information:highlighting, stylistic:tone
Development

The construction sector in Crete responded well during the pandemic and has come out strong in the post-recession recovery period. Total construction spending recovered and is expected to peak a record high (approximately 8% higher than 2019 average levels) signalling consistent expansion in construction projects and real estate investments in Crete. The evolution of the private sector in Crete is tightly linked with the demand for tourism-related investments. Moreover, the recovery of the tourism sector is expected to lead to further growth in housing prices and rental demand.

Newspapers have reported that the Ministry of Mercantile Marine is ready to support the agreement between Greece, South Korea, Dubai Ports World and China for the construction of a large international container port and free trade zone in southern Crete near Tympaki; the plan is to expropriate 850 ha (2,100 acres) of land. The port would handle two million containers per year, but the project has not been universally welcomed because of its environmental, economic and cultural impact. As of January 2013, the project has still not been confirmed, although there is mounting pressure to approve it, arising from Greece's difficult economic situation.

There are plans for underwater cables going from mainland Greece to Israel and Egypt passing by Crete and Cyprus: EuroAfrica Interconnector and EuroAsia Interconnector. They would connect Crete electrically with mainland Greece, ending energy isolation of Crete. At present Greece covers electricity cost differences for Crete of around €300 million per year.