Construction begins in October on the first phase of Elounda Hills, an €800 million luxury resort complex on Crete's northeastern coast that developers say will reshape the island into a higher-end tourism destination, with more than 100 branded residences, two hotels, a beach club and a marina capable of docking superyachts over 70 meters.
Investor Mirum Hellas has signed its first major construction contract with Domiki Kritis, with work starting in early October on 130 branded residences, two hotels and a beach club, all to be managed by 1 Hotels & Homes, part of Starwood.
The development spans roughly two kilometers of coastline in northeastern Crete and is designed as a self-contained resort destination combining ultra-luxury housing, a boutique marina, wellness facilities and retail space.
Mirum Hellas said construction will also begin on a protected boutique marina basin capable of berthing more than 50 vessels, including superyachts exceeding 70 meters in length.
Interior design for the project's Waterfront Villas will be handled by Ralph Lauren Home, marking the brand's design debut in Greece.
Plans also call for 24 Marina Branded Apartments, with construction on this phase slated for completion by December 2027.
The investment arrives as Crete's hospitality market shifts toward the high end. Greek tourism confederation INSETE data show the island had more than 180 five-star hotels as of 2025, with northern Crete increasingly positioned as a hub for luxury tourism and yachting.
Industry figures show Crete already leads Greece in visitor spending, with an average stay of about a week.
The project has drawn some scrutiny over whether large-scale luxury development can proceed without straining local infrastructure, the environment or the island's traditional character — concerns that have accompanied similar developments elsewhere in Greece as the country courts wealthier international travelers.