- The National Development Fund is expected to launch a tender this week for a feasibility study to determine the development potential and future use of the “Nikos Kazantzakis” airport site.
- The property spans over 2,000 stremmata (acres) with a prime seafront view, carrying an estimated valuation of EUR 1.44 billion.
- Ownership of the land is divided among the Greek State, the Municipality of Heraklion (holding one-third), the Ministry of National Defense, and the Ministry of Infrastructure and Transport.
- An investor tender is not anticipated before 2028, though officials aim to accelerate preparations.
The future of Heraklion’s Nikos Kazantzakis Airport site is moving another step forward, with a tender expected this week for a study examining how the enormous coastal property could eventually be redeveloped.
The catch? Nobody has decided what will actually be built there yet.
The site covers more than 2,000 stremmata and has direct frontage on the sea. Once the existing airport ceases operations, the property could become one of the largest redevelopment opportunities in Heraklion and potentially one of Crete’s most significant urban projects.
But for now, it remains a planning exercise.
First Comes the Study, then the arguments
The National Development Fund is expected to launch a tender for a study examining possible uses for the airport property.
The study will look at different development options, taking into account both potential investor interest and the needs of the surrounding area.
That means the eventual future of the site has not yet been settled.
The Municipality of Heraklion, which owns part of the property, has previously supported a mixed-use development that combines commercial and residential uses with public and communal spaces.
The government, however, has yet to reveal its final vision for the site.
A 2,000-stremma Piece of Heraklion Waterfront
The property’s scale is difficult to ignore.
The former airport site covers more than 2,000 stremmata, equivalent to more than 200 hectares, and has been valued at approximately €1.44 billion. It is also not owned by a single entity.
Ownership is divided between the Greek state, the Municipality of Heraklion, the Ministry of National Defense and the Ministry of Infrastructure and Transport.
The Municipality of Heraklion owns about one-third of the property, making the city a major stakeholder in whatever happens there.
For Heraklion, that means the discussion is not simply about attracting an investor.
It is also about deciding what kind of city Heraklion wants around one of its largest remaining areas of developable coastal land.
Don’t Expect an Investor Yet
Anyone hoping for bulldozers and shiny new buildings next year will have to wait.
The tender for an investor is not expected before 2028.
The immediate objective is to get the planning and development framework moving, with the authorities apparently keen to avoid the sort of prolonged stagnation that surrounded the redevelopment of Athens’ former airport site at Ellinikon.
That comparison is already being made, although it is worth remembering that large-scale redevelopment projects can take years even after the first serious planning decisions have been made.
So the timeline currently looks something like this:
| Study tender | Expected this week |
| Study of possible uses | Next stage |
| Development/investor tender | Not expected before 2028 |
| Actual redevelopment | Still to be determined |
What Could Happen There?
At this point, the answer is deliberately broad.
The study is expected to examine alternative development scenarios, rather than implement a plan that has already been chosen.
The municipality has expressed interest in a mixture of:
- Commercial development
- Residential uses
- Public and communal spaces
- Other uses determined through the planning process
The property’s coastal location and enormous size make it potentially important well beyond the immediate airport area.
But this potential is why the debate is likely to become much bigger once the planning options are on the table.
