Hellenikon property deal approved by Greek Parliament

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Hellenikon property deal approved by Greek ParliamentGreek Parliament approved with a wide majority on Wednesday the deal for the sale and long-term lease of the old airport of Hellenikon

Greek Parliament approved with a wide majority on Wednesday the deal for the sale and long-term lease of the old airport of Hellenikon in southern Athens. 

All parties voted in favour (SYRIZA, ND, Democratic Coalition, Potami, ANEL and Centrists’ Union) except the Communist Party and Golden Dawn. 

At the same time, a report by the Foundation for Economic and Industrial Reseaerch (IOVE) forecast that the project is expected to bring 14.1 billion euros in tax revenues between 2016 and 2041 to the State.

The report foresees that the project will contribute 2.4 percent to GDP growth or an added 7.42 billion euros within 25 years and to provide some 21,000 jobs yearly

It also indicates that shopping centers and offices (76%), recreational activities (12%) and hotel facilities (7%) will account for the largest part of revenue.

Furthermore, its conference center, health and educational facilities, casino and marina  will utilize the country's skilled human resources and enhance the demand for alternative forms of tourism.

The project is managed by Lamda Development which will invest approximately 1.5 billion euros on roads and other infrastructure as well as an additional 5.5 billion euros on the construction of 8,000 homes, hotels, shops and a metropolitan park.

The investment group is made up of Chinese conglomerate Fosun, Abu Dhabi-based Eagle Hills and the Latsis Group.

Read more here.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

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