Marriage of tourism with real estate

Across Greece, numerous major investment plans are in the works for the development of a series of tourism accommodation units whose total value stands at 3.2 billion euros.

The majority are plans that date back to the years before the outbreak of the financial crisis and are now being revived as the country's economy slowly returns to a growth track.

Notwithstanding the crisis, and given that most of those units are designed for international travelers with high incomes, these investments could have already been completed, at the same time offering a considerable boost to economic growth. However, the bureaucratic obstacles and the proven inefficiency of the new instruments introduced, such as the law for fast-track investments or the Special Plans for the Zoning Development of Strategic Investments (ESXASE), have led to years-long delays.

A case in point is...