Olive oil prices are through the roof and the Great British Summer is proving to be a washout, making the dream of a second home by the sea on a sunny Greek island all the more alluring.
The buyers at Elounda Hills, an eco-resort with branded residences currently under construction on the northern coast of Crete clearly agree.
Developers Mirum Group report that the project has already achieved £111.8 million (€130 million) in reservations for properties since it launched in the summer of 2023.
Painstakingly knitted together from individual parcels of land, the 138-acre development promises architect-designed villas overlooking the sparkling waters of the Mediterranean.
For those who feel their wings have been clipped by Brexit, buyers at Elounda Hills will also be eligible for Greece’s Golden Visa programme, complete with a Greek passport and Schengen area access.
Along with a botanical garden, safe sandy beaches, beach clubs and a watersports centre, Elounda Hills will boast a 202-berth boutique Camper & Nicholsons Marina. Crete’s existing marina is already wildly oversubscribed, and lacking the deeper berths required to welcome superyachts.
Residents can berth their own yachts there, or charter one while they’re on the island. Many of the villa buyers have already reserved a berth in the marina too, reported Mirum Group.
With its 12 seasonal berths able to accommodate craft up to 100 metres length overall — plus Camper & Nicholsons’ expertise in luxury marina experiences — Elounda Hills hopes to become the premier destination for Ultra High Net Worth Individuals (UHNWI).
The arrival of the luxury-focused development heralds part of the sea change heading for Crete. Until now, the 170-mile island has been popular with package tours from Germany and the UK, but is shifting towards attracting a well-heeled globetrotting clientele. The local marina is already full with a long waiting list, so yacht owners are champing at the bit for more berths on Crete.
Kastelli International Airport is due to complete in 2027 and will become Greece’s second-largest airport. The £422 million (€500 million) travel hub will have the infrastructure such as longer runways that will allow for direct long haul flights from further afield than Europe.
Currently, visitors to the island must fly to the small and somewhat retro Heraklion International airport, which opened in 1937, which may require a connecting flight through Athens.
New roads will connect the airport, but Mirum Group are anticipating that some of their residents and guests will prefer to transfer direct by helicopter to Elounda Hills.
Although superyachts and helicopters are hardly the epitome of sustainability, Elounda Hills is making every effort to ensure the resort will be sustainable. Construction of the resort and residences, currently underway, is using hyper-local materials wherever possible.
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Crushed aggregate from the excavations will be used for an onsite concrete plant, minimising local road disruption, and the stone facades of the residences will be hewn from the limestone cliffs that make up the peninsula. Sand for the beaches will be sourced from across the bay, and a nursery of trees is underway to replant those uprooted during the build.
Mirum Group hope to appeal to the environmentally conscious UHNWI. Designed by Makridis Associates, the Mirabello Villas will be powered by renewable resources and include electric vehicle charging points.
The developers are also offering early buyers at Elounda Hills a complimentary electric vehicle, to be received upon the delivery of their home.
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Prices for Mirabello Villas start at £3.24 million (€3.85 million) and will include open-plan indoor-outdoor living spaces, infinity pools, panoramic views and shady private gardens. These detached homes will be between three and five bedrooms.
At the centre of Elounda Hills, the two or three-bedroom Terrace Villas will be close to the resort’s bars, restaurant and shops. Prices start at— (€2.72 million).
Early buyers will also be offered a year of free property management from 1 Hotels, which is opening a 123-key hilltop hotel at Elounda Hills. Residents will also be given VIP status for the international hotel chain specialising in sustainable luxury.
“The swift uptake of branded residences at Elounda Hills reflects a deeper trend,” said Ricardo Severini, global sales director at Mirum Group. “Our clients are not just buying a property; they are choosing a lifestyle in harmony with nature without compromising on luxury.”
Crete’s balmy climate, healthy Mediterranean lifestyle and quality of life have all been draws for buyers from the UK, Severini suggested.
“Poised to become the most coveted address in Greece, we are expecting to see interest strengthen further as more brand partners are announced in the months ahead.”
What to do in Crete
Planning a holiday or pondering a second home? Here are some ideas to get you in the Cretan mode
● Make a pilgrimage to Spinalonga, the deserted island that once served as Greece’s leper colony. Its ruins were the inspirations for Victoria Hislop’s The Island, a historical novel so popular its author was made an honorary Greek citizen.
● Get lost in the minotaur’s labyrinth at Knossos, an archeological site complete with a grand palace that fuelled the Greek myth. Take a guided tour to get the full story, but be aware there are some slightly madcap “reconstructions” left from a Victorian-era Brit abroad.
● Enjoy organic wine and picnicking in the vines at Lyrarakis, a family-run vineyard that is embracing agriculture that works with nature, eschewing pesticides in favour of sacrificial planting for the local snails.
● Charter a boat to pootle round the coast and swim in the balmy ocean, stopping off to lunch on fresh seafood and fried courgette at Kanali, the only restaurant in a protected heritage area.
● Enjoy a candelit Cretan dinner at Piato and if you’re charming enough a peek inside the wine cave hidden away in the secret wartime passages leading from the old townhouse.
● Stay at The Island Concept, a boutique hotel where you can enjoy the sunset from your own private plunge pool.
