Hydra Rock Unveils €475 Million Tourism Investment Plan in Greece

A significant tourism investment of 475 million euros is set to be implemented in Greece by Hydra Rock, a newly established real estate development company of Greek shipping magnate Giannis Vardinogiannis, who is also associated with the petroleum company Motor Oil Hellas.

According to reports, the investment plan has been submitted to Enterprise Greece, a one-stop shop for investment projects that offers integrated facilitation services. The proposal is currently in public consultation until October 27, as part of Greece’s strategic investment legal framework.

Luxury resort

Hydra Rock’s project involves the construction of a luxurious integrated tourism complex with a budget of 475 million euros, spanning 1,714.17 acres of land across from the isle of Dokos. Most of the land belongs to the Municipality of Poros in the Region of Attica, with 40 acres located in the area of Metohi, which is part of the Municipality of Ermionida in the Region of Peloponnese.

With initial approval from Enterprise Greece, Hydra Rock, which has a share capital of 41 million euros, will be eligible to apply for a Special Spatial Plan for the Development of Strategic Investments. This plan allows for construction on private lands outside designated urban areas and expedites the issuance of construction permits.

Enhancing Greece’s tourism product

The investment project aims to establish a holiday resort that will enhance the Greek tourism product while contributing to the local economy and job market.

Additionally, in its application to Enterprise Greece, the investors outlined their commitment to sustainability, energy efficiency, environmentally friendly architecture, and a circular economy in the planning and development of the resort.

Enterprise Greece is the official investment and trade promotion agency of the Greek State, operating under the auspices of the Ministry of Foreign Affairs. Its dual mission is to provide investors with comprehensive information, consulting, and assistance throughout every phase of their investment project, while also promoting Greek products and services in international markets.