Minoan Group Executive Chairman Christopher Egleton responded to the positive predictions for Greek Q3 growth by stating that the travel industry has been a key contributor to the country’s economic revival. Nonetheless, even though 21 million tourists are expected to visit Greece this year their spending is still the same.

“Foreign capital is funding many of these luxury leisure and residential developments: about half the hotels and resorts planned are financed by foreign companies,” he says. “Given that experts anticipate Greece will need to spend €3.3 billion annually to meet tourism targets, the time is right for foreign public/private investment.”

Mr. Egleton points to a report by international management consultants PxC that stresses that investment into Greek tourism and infrastruction would increase national income. This, according to Mr. Egleton, would require more integrated and specialized resorts to attract higher-spending tourists.

“At Minoan, we hope to set an example with our resort planned for the Cavo Sidero peninsula on Crete’s north eastern coastline, which will include a number of five-and six-star hotels. The variety of facilities offered, including a heathland golf course, along with the quality of accommodation, ensures that the site attracts among its clientele, the highest-paying tourists and visitors to Greece,” he says, adding that this project aims to generate income and is expected to create 1,200 sustainable jobs and another 500 position in the construction period.