Corfu Mega-Yacht Marina Concession Headed to Parliament for Ratification
A major concession deal for the development of a mega-yacht marina on the Ionian islet of Corfu has cleared the commission stage in the Greek Parliament and is set to face a full grand ratification this coming Thursday, marking a crucial corner for the islet’s maritime structure.
During the commission debate, the action was supported by members of the ruling New Democracy party, while opposition numbers from the Communist Party of Greece( KKE) and New Left raised their expostulations.
Other political parties indicated they will declare their stances during the full-parliament session.
The agreement, signed between the Hellenic Republic Asset Development Fund( HRADF), now operating under Greece’s National Fund marquee, together with the Corfu Port Authority on one side, and Lamda Corfu Marina Single ‑ Member LLC and Lamda Marinas Single ‑ Member SA on the other, subventions the private investor rights to construct, manage, operate, maintain, and commercially develop the new marina.
Lamda’s list offer, submitted in June 2023, included a one-off payment of €9.7 million and a periodic figure of 7.7 of development.
The Court of Audit gave its blessing in February 2024, and the final concession agreement was inked in October 2024, now pending administrative ratification.
But not everyone is on board. Local businesses in Corfu’s ship-repair and boat-building yard have voiced serious concerns.
The forthcoming marina, planned for mega-yachts (larger than 60 meters), will require relocation of their operations. Environmental groups also raise an alarm.
They argue that he growth mega-yacht business in Greek waters contributes to increased carbon emissions and marine ecosystem strain.
With debates ahead of the full congress vote, the design is shaping up as a flashpoint in Greece’s broader strategy to elevate marine tourism and harborage structure, but it remains controversial on multiple fronts.
- If ratified, the concession will bring substantial investment into Corfu’s port area, strengthening its standing in the Ionian tourism-marina market.
- The project could generate new employment and boost the local economy.
- On the flip side, community and environmental push-back could trigger delays or changes in implementation.
In the coming days, attention will concentrate on how opposition parties vote and whether the grand introduces amendments.
Still, construction can be done, but the fate of relocation for being boat-yard businesses and the impact on the marine terrain will remain under close watch, if the concession clears this chain.
