- The Mirum Group is hunting down a strategic investor for the €800 million Elounda Hills project in Crete.
- Discussions are underway with domestic and international parties, ranging from major real estate players to investment funds.
- Plans include luxury hotels, villas, apartments, a marina, gardens, and high-end retail spaces.
- Ralph Lauren Home will design interiors for select villas, marking their debut interior design project in Greece.
- Construction began after a decade of land acquisition to create a significant beachfront property.
- Investors from the UK, USA, and Asia expressed interest. There are 60 villa reservations already in place.
The ambitious Elounda Hills project by Mirum Group in Crete has hit a new gear as it hunts for a strategic investor. Mirum, led by Israeli-Ukrainian entrepreneur Vitaliy Borisov, has recently opened talks with potential partners in Greece and abroad, OT reported. Who’s on the shortlist, you ask? Think hefty real estate players and investment funds with pockets deep enough to handle a project this big.
Oh, but don’t worry—this isn’t just some vanilla resort. Here’s what they’re cooking up:
- Two luxury hotels.
- 350 upscale villas and apartments designed for those who like champagne with everything.
- A botanical garden, because why not throw in some nature?
- Restaurants and boutique shops that’ll have tourists handing over euros faster than you can say “souvenir”.
- A shiny, new marina with space for 202 boats. Talk about mooring with a view.
And here’s the kicker: five sleek villas will feature interiors by Ralph Lauren Home—yep, the actual Ralph Lauren. This marks their first time leaving their pillows on Greek soil, so someone calls the announcers.
Ten Years, 56 Hectares, and a Beachfront Bigger Than Your Ego
Pulling this off hasn’t been an overnight thing. Remember, we began reporting about it in 2019. And in 2023 the project was valued at only €500 million. It’s quite a jump to the €800 million of today.
Mirum spent more than a decade buying up neighbouring plots of land, ultimately piecing together 560,000 square meters of coastal real estate. With over two kilometres of beachfront, this property is basically shouting, “Invest in me, now!”
For Mirum, this isn’t some half-hearted experiment. President Vitaliy Borisov didn’t just vacation on Crete back in 2000 and decide to stay forever (although, who could blame him?). Over the last 15 years, Borisov’s team has been quietly creating ultra-luxury destinations like Mirum Villas, with views of Spinalonga, and the boutique “Island Concept” hotel near Agios Nikolaos.
So, what’s next? Once the Elounda Hills development is fully up and running, Mirum plans to sell parts of it, including the hotels, but only after operating them for at least five years. Playing the long game, apparently.
The Investor Buzz Starts Now
Of course, news travels fast when €800 million is on the table. Rumour has it Mirum’s already had calls from investors across the globe, with particular interest from the UK, USA, and Asia. They’ve got 60 early villa reservations to prove it.
Potential investors are eyeing this project for good reason. For starters, it’s got permits sorted and a killer location. Crete isn’t just popular for travellers—it’s one of those bucket-list places rich people want to put their names on. Plus, it blends high-end everything with one of those “Instagrammable” natural settings you can’t fake.
And for anyone sceptical about Crete’s pull? Let’s say this: when an island this pretty has a cushy investment outlook and luxury branding to match, even the stingiest financiers start reaching for their wallets.