For the first time in over 20 years, Greece is embarking on a greenfield project to develop a modern marina capable of accommodating mega yachts, which is expected to generate significant multiplier benefits for maritime tourism and regional development.
The initial step in this landmark investment was marked by the signing of a sub-concession agreement on Wednesday for the construction and operation of the marina for mega yachts on Corfu. The agreement was signed between the Greek State, the Hellenic Republic Asset Development Fund (HRADF), and LAMDA Marinas Investments, a subsidiary of Lamda Development.
The licensed mega yachts marina will be situated within the Port of Corfu, to the west of the cruise pier and in proximity to the passenger terminal.
“The agreement signed today for the creation of a marina for large yachts in Corfu is a positive development for the island, the Greek tourism market, and the economy,” said Greek Minister of Economy and Finance Kostis Hatzidakis during the signing ceremony.
Next steps include the ratification of the agreement by the Hellenic Parliament and the commencement of construction for the marina.
Photo source: Corfu Port Authority
The total fees to be paid by the sub-concessionaire will exceed 89 million euros over a 40-year period. Additionally, LAMDA Marinas is set to invest over 50 million euros in the construction and development of the new marina, which will feature a capacity of 410 berths for yachts up to 140 meters in length and a land area of 39,400 square meters.
According to Hatzidakis, the project is expected to create new jobs during both the construction and operation phases of the marina, thereby supporting local businesses and enhancing the island’s economy. He emphasized that this development will also elevate the tourism offerings not only on Corfu but across Greece, enabling the country to accommodate and serve large yachts effectively.
“Our country needs such investments to further enhance its position in international competition and ensure that Greek tourism continues on the positive trajectory it has experienced in recent years,” he remarked.
Mega yacht marinas as part of national tourism strategy
Greek Tourism Minister Olga Kefalogianni.
During the signing ceremony, Greek Tourism Minister Olga Kefalogianni highlighted that the development of the marina for mega yachts in Corfu is a key component of the national strategy aimed at enhancing tourism infrastructure in the country’s ports.
“Maritime tourism generates significant direct and indirect multiplier benefits for both the local and national economy,” she said, adding that the Tourism Ministry is actively working towards the sustainable and qualitative development of Greek tourism.
An important day for Greek marina industry
LAMDA Marinas Managing Director Stavros Katsikadis, Greek Tourism Minister Olga Kefalogianni and LAMDA Development CEO Odisseas Athanasiou.
It is noteworthy that the Corfu project is the first greenfield marina initiative of this scale in Greece in the past 20 years, as underlined by LAMDA Marinas Managing Director Stavros Katsikadis.
“Today marks an important day for Greek maritime tourism, particularly for the Greek marina industry,” he stated. “With the signing of the sub-concession agreement for the mega yachts marina in Corfu, we initiate the development of a significant Greek marina, approximately 20 years after the last marina agreement of this magnitude in Greece.”
Katsikadis added that the signing of this agreement also represents a significant milestone for LAMDA Marinas. Following the successful developments of Flisvos Marina and Agios Kosmas Marina in Ellinikon, the company is now investing in Corfu, one of the premier destinations for mega yachts in the Mediterranean.
“Our goal is to create and sustainably develop a modern marina with port and land facilities capable of hosting and maintaining vessels year-round (homeporting),” he explained. He also noted that the mega yacht marina in Corfu will provide high-quality services, positioning it as a competitive hub for yachts in the broader Ionian region, while delivering substantial added value to employment and the local economy of Corfu.
HRADF has comprehensive plan to upgrade marinas
HRADF CEO Dimitris Politis.
The Hellenic Republic Asset Development Fund (HRADF) is implementing a comprehensive plan to upgrade existing marinas in its portfolio and create new ones that will enhance maritime tourism.
According to HRADF CEO Dimitris Politis, the fully upgraded Astir Marina Vouliagmeni has officially opened, and work is set to commence soon on upgrading the marinas at Alimos and Ellinikon. In all three cases, investors acquired these marinas through tender processes conducted by HRADF.
Referring to the significance of the Corfu project, Politis stated that HRADF is taking another decisive step to unlock the potential of marinas as catalysts for regional development.
“This landmark project for Corfu, with substantial multiplier benefits for employment, tourism, and the island’s economy, is now on track for implementation… We are confident that soon Corfu and the Ionian Sea will boast one of the most modern marinas in the country,” he said.
The HRADF is a member of the Growthfund, the National Fund of Greece.
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