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Hellenic Republic Asset Development
The Afantou property consists of two neighbouring beachfront land plots located in the Afantou area of the island of Rhodes. The Rhodes International Airport, the city of Rhodes and the Rhodes Hospital are only 20 km away. Both plots are very close to the Rhodes-Lindos Highway, the major road artery of the island.
Got some cash to spend? How about a piece of the Greek islands of Rhodes or Corfu? Or a royal palace, a marina, or even a consulate building?
As Greece is struggling to appease international lenders and live up to the conditions of its bailout, the debt-choked nation is speeding up the sale of state assets by expanding its privatization program.
Hellenic Republic Asset Development
International Broadcasting Center (IBC – Golden Hall) in Athens, Greece.
Greece’s state fund (Hellenic Republic Asset Development Fund or HRADF) now has more than 70,000 state-owned properties on offer for investors and it aims to generate 19 billion euro ($24.5 billion) by 2015 via the sales.
The state’s properties include a 119,800 square-meter peninsula with a palace hotel complex and a marina, a 450,000 square-meter area in Rhodes with an 18-hole golf course and four miles of beach, a coastline in Corfu, an airport area in Athens and the 2004 Athens Olympics broadcast center.
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Apart from land areas, Greece is also offering its government buildings. Greece's ministries of justice, health, education and culture are seeking to rent out some of their buildings, and although the country is coping with rampant tax evasion, 13 of its tax offices are on offer for privatization as well.
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But Sam Zell, U.S. real estate mogul and chairman of Equity Group Investments, told CNCB that a similar retail property would cost “dramatically less” in the United States and added that he was not familiar with the Greek commercial real estate market.
Privatization wobbles
Greece’s plans to launch a privatization program have been postponed several times because of the country's political uncertainty, but a source at the state fund told CNBC it is ready to make up for this “wasted time.”
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So far the privatization fund has raised less than a tenth of the targeted amount. Investors have not been rushing to lease the state’s assets because of the “fog around the Greek economy” and worries the assets could be devalued further if Greece were to exit the euro zone.
Lamda CEO Athanassiou described the program as Greece’s last chance to be a successful country.
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He also noted that the Greek government has not exploited the full potential of its tourism and new energy industries.
“There are so many resources and opportunities in Greece. It's not a matter of a poor performing private sector or a lack of resources, but how the state is operating,” he said.
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Leave a Comment:
We can solve all the debt problems in the USA by selling off California and Illinois. End of story
After Obama gets re-elected the U.S.A. will follow the same circumstances and we'll sell Alaska to the Chinese to pay back our loans.
From what I gather from reading these posts, you righties here would rather sell my state instead. If you sold Alaska, you'd lose a red state and clearly you wouldn't want that to happen. Just think.. if you sold us, there'd be 55 fewer Democratic electoral votes and you'd be free to create whatever kind of corrupt, authoritarian Randian kleptocracy you want. /s
Good comment--though I think "corrupt, authoritarian Randian kleptocracy", for all the euphony of its rhythm, is a redundancy.
The US Gov can raise money by selling Obama's Retirement home in Hawaii. How did a Community Organizer ever get enough money to purchase a $35 million home anyways? It would be a small fraction for the Trillions of $s Obama wasted on "Stimulus"
http://hillbuzz.org/is-barack-obama-gay/obamas-move-to-hawaii
I have always wondered if our debt-drowned nation will have to do the same thing. The sh**hammer of debt that not one person in one-hundred really understands is about to fall on us. It will change your life forever and it almost doesn't matter who is elected. We know our government is not afraid to trample the rights of the individual to meet its own ends so . . . I have wondered if portions of, say, mineral-rich Alaska might be offered to the nations that hold the largest portions of our debt.
Why not sell the entire country? If another country bought Greece, would they have a legitimate vote in EU matters, etc ?
hehe..what would happen if Turkey bought it? I'm just sayin'.....
Iran could get together enough money, or China.
They could have sold their politicians, if they had not sold out already.
Those are worth something?
Oh yes, If Romney gets the presidency we'll all be slaves.
The Republican tea partiers in Congress have been working on it for 4 years. The sky is the limit! How'bout a little nuclear war, anyone? not costly enough? I see, a ground war maybe? lots of drama, bombs tanks airplanes ships, and money to be made........
before greece sells anything, the civil service people should contact anyone who has left greece or has not paid their taxes. they should take away their citizenship if they evaded or cheated the country.
hopefully this will embarrass those who tried to cheat the country.
those places belong to everyone.
I hope they set a fairly high price on it so nobody thinks "it's a DEAL!!"
Paraphrasing Homer (the old one, not Simpson--though he might say it) "Beware of gifts bearing Greeks".
Critical times hard tp deal with, will be here.
Looks boring.
Oh, to be wealthy and be able to purchase one of those fabulous Greek Islands. The water is some of the most beautiful green/blue crystal clear ocean water I have ever seen. The old temples on some of the islands are breathtaking! I can't imagine living in Athens though! Millions upon millions of people in such a small area! However, the country as a whole is absolutely beautiful, a postcard no matter where you look. For a place of such beauty to be in such poor financial shape points to a poorly operated government. Tourism alone should be able to get them out of debt if they really pushed the things all people would love to see. Going to where the original first Olympics were held is worth the trip. Seeing the original stone entryway where the athletes entered for competitions left me in awe. It has made me appreciate the Olympic spirit so much more! If you get a chance, visit this beautiful country!
Great idea, lets sell off New York and California to Castro, that will solve two problems at the same time, the national debt Obama caused and getting rid of the majority of liberals which would be good for America.
No country should have to sell off their property. Greece is a small country as it is. Maybe things should go back to a hundred years ago, when grandmas and grandpas lived with their children and family stood together and helped each other. My husband is almost 68 and is still working. I'm not saying its easy and everyone could or should do it(he likes working) but to retire in your fifties is unrealistic. Its an attitude of government taking care of people from cradle to birth. Or companies going broke trying to pay out huge retirement benefits. Do people ever save money anymore. They need to stop rioting and work on a thrift plan to keep the country afloat. And its true only the very wealthy will buy those beautiful islands, marinas and buildings. What a shame. And we are going the way of Europe if we don't make significant changes.