Reuters: Tourism investment in Greece runs into trouble
A report by Reuters follows the route of tourism-related investments in Greece and unveils major delay and other bureaucratic issues preventing foreign and domestic investors from doing business in Greece.
For frustrated developers, the suspicion is that Greece is biting the hand that feeds it, the report notes. But many Greeks feel bound to protect their country’s 3,500 year-old cultural heritage and some of Europe’s most beautiful coastline from excess development, however pressing the need to raise cash.
“There are some people who think that antiquities are a pile of rocks and they say ‘oh well, we already have enough of them’,” stresses Thodoris Dritsas, a member of parliament for the ruling leftist Syriza party. “Syriza lawmakers don’t share that view,” he told Reuters.
Publicly, the Greek state claims it is actively pursuing investments. But the track record seems to tell a different story sometimes, especially in the case of a waterfront property that was once the site of Athens airport.
For the past 16 years the old Hellenikon terminals have remained abandoned on a sprawling wasteland three times the size of Monaco, along with derelict water sport venues used for the Athens 2004 Olympics.
Supported by Chinese and Gulf investors, Greek developer Lamda came up with an 8 billion euro plan to build one of Europe’s biggest coastal resorts, covering 620 hectares (1,532 acres).
The project was to be a game-changer for Greece, bringing in hundreds of thousands of tourists and creating 75,000 jobs in a country where unemployment remains over 20%.
Syriza strongly opposed granting a 99-year lease on the state-owned site while it was in opposition, keen to turn the area into a public park. Then after winning power in 2015, it was forced to relent on its ideological rejection of privatisation and accepted the development under a third international bailout deal for Greece.
Nevertheless, the problems weren’t over. Greek authorities delayed decisions on whether part of the old airport buildings should be classified as historic, and how to classify antiquities. Then the forestry department declared 3.7 hectares of eucalyptus, cypress and olive trees on the estate as protected woodland.
The Lamda consortium, which includes Chinese conglomerate Fosun and Abu Dhabi-based developer Eagle Hills, had hoped to start work by June. However, the archaeological and forestry issues have delayed the submission of the plan and the start of a licensing process, a spokesperson for Lamda told Reuters.
After 2011, privatisation generally has made slow progress under a variety of centre-left, centre-right and technocrat-led governments. But the Syriza-led administration, which was dragged kicking and screaming into the 2015 bailout, has sent particularly mixed signals about Hellenikon.
Doing business in the country has not been easy. Greece ranked 61st among 190 countries, behind Mexico and Rwanda as well as most of its European Union peers, in a World Bank report. In terms of enforcing contracts, Greece ranked 133rd.
Read more here.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
Source: greekreporter.com
- 1) Greek FM talks with Kuwaiti counterpart on bilateral relations, regional cooperation
- 2) Thessaloniki Port: Performance growth for 2023 with record container throughput
- 3) LAMDA Development malls and marinas reach new record high
- 4) IOBE: Construction sector in Greece records robust growth and good prospects
25/04 22:00
Greek FM talks with Kuwaiti counterpart on bilateral relations, regional cooperation
25/04 14:49
Prices of products in Easter Basket the same or lower in Greece than in 2023
25/04 13:57
25/04 12:44
Greece and China to ink cooperation protocols in the fisheries sector
25/04 09:53
Extended shop opening hours for Easter in Greece start on Thursday
25/04 02:19
Athens Airport voted as the best in marketing strategy at European awards in Denmark
25/04 02:10
President of Hellenic Republic visits La Chascona Museum in visit to Chile
24/04 21:31
Thirty-one Greek political parties to take part in European Parliament elections
24/04 21:25
Payment by bank cards now accepted on Athens Airport Express bus lines
24/04 14:12
Herculaneum papyri unveil more than location of Plato's tomb in Athens
23/04 23:52
Greece’s New Ambassador to the United States visits Queens in New York
23/04 21:49
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
23/04 20:59
President of Hellenic Republic wraps up visit to Uruguay at parliament
23/04 15:44
Greek government will pass legislation halving commission paid for POS transactions
23/04 15:03
Precise location of Plato's burial site unveiled by ancient papyrus
22/04 22:33
'Nature Positive' peport highlights new collaborative era in travel & tourism
22/04 21:25
22/04 20:37
Greek and Turkish delegations discuss Confidence Building Measures for 2024
22/04 18:29
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
22/04 13:40
19/04 01:29
Athens State Orchestra presents 'St. Matthew's Passion' by Bach on April 30th
18/04 21:49
Greek Climate Change Minister signs memorandum for Attica fire protection zones
18/04 20:32
'Easter Basket' and 'Godparents basket' to be put into effect next week in Greece
18/04 20:17
18/04 17:40
17/04 21:06
Thessaloniki Port: Performance growth for 2023 with record container throughput
17/04 20:57
Traffic regulations imposed in Athens for the 41st Peace Marathon on Sunday
17/04 20:52
17/04 18:15
