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Athens Travel Guide

Greeks sell Island for $31 million

Posted: Feb. 19th, 2013  |  By Michael Pearse
Flag of Greece

Greece officials in Athens have long been trying to privatize its land and they recently took a huge step towards completing their goal. They have accepted a $31 million bid for an island, which accounts for 50% of what the program has been aiming for. The bid came in from New York investors.

ATHENS, GREECE Greece's state privatization fund says it has accepted a (EURO)23 million ($31 million) bid from New York-based investors to develop real estate on the western resort island of Corfu.

It is the first successful deal involving a large plot of state-owned real estate, which accounts for about 50 percent of Greece's ambitious privatization program.

A fund statement Thursday said NCH Capital will be granted a 99-year concession to exploit the seaside plot at Kassiopi. The state will retain ownership of the 120-acre (nearly 50-hectare) forested property, selling what it calls the "right of surface."

The fund said the total investment at Kassiopi is expected to reach (EURO)75 million ($101 million), and will create hundreds of construction jobs.

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