Indian-Greek Venture To Start Work On New Crete Airport Next Year, Says Source

Date: 21.09.2018 / By Angeliki Koutantou / / Comments (0)

A Greek-Indian consortium has been awarded the contract to build a new airport on the island of Crete, a consortium official said on Friday.

Ariadne Airport Group, a joint venture between India’s GMR Airports and Greek contractor GEK Terna, was the preferred bidder for the 850 million euro project and will begin construction at the start of next year.

Greece formally accepted the offer on Thursday after the terms of the contract were finalised and EU and other authorities gave the necessary approvals.

A Greek court of auditors is expected to clear the project next month before the contract is signed and put to a Greek parliamentary vote by the end of the year, the Ariadne official said.

“Construction sites logically will start being set up at the beginning of next year,” the official told Reuters on condition of anonymity.

Since 2010 Athens has made several attempts to build the new airport at Kasteli to replace Heraklion airport, which is Greece’s second-largest in terms of traffic but struggles to handle the 6.7 million passengers, mainly tourists, that pass through annually.

Though the debt crisis that gripped Greece from late 2009 had deterred investors, the country exited the biggest bailout in economic history in August and is now on a recovery path, propped up by private consumption and tourism, with arrivals expected to top 32 million this year.

Last year a German-Greek joint venture led by Fraport paid about 1 billion euros to take over 14 regional airports, most of them on popular Greek islands, and aims to revamp them in the coming years.

The cost of building the Kasteli airport in Crete and related road connections is estimated at about 500 million euros, with the state offering 180 million euros to acquire a 46 percent stake in the airport.

The joint venture will own the rest and operate the airport for 32 years after construction is completed in an estimated five years.

Reviews & Comments ( has relaunched as the top Greek real estate and property website portal dedicated to Greece and Cyprus’ industry.’s members include top real estate agents, realtors, individual sellers, FSBO, sale by owners, architects, developers, construction companies, lawyers, notaries and others that advertise residential (house, home, land, apartments, flats, villas, land, parcels and commercial listings for those looking to buy, sell and rent across all of the Hellenic Republic. is like the MLS database portal that is advertised in the top Greek diaspora and international markets around the world to those looking to invest - including Australia, the United States, Canada, United Kingdom, Germany, France, Spain, France, Europe, South Africa, Russia and everywhere else. Most foreigners start their home search in popular destinations like Mykonos, Chania, Crete, Athens, Thessaloniki, Cyclades, Santorini, Rhodes, Corfu, Ios, Lefkada and many more cities, prefectures and regions in Greece. has been featured in most Greek news media outlets and in some of the leading international publications in newspapers, magazines, websites, online news portals, television and radio. Notable publications featuring and its founder, Georgios Stroumboulis include the Wall Street Journal, G1 Brasil, India Today, Barron’s, El Mundo, Naftemporiki, Kerdos, Isotimia, Vradyni, Elefterotypia, Elefteros Typos, Imerisia, Ta Nea, Ethnos, Neos Kosmos,,,,,, People Greece,, Radio Neo Show, Antenna ANT1 Satellite TV, MEGA TV, Makedonia TV, Channel 9 (Το Α και το Ω των ακινήτων). is the only real estate website to have produced its own reality TV show called Hellenic Home Hunting ( Created, produced and edited by George Stroumboulis’ media company, BouliBrand (, this TV show caused an international media storm for controversy during the unstable economy period in Greece. Visit for the latest property listings and start your search, register for an account to sell or simply browse our news. Stay connected with us on Facebook (, Twitter (, LinkedIn (, YouTube (, and Instagram ( Use the hashtag #GPE360 and #HellenicHomeHunting.

featured on the front page of

The Only TV Show Promoting
Greek Real Estate to the World!