Greek Foreign Minister addresses the 9th Our Ocean Conference in Athens
17/04 17:12
16/04 21:02
NHM hosts the Trial of Pericles at the Harris Theater in Chicago on April 17
16/04 20:17
Greece will invest $830 million to protect marine biodiversity
16/04 01:46
New York Greek Independence Parade honors 1821 and solemn Cyprus Anniversary
16/04 01:35
Olympic Games Paris 2024: Olympic Flame to be lit at Ancient Olympia in Greece
16/04 00:29
European Committee of Regions and UN release study on Rural Tourism
15/04 20:41
15/04 19:58
Minister: Greece is transforming into a hub for exporting quality agri-food products
15/04 18:51
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
13/04 00:13
UN Tourism and Croatia to launch Research Centre for Sustainable Tourism
12/04 00:03
2024 marks a critical year in the enduring strength of Greek-German relations
12/04 00:00
11/04 22:07
Ambassador: US committed to upgrade of Greek military and support NATO's SE flank
11/04 19:40
Hellenic Pride on display at rainy Chicago Greek Independence Day Parade
11/04 02:06
Delphi Economic Forum IX: Energy collaboration a 'key' in Greek-Bulgarian relations
11/04 01:58
UN Tourism launches investment guidelines for Albania sector
10/04 19:01
Greek FinMin: New package of economic measures in 2025 to lower taxes, raise pensions
10/04 18:25
Greek city of Nafplion hosts Mediterranean Yacht Show for ninth year running
09/04 23:57
Greek PM on Tilos: Innovative projects for a cyclical economy are of key significance
09/04 23:55
UN Tourism members promote agenda for Europe as region leads global recovery
09/04 23:46
HFS presents 1968, Rousing Docudrama about Greece’s First European Cup April 21
09/04 22:48
Stolen 7th-century BC oenochoe returned to Greece by Hanover museum, municipality
09/04 22:42
Greek civil servants confederation ADEDY to strike on May 21
09/04 21:55
Greek Migration Minister meets Senior US Coordinator for Lawful Migration
08/04 23:48
08/04 23:41
Elliniko-Argyroupoli Mayor marches in Greek Independence Philadelphia Parade
08/04 21:53
Project Voria casino complex in Maroussi moving ahead after environmental report
08/04 21:36
Minister: Up to 120 delegations to take part in 9th Our Ocean Conference in Athens
08/04 19:22
Direct flight from Shanghai to Athens offers access to key tourism market for Greece
08/04 18:31
AI conference to attract distinguished speakers to Thessaloniki on April 25-27
04/04 23:28
City of San Jose marks March 25 with 16th Annual Greek Flag Raising Event
04/04 22:16
Urban plans published for seven townships in Thessaloniki and Attica of Greece
04/04 17:24
FinMin: The new EU economic and fiscal framework is good for Greece
04/04 15:30
Greek PM meets with the chiefs of the international pharmaceutical manufacturers
04/04 00:15
Deputy Minister for Macedonia-Thrace meets US Embassy Deputy Mission Chief
03/04 20:12
Syracuse AHEPA Chapter 37 marks March 25th Greek Independence Day
03/04 18:10
Greece's Delphi Economic Forum on April 10-13 to focus on 'The Great Transition'
03/04 16:42
Minister: Industrial production has returned to the pre-crisis levels in Greece
02/04 18:06
30/03 23:21
Eleni Gatzoyiannis scholarship offered to Greek students at Boston University
29/03 16:44
3rd edition of 'This is Athens - City Festival' with 250+ events from May 1 until June 2
29/03 15:53
Athens Metro station Aghia Varvara to stay closed on Saturday and Sunday
29/03 13:55
Greek Foreign Minister for Economic Diplomacy concludes visit to Montenegro
29/03 12:00
29/03 11:51
28/03 18:41
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
28/03 17:32
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
28/03 15:46
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
28/03 14:44
IPTO announces framework agreement tender for undersea power cables in Greece
28/03 11:49
IOBE: Construction sector in Greece records robust growth and good prospects
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
Greek FM talks with Kuwaiti counterpart on bilateral relations, regional cooperation
Extended shop opening hours for Easter in Greece start on Thursday
Athens Airport voted as the best in marketing strategy at European awards in Denmark
Herculaneum papyri unveil more than location of Plato's tomb in Athens
Greece and China to ink cooperation protocols in the fisheries sector
Prices of products in Easter Basket the same or lower in Greece than in 2023
Thirty-one Greek political parties to take part in European Parliament elections
Payment by bank cards now accepted on Athens Airport Express bus lines
President of Hellenic Republic visits La Chascona Museum in visit to Chile
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
Precise location of Plato's burial site unveiled by ancient papyrus
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
Prescription cannabis for medicinal use legally available in Greece for the first time
3-year stay and work permits approved for 30,000 undocumented migrants in Greece
Greek Deputy Transport Minister flies in first test seaplane flight from Lavrio port
Minister: Greece to support Bulgaria and Romania in joining the Schengen zone
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
Greek supermarkets record rise in value and decline in volume of FMCG sales
Flights to and from Heraklion airport in Crete resume on Saturday
Bard Gemini Pro, Google's largest AI model, now available in Greece
New requirements for 'Golden Visa' program to kick in on March 31
Greece’s New Ambassador to the United States visits Queens in New York