Foreign Investors Plan on Three Billion Budget

An association representing foreign investors has teamed up to deal with Greek government bureaucracy and convoluted regulations that both stall and dissuade investments in large tourism projects.

The 11 investors and members of the Association of Foreign Investors for the Tourism Sector in Greece (AFIT) represent a host of tourism projects valued at 3.5 billion euros. These projects, primarily planned for Peloponissos and Crete, are in various stages of development, from having signed land purchase agreements to waiting for government permitting.

Only two, Loyalward Limited for a project in Crete and Olympia Resorts for one in Peloponissos, have the required permitting.

AFIT’s Vice-President Yiannis Papapolitis of Grand Hotels and Resorts S.A. said “carrying out large investments is not a matter of tax incentives or funding but of having a clear regulatory context for holiday homes that addresses and promotes complex tourism development projects.

“Many foreign investors are interested in making significant investments in Greek tourism once these issues have been resolved,” Mr. Papapolitis added.

Clemente Pinedo, president of AFIT and representative of Resde Development S.A., said that that holiday homes are in great demand by wealthy retirees.

Research shows that by 2020, 2.3 million British will have purchased homes outside of England and, Mr. Pinedo added, that Greece lags behind other countries in terms of such large development projects.

AFIT’s board of directors includes the previously mentioned Mr. Pinedo and Mr. Papapolitis, as well as Johan Vandeweghe of Greenwell SA as general secretary and Panagiotis Papadakos of Greek Lifestyle Investments as executive member. AFIT’s other members include, Albatross Investment and Development, Tsaoussoglou Enterprises, P. Cassimatis Organization Ltd., RCC, Gloabal Enterprises and Holdings, and IMG S.A.