 million in bookings since its opening in the summer of 2023.
This achievement underlines the popularity of the branded residences and the great interest that has been generated by a select audience, as buyers from all over the world are attracted by the quality, authenticity, privacy of Elounda Hills combined with the well-being and ecological character that it represents. on 1 Hotels.
It should also be noted that for 42 of the residences of all types and sizes, reservations have been made with corresponding advance payments.
– What will the housing be like?
Designed by award-winning architects, the highly sustainable, modern residences combine authentic Cretan style with advanced, biophilic design. Each residence has a large private terrace with unobstructed views of the Mediterranean, while many also feature landscaped gardens and swimming pools, as well as dedicated parking, including electric vehicle charging stations. Each residence will be built to the highest quality standards and are fully equipped with top-of-the-line technology appliances, ultra-fast Wi-Fi and state-of-the-art audio-visual (AV) infrastructure. Inside, a collection of unique furniture and objects, as well as three different architectural styles on the outside, await each owner to choose the ones that suit him. The options include spacious homes with 1 to 5 bedrooms, the prices of which start from 800 thousand euros and reach 6 million euros.
Her apartments Marina Collection, located in a prime position on the front line above the marina and promenade, have proven to be the most popular branded residences so far. These two to four bedroom apartments offer spectacular views of the Aegean Sea, a private pool and private parking.
Other popular ones include some of the resort’s largest residences, the spacious ones Mirabello Villas three to five bedroom properties which have attracted significant interest from UK and US buyers. Starting from €2,700,000, the villas managed by 1 Hotels overlooking the sea and Mirabello Bay follow the natural contours of the landscape and elegantly combine contemporary design with traditional Cretan architecture. Designed by Makridis Associates architectural firm, they feature arched open spaces that provide much-needed shading during the summer months, large private terraces, swimming pools and landscaped botanical gardens designed to promote the health and well-being of their residents, private parking and powered by renewable energy sources.
The modern houses Terrace Villas 2-3 bedrooms have also proved popular with buyers to date, with prices starting at €2,095,000.
Managed by 1 Hotels, the beautifully designed and immaculately finished interiors provide generous accommodation ranging from 193-243m2, with bright and luxurious rooms enhanced by floor-to-ceiling windows that maximize light and unobstructed bay views of Mirabello.
Each of these designer residences has a private parking space, a garden, a large terrace and a swimming pool.
– Which countries are showing interest in the housing market?
In terms of age, the dominant group of buyers is identified between 30 and 60 years old, who have built their wealth in the last 2-3 decades and come mainly from the US, Europe (especially the UK), the Middle East and to a lesser extent degree from Asia.
So far, the majority of buyers are couples with children and Millennials who value sustainability. Unlike other Greek islands, Crete attracts people all year round and the infrastructure offered by Elounda Hills creates the right conditions and facilities so that buyers can enjoy their home for long periods of time. For this reason, the resort is also popular with retirees who wish to spend more than six months of the year at their property.
Our clients are not just buying a property – they are choosing a lifestyle in harmony with nature without compromising on luxury. UK and US buyers are particularly drawn to Crete’s relaxed pace, Mediterranean diet and excellent health system, which offers them a better quality and healthier lifestyle. Larger family homes in Elounda Hills, particularly the Mirabello villas, appeal to buyers, who are drawn to their privacy, seamless integration into the natural landscape and breathtaking panoramic views.
– What are the advantages for buyers?
The first buyers of Elounda Hills will benefit from 12 months of free property management services from 1 Hotels, discounted rates at restaurants and services within the complex and VIP status at all 1 Hotels worldwide. Buying a branded residence in Elounda Hills will also allow buyers to apply for Greece’s Golden Visa program, which entitles them to a Greek passport and visa-free access to the Schengen zone. First time buyers will also receive a free electric car upon delivery of their home.
– What is the price per square meter?
The apartments that have been launched in this period at Hilltop cost from 683,000 euros (apartment of 88 m2 without a private pool) to 1,530,000 euros (apartment of 196 m2 with a private pool). Of course, the prices for the villas or the beachfront villas of 555-907 sq.m. or those on the slope with the panoramic view of the bay of Mirabello (270-440 sq.m.) are higher.
– How much will the investment contribute to the tourism of Crete and to the upgrading of Greek tourism in general?
Elounda Hills will be the resort of the new era and aspires to be the best in the Mediterranean in every aspect: luxury, amenities, well-being, ecological character, sustainability, sustainability.
In collaboration with leading brands such as 1 Hotels will introduce a level of sustainable living that has never been done before on the island. At the core of 1 Hotels’ values is a passion for creating destinations that respect and preserve the environmental and cultural context while promoting the health and well-being of their guests and residents.
During the construction of the project, it is estimated that more than 1,200 people will be employed, while with the full development of all phases of the Elounda Hills project, permanent jobs, during operation, will amount to at least 2,000. In the same context, the entire operation as well as the quality of tenants and owners will be a factor in strengthening the local economy and will create goodwill.
Additionally, in partnership with Camper & Nicholsons Marinas, who will be responsible for the management, operation and branding of the boutique marina in Elounda Hills, a new global destination for yacht owners and enthusiasts will be created. This partnership will attract mega yachts, creating a new marine tourism hub. Thus, large vessels from Suez and the Arabian Peninsula will be able to stop for refueling in Crete, which they now bypass. The marina will offer a range of services and amenities, contributing to the local economy and creating value for the region.
Those who own a boat or sailboat (residents or travelers) and love the sea, will be able to take advantage of the state-of-the-art marina with 202 berths for boats of various sizes (from 6 meters to 90 meters), of which 64 are permanent (in berths 1 and 2), while the 138 seasonal and 12 berths for superyachts. The marina will be able to provide all relevant services (electricity, water, fuel, sewage / mineral oil delivery, other services, etc.), with its official opening expected in 2027.
Finally, the construction of two hotel units as well as residential houses and apartments is another benefit for Crete. Although it is an established luxury destination, most of the existing hotel units are somewhat old, while at the same time it lacks large-scale private residential communities, branded and non-branded ultra-luxury apartments.
By upgrading the hospitality sector and adopting sustainable practices, Elounda Hills is poised to emerge as a symbol of innovation in the Mediterranean, setting a new standard for luxury and quality tourism, not only in Crete, but throughout Greece. With such investments, our tourism product is upgraded to new levels of quality and innovation.
Tags: key villas apartments large Elounda Hills investment Crete
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