The new Kastelli international airport is the largest infrastructure project in Crete in decades. At 67% completion as of February 2026, it will reshape the island's tourism and real estate map. Here are the facts.
Construction status
In February 2026, Prime Minister Mitsotakis confirmed the project was 67% complete. DAHK (the airport management company) confirmed in January 2026 that the official opening is planned for 2028.
Key figures
| Feature | Detail |
|---|---|
| Completion | 67% (February 2026) |
| Planned opening | 2028 |
| Phase 1 capacity | 10 million passengers per year |
| Maximum capacity (expansion) | 18 million passengers per year |
| Terminal | 72,000 sqm |
| Runway | 3.2 km (A380 compatible) |
| Construction budget | 625 million EUR |
| Total concession budget (35 years) | 1.2-1.5 billion EUR |
Who is building it?
The consortium consists of GEK TERNA (32.46%), GMR India (21.64%) and the Greek state (45.9%). This is NOT Fraport (which manages current Greek regional airports). It is a separate project with mixed capital.
Important information
Heraklion's Nikos Kazantzakis airport will close permanently when Kastelli opens. All Heraklion air traffic will transfer to the new airport.
Impact on real estate
East Crete directly served
Kastelli is located about 40 km southeast of Heraklion. Compared to the current airport, it mechanically brings East Crete closer to international tourist flows. The Lasithi areas (Agios Nikolaos, Ierapetra, Sitia, Makrigialos) will be more accessible than ever before.
A catalyst, not a guarantee
An international airport handling 10 million passengers is a development catalyst. It creates tourist demand, rental demand and potentially real estate demand. But no airport guarantees capital appreciation. The actual impact will depend on local infrastructure quality, regulation and global market trends.
The figures presented here are public facts, not forecasts. Kairos is not an investment advisor and does not promise any yield or capital gain.
What property owners should anticipate
- More direct flights to East Crete = more tourist visibility
- Potential increase in seasonal rental demand near Kastelli
- Road infrastructure improvements around the new airport
- Permanent closure of Heraklion airport: impact to assess on the city center
Now is an interesting time to analyze the rental potential of your property or purchase project in East Crete. Our simulator gives you an estimate based on real market data.
Sources
- GTP Headlines - Kastelli airport update, January 2026
- Kolymbari Courier - Kastelli 67% complete, February 2026
- DAHK - 2028 opening confirmation, January 2026
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