The Greek sell-off fund TAIPED on Thursday announced that it completed the deal to sell the Golf-North Afandou area of Rhodes to private investors.
TAIPED CEO Dimitris Politis and the legal representative of MA Angeliades Hellas, George Mylonogiannis, signed the closing memorandum of the transaction with the payment of a lump sum of 26.9 million euros plus interest.
Golf-North Afandou is a coastal property with a total area of 1,328 square meters (around 14,000 square feet).
The development plan includes a tourism-leisure zone, with renovation and modernization of the already operating golf course, as well as the possibility of creating a residential-tourist village, and a zone focused on the protection and promotion of the environment and the natural landscape.
The agreement signed this week marks years of bureaucratic procedures that delayed the project.
South Afandou conceded in 2019
In 2019, TAIPED signed off the concession of the South Afandou property to T.N. Aegean Sun Investments Ltd., which paid 15.2 million euros for the 269,000-square meter site in the southern part of Afandou in which it intends to invest about 150 million euros.
According to the plan, three new high-quality hotel complexes will be built, as well as a tourist – holiday village of 20 independent residences.
With these two contracts, TAIPED will transfer the two properties at a total price of 42.1 million euros — 26.9 million for the northern property and 15.2 million for the southern property.
The total investment in the two properties is estimated to exceed 500 million euros.
Afandou beach in Rhodes is 3km-long
The beach of Afandou on the east coast of the island, just south of the resort town of Faliraki, is vast. It extends to a length of over 3Km offering crystal-clear waters and unconditional tan possibilities to sunlight worshipers.
The village of Afandou is one of the largest and oldest villages on the island of Rhodes. Set against a lavish setting of fruit and olive trees, the village is also famous for its carpet manufacturers.
Rhodes, one of the most historic islands in Greece, is one of the most visited places in the country. It is the largest island of the Dodecanese archipelago, best known for the Colossus of Rhodes. The Colossus, which was one of the Seven Wonders of the Old World, was tragically lost during an earthquake in 226 BC.
